Core Appointment - High-Trend International Group (HTCO) appointed Mr. Chew Men Leong, former Chief of Navy of the Republic of Singapore Navy, as a director effective January 26, 2026 [1][2] Strategic Goals - This appointment is a strategic move to deepen HTCO's global maritime footprint, strengthen its capital position, and enhance its presence in the Singapore market [2] Leadership Expertise - Mr. Chew has significant maritime command experience, having played a central role in Singapore's next-generation navy strategy [3] - He has a strong capital markets and M&A track record, leading ST Engineering's largest cross-border acquisition of US$2.68 billion for TransCore [4] - As the founding President of ST Engineering's Urban Solutions business, he managed a global portfolio with annual revenue exceeding 1.6 billion SGD and an order book over 6 billion SGD [5] Governance and Public Sector Experience - Mr. Chew has served as Chief Executive of Singapore's Land Transport Authority and Public Utilities Board, overseeing critical infrastructure [5] Vision for HTCO - Mr. Chew expressed enthusiasm for joining HTCO at a pivotal stage, highlighting opportunities in international shipping, technology, and sustainability [6]

Core Insights - Matson, Inc. reported preliminary fourth quarter financial results that exceeded expectations, driven by strong demand in its China service and a stable trading environment due to the U.S.-China trade deal [2][6] - The company anticipates consolidated operating income for full year 2026 to approach the level achieved in 2025, supported by solid U.S. consumer demand [2][6] Financial Performance - For the fourth quarter of 2025, Matson expects consolidated operating income to be between $135.0 million and $145.0 million [6] - Projected net income for the fourth quarter is estimated to be between $131.3 million and $146.3 million, with diluted EPS expected to range from $4.22 to $4.70, including a tax benefit of approximately $0.77 per share [6][9] - The effective tax rate for the fourth quarter 2025 is estimated to be between 3.9% and 7.7%, significantly lower than the previous year's rate of 22.0% [9] Volume and Demand - Hawaii container volume increased by 0.6% due to higher general demand, while Alaska container volume decreased by 3.3% due to one less northbound sailing [7] - China container volume decreased by 7.2%, while Guam container volume increased by 4.4% and other containers volume rose by 11.6% [7] Share Repurchase and Liquidity - Matson repurchased approximately 0.7 million shares in the fourth quarter of 2025 for a total cost of $78.1 million, with about 1.1 million shares remaining in its repurchase program [9] - As of December 31, 2025, the company's cash and cash equivalents were approximately $141.9 million, with total debt at $361.2 million [9] Upcoming Events - A conference call to discuss the fourth quarter results is scheduled for February 24, 2026, at 4:30 p.m. ET [10]

Core Points - Matson, Inc. will present an overview of the company at the Stephens 2025 Annual Investment Conference on November 18, 2025 [1] - The presentation slides will be accessible on Matson's website on the same day [2] Company Overview - Matson, founded in 1882, is a leading provider of ocean transportation and logistics services, primarily serving Hawaii, Alaska, Guam, and other Micronesian islands [3] - The company operates a fleet that includes containerships and roll-on/roll-off ships, and offers premium expedited services from China to Long Beach, California [3] - Matson Logistics, established in 1987, enhances the company's transportation network across North America and Asia, providing various logistics services [3]

