MEDIA RELEASE

As a result of recent declines in bunker fuel prices, Matson has announced it is decreasing its fuel surcharge by two percentage points, from 47.5 percent to 45.5 percent for its Hawaii service, and from 49 percent to 47 percent for its Guam/CNMI and Micronesia service, effective Aug. 28, 2011.

“We are pleased to be able to pass this decrease along to our customers, which for the most part represents a reduction in shipping costs ranging from $60 to $105 per container,” said Dave Hoppes, senior vice president, ocean services.

“Sustained high fuel prices have made 2011 a very challenging year for many businesses. Transportation companies have been particularly hard hit, with fuel consumption an unavoidable and significant component of operating costs. In addition, the price for bunker fuel, which is the type of fuel consumed by most ocean carriers, has risen faster over the past year than crude oil,” he said.

“While we are encouraged by the recent moderation of bunker fuel costs, allowing us to make this decrease, they have not mirrored the recent downward movement of crude oil prices; bunker fuel remains at unusually high levels, exceeding the cost of crude oil,” Hoppes said. “Matson has made a practice of giving 30 days notice for upward rate adjustments, but as with previous decreases, we are passing on this downward adjustment to our customers as soon as possible. We will continue to monitor fuel costs and adjust the surcharge accordingly.”