Matson Navigation is reporting preliminary operating income of USD 110¡ª115 M for its ocean transportation activities in Q1 2021, a large increase on the USD 7.9 M reported a year previously but largely in line with results for the final quarter of 2020.
On a year-on-year basis, Matson reported a 4.9% increase in volumes on its Alaska trade, a 0.6% increase in Hawaii volumes, and a 2% increase in Guam volumes. Volumes on ¡®other¡¯ non-China trades decreased 2.4%.
However, the company reported a 219% year-on-year increase for its China volumes, primarily due to cargo on its CLX+ service, plus higher volumes on its CLX service when the company increased capacity.
Matson previously reported operating income of USD 108 M on transport activities for the final quarter of 2020.
COSCO Shipholding is so far the only other carrier to indicate Q1 results, foreing a headline busting USD 2.3 Bn net profit for the first three months of 2021. The figure would exceed its earnings for the whole of 2020. The result was largely rate driven, with the CCFI averaging 54% higher in the first quarter of this year compared to the last three months of 2020