Financial Data and Key Metrics Changes - In Q3 2025, consolidated operating income decreased by $81.3 million year-over-year to $161 million, primarily due to lower contributions from Ocean Transportation and Logistics [14] - Net income decreased by 32.3% year-over-year to $134.7 million, and diluted earnings per share decreased by 28% year-over-year to $4.24 per share [14] - Interest income was $7.6 million in the quarter compared to $10.4 million in the same period last year [14] Business Line Data and Key Metrics Changes - In Ocean Transportation, operating income was lower year-over-year due to decreased freight rates and container volume in the China service [4] - Logistics operating income in Q3 was $13.6 million, down $1.8 million from the previous year, primarily due to lower contributions from freight forwarding, transportation brokerage, and supply chain management [12][13] - Container volume in Hawaii increased by 0.3% year-over-year, while in Guam, it decreased by 4.2% year-over-year [5][11] Market Data and Key Metrics Changes - Container volume in the China service decreased by 12.8% year-over-year due to ongoing uncertainty from tariffs and global trade [6] - The Trans-Pacific trade lane experienced muted peak season demand compared to the previous year, leading to lower freight rates and volume expectations for Q4 2025 [7][8] - In Alaska, container volume increased by 4.1% year-over-year, supported by economic growth and job creation [11] Company Strategy and Development Direction - The company remains optimistic about a more stable trading environment starting in Q4 2025 due to a trade deal between the U.S. and China [5][9] - The company is committed to maintaining service reliability and superior customer service, focusing on managing transportation needs amid market volatility [21] - The company plans to continue returning excess capital to shareholders through dividends and share repurchases [16] Management Comments on Operating Environment and Future Outlook - Management noted that the operating environment remains challenging due to tariffs and global trade uncertainties, but they expect improvements following the recent trade deal [4][5] - The company anticipates consolidated operating income for Q4 2025 to be approximately 30% lower year-over-year [17] - Management emphasized the importance of delivering for customers during unsettled times as a key to future success [21] Other Important Information - The company expects to incur approximately $20 million in port entry fees in Q4 2025, which will not be passed on to customers [9][10] - The company has repurchased approximately 13.1 million shares since initiating its share repurchase program, representing 30.2% of its stock [16] Q&A Session Summary Question: Are current pricing levels sustainable given the pressure on traditional spot rates? - Management indicated that they have consciously held prices despite falling spot rates, believing that their pricing strategy is sustainable and reflects the value provided [25][26] Question: What are the factors affecting utilization headwinds in the quarter? - Management attributed lower utilization to a premium in their pricing relative to market rates and the front-loading of inventory by customers [28][29] Question: Is there a possibility of refund for the incurred port fees? - Management is awaiting final regulations from the USTR and the China Ministry of Transport to determine if refunds or rebates are possible [34] Question: How is the company responding to changes in sourcing from China? - Management noted a trend of customers diversifying their sourcing strategies while still recognizing China's importance as a manufacturing source [46][47] Question: What is the current share of cargo from sources other than China? - Management reported that approximately 20% of cargo on CLX and MAX services comes from other countries, with Vietnam being a significant contributor [48] Question: How are pricing dynamics evolving in domestic lanes? - Management stated that pricing in domestic trades has remained stable, with annual rate increases aligned with underlying cost increases [49]

Financial Data and Key Metrics Changes - In Q3 2025, consolidated operating income decreased by $81.3 million year-over-year to $161 million, primarily due to lower contributions from Ocean Transportation and Logistics [14] - Net income decreased by 32.3% year-over-year to $134.7 million, and diluted earnings per share decreased by 28% year-over-year to $4.24 per share [14] - Interest income was $7.6 million in the quarter compared to $10.4 million in the same period last year [14] Business Line Data and Key Metrics Changes - In Ocean Transportation, operating income was lower year-over-year due to decreased freight rates and container volume in the China service [4] - Logistics operating income in Q3 was $13.6 million, down $1.8 million from the previous year, primarily due to lower contributions from freight forwarding, transportation brokerage, and supply chain management [12][13] - Container volume in Hawaii increased by 0.3% year-over-year, while in Guam, it decreased by 4.2% year-over-year [5][11] Market Data and Key Metrics Changes - Container volume in the China service decreased by 12.8% year-over-year due to ongoing uncertainty from tariffs and global trade [6] - The Trans-Pacific trade lane experienced muted peak season demand compared to the previous year, leading to lower freight rates and volume expectations for Q4 2025 [7][8] - In Alaska, container volume increased by 4.1% year-over-year, supported by economic growth and job creation [11] Company Strategy and Development Direction - The company remains optimistic about a more stable trading environment starting in Q4 2025 due to a trade and economic deal between the U.S. and China [5][9] - The company is committed to maintaining service reliability and superior customer service, focusing on managing transportation needs amid market volatility [21] - The company plans to continue returning excess capital to shareholders through dividends and share repurchases, with a focus on maintaining a strong balance sheet [16] Management's Comments on Operating Environment and Future Outlook - Management noted that the operating environment remains challenging due to tariffs and global trade uncertainties, but expressed optimism following the recent trade deal [4][5] - The company expects consolidated operating income in Q4 2025 to be approximately 30% lower year-over-year [17] - Management highlighted the importance of adapting to customer needs and maintaining pricing strategies amid fluctuating market conditions [21] Other Important Information - The company has not passed port entry fees on to customers, maintaining a consistent pricing strategy [10] - The company expects to pay approximately $20 million in port entry fees in Q4 2025 and $80 million annually in 2026 and 2027 [9] - The company has repurchased approximately 13.1 million shares since initiating its share repurchase program, representing 30.2% of its stock [16] Q&A Session Summary Question: Are current pricing levels sustainable given the pressure on traditional spot rates? - Management indicated that while absolute freight rates may come down, it will be in an orderly manner consistent with seasonal patterns [25][26] Question: What are the factors affecting utilization headwinds in the quarter? - Management attributed lower utilization to a premium pricing strategy and front-loading of inventory rather than broader market supply and demand [28][29] Question: Is there a mechanism for refunding the $6.4 million in port fees? - Management stated that they are awaiting final regulations to determine if refunds or rebates are possible [34] Question: How is the company responding to recent spot market fluctuations? - Management noted that their pricing is disconnected from spot market fluctuations, focusing instead on expedited services for customers with urgent needs [38][39] Question: Are customers diversifying sourcing strategies due to trade discussions? - Management observed a trend of customers adopting a "China plus one" strategy, diversifying sourcing while still recognizing China's importance [46][47] Question: What is the pricing strategy for domestic lanes? - Management confirmed that pricing increases are aligned with underlying cost increases, maintaining a steady pricing environment [49]

