Matson Navigation Co. reported fourth-quarter operating profit declined 30 percent to $21.1 million, due mainly to lower container volume in all of its trade lanes.
Matson, the Jones Act subsidiary of Honolulu-based Alexander & Baldwin, saw its Hawaii container traffic decrease 13 percent from the year-earlier quarter to 35,900 units. Guam containers fell 15 percent to 3,300 units and boxes in its China service dropped by 16 percent to 11,100 units.
The carrier does not report container data in TEUs.
Auto carriage to Hawaii plunged 54 percent to 15,300 units.
Total revenue for the quarter ending Dec. 31 declined 9 percent to $239.5 million.
Full-year results were only slightly better. Operating profit declined 16 percent to $105.8 million; Hawaii containers declined 9 percent to 152,700 units; Guam boxes fell 5 percent to 13,900 units and China container volume decreased 7 percent to 47,800 units. Hawaii autos decreased 22 percent to 86,300 units.
Revenue increased 2 percent to $1.02 billion.
The carrier in an earnings statement said the container and auto volume declines reflected a "broad-based weakness in the economy," and that the China volume decline was due to "significantly lower Asian import demand."
Matson Integrated Logistics also posted lower fourth-quarter volume levels that translated into a 13-percent decline in operating profit to $4.1 million. Total segment revenue fell 7 percent to $99.8 million, with intermodal revenue falling 16 percent to $58.8 million, while highway revenue was up 10 percent to $41 million.
"We recognize that our 2009 earnings prospects have been diminished," said Allen Doane, A&B chairman and chief executive. "As a result, we will continue to take all necessary measures -- cost containment and expense reduction, deferral of non-essential capital projects, preservation of cash, shoring up of our liquidity sources -- to preserve our financial strength."