Categorized | Business

Young Brothers: Neighbor island cargo volumes up

MEDIA RELEASE

Young Brothers, Ltd. has announced intrastate cargo shipments between Honolulu and six neighbor island ports increased 5.2 percent from July through September of 2013 when compared to the same period of 2012. This increase follows a 4.4-percent rise in cargo during the second quarter.

“We believe this is another indicator that the broader local economy is continuing to gain strength, and we’re hopeful it’s the beginning of a trend that will sustain itself,” said Glenn Hong, president of Young Brothers.

He also noted, “We still have some ground to make up to get back to levels seen six and seven years ago.”

When compared to the peak-volume year of 2007, Young Brothers’ 2013 volume is still down approximately 20 percent.

During the third quarter of 2013, every neighbor island port increased cargo shipments: Kahului, Maui, the largest single port in terms of volume, rose 5.5 percent; Hilo climbed 4.2 percent; Kawaihae, up 6.0 percent; Nawiliwili, Kauai, up 5.3 percent; Kaunakakai, Molokai, 4.9 percent; and Kaumalapau, Lanai, the smallest port in terms of volume, up 21.6 percent.

Most industry segments finished the quarter with positive comparisons. Shipments of construction materials and renewable energy, namely biofuels, were up strongly, continuing the trend of the previous quarter.

Other significant gainers included automobile rental fleets, beverages and the entertainment industry, which includes tourism-related shippers.

According to the Young Brothers Quarterly Report, overall volume for the first nine months of the year is up 1.8 percent, compared to the first nine months of 2012.

“After six months, volume was basically flat, but the strong quarter moved our year-to-date results into positive territory. It’s good to have this momentum going into the fourth quarter,” Hong said.

All but one of the neighbor island ports experienced an increase in volume for the first nine months of the year. Kahului inched up 1.0 percent; Hilo, up 1.7 percent; Nawiliwili, up 5.4 percent; Kaunakakai, 5.7 percent; and Kaumalapau, 20.5 percent. Volume at Kawaihae, down slightly for the year, fell 3.4 percent.

In the third quarter of 2013, agricultural cargo volume statewide increased by 5.3 percent over the year-ago quarter, continuing a trend of positive quarterly comparisons, albeit at a more moderate pace.

Young Brothers announced an 11.1-percent increase in the second quarter of 2013 and a modest uptick of 1.2 percent in the first quarter. For the first nine months of 2013 agricultural volume rose 5.8 percent.

Four of six ports experienced an increase in agricultural cargo exports during the third quarter 2013: Kawaihae, up 11.8 percent; Nawiliwili, up 7.9 percent; Hilo, 7.2 percent; and Honolulu, 6.4 percent.

Agricultural cargo from Kahului was flat at 0.1 percent, while agricultural exports from Kaunakakai fell 7.0 percent compared to the year-ago quarter.

During the first nine months, four ports increased agricultural exports: Kahului, up 15.5 percent; Honolulu, 9.2 percent; Hilo, 6.5 percent; and Kaunakakai, 5.6 percent.

Agricultural cargo from Kawaihae dropped 8.5 percent, and Nawiliwili declined 20.2 percent when compared to the same period a year ago.

Agricultural volume includes only cargo that qualifies for the company’s island product discount of 30 to 35 percent, which applies to locally grown agricultural products.

Young Brothers’ quarterly intrastate shipping volumes reflect only cargo shipments that originate and terminate within Hawaii. The Young Brothers Quarterly Shipping Report was initiated in 2012. The company will release its fourth quarter 2013 results in February 2014.

Young Brothers, Limited, with approximately 340 employees across the state, has served Hawaii since 1900. Young Brothers is a publicly regulated water carrier providing 12 weekly port calls from Honolulu to the state’s neighbor island ports, including Hilo, Kawaihae, Kahului, Kaumalapau, Kaunakakai and Nawiliwili.

— Find out more:
www.youngbrothershawaii.com

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