Financial Data and Key Metrics Changes - In Q3 2025, consolidated operating income decreased by $81.3 million year-over-year to $161 million, primarily due to lower contributions from ocean transportation and logistics [15][16] - Net income decreased by 32.3% year-over-year to $134.7 million, and diluted earnings per share decreased by 28% year-over-year to $4.24 per share [16] - Interest income was $7.6 million in the quarter compared to $10.4 million in the same period last year [16] Business Line Data and Key Metrics Changes - Ocean transportation operating income was lower year-over-year due to decreased freight rates and container volume in the China service [4] - Logistics operating income decreased by $1.8 million year-over-year to $13.6 million, primarily due to lower contributions from freight forwarding, transportation brokerage, and supply chain management [13][15] - The SSAT terminal joint venture contributed $9.3 million, a year-over-year increase of $2.4 million due to higher lift revenue [13] Market Data and Key Metrics Changes - Container volume in the Hawaii service increased by 0.3% year-over-year, while in Guam, it decreased by 4.2% year-over-year due to lower general demand [5][12] - Container volume in the China service decreased by 12.8% year-over-year, primarily due to tariff uncertainties impacting global trade [6][8] - In Alaska, container volume increased by 4.1% year-over-year, supported by economic growth and job creation [12] Company Strategy and Development Direction - The company remains committed to maintaining high service reliability and superior customer service, focusing on managing transportation needs amid market volatility [24] - The recent trade and economic deal between the U.S. and China is viewed as a positive step towards a more stable trading environment [5][24] - The company plans to continue returning excess capital to shareholders through dividends and share repurchases in the absence of large growth investment opportunities [18] Management's Comments on Operating Environment and Future Outlook - Management expects consolidated operating income in Q4 2025 to be approximately 30% lower year-over-year due to ongoing market challenges [4][19] - There is optimism for a more stable trading environment starting in Q4 2025 due to reduced uncertainty regarding tariffs and global trade [5][10] - The Hawaii economy is softening, with tourism and inflation impacting growth, while construction remains a bright spot [6] Other Important Information - The company has not passed port entry fees on to customers and maintains a philosophy of charging based on the value provided [10][11] - Total debt at the end of Q3 was $370.9 million, a reduction of $10.1 million from the previous quarter [18] Q&A Session Summary Question: Are current pricing levels sustainable given the pressure on traditional spot rates? - Management believes that while absolute freight rates may come down, it will be in an orderly manner consistent with previous seasonal patterns [28][29] Question: Are the $6.4 million in port fees included in the operating profit down 30% in Q4? - Yes, the port fees are included in the operating profit [33] Question: Is there a mechanism to get the $6.4 million in port fees refunded? - Management is awaiting final regulations from the USTR and the China Ministry of Transport to determine if refunds are possible [37] Question: Are customers weary of sourcing from China? - There is a trend of customers diversifying their sourcing strategies, but China remains an important manufacturing source [48][50] Question: What percentage of cargo on CLX and MAX services comes from sources other than China? - Approximately 20% of cargo comes from other sources, primarily Vietnam, with expectations for growth from Thailand and other regions [51] Question: How is pricing progressing in domestic lanes? - The company has seen a steady pricing environment with annual rate increases that mirror underlying cost increases [52]

Financial Data and Key Metrics Changes - The second quarter consolidated operating income decreased by $11.6 million year over year to $113 million, primarily due to lower contributions from ocean transportation and logistics [18] - Net income decreased by 16.3% year over year to $94.7 million, and diluted earnings per share decreased by 11.8% year over year to $2.92 per share [19] - Interest income for the quarter was $8 million compared to $18.8 million in the same period last year, reflecting a significant decline [19] Business Line Data and Key Metrics Changes - In Ocean Transportation, operating income was lower year over year primarily due to lower volume in the China service, despite higher freight rates [5] - Logistics operating income in the second quarter was $14.4 million, which is $1.2 million lower than the previous year, mainly due to a lower contribution from transportation brokerage [16] - Container volume in Hawaii increased by 2.6% year over year, while in Guam, it decreased by 2.2%, and in Alaska, it increased by 0.9% year over year [7][14][15] Market Data and Key Metrics Changes - Container volume in the China service decreased by 14.6% year over year due to market uncertainty and tariff impacts [8] - Transshipment volume from outside China represented approximately 21% of the China service, up from 13% in the first quarter, indicating a shift in sourcing [12] - The Hawaii economy remains stable, supported by strong construction activity, but faces potential headwinds from slowing tourism and high inflation [8] Company Strategy and Development Direction - The company is focused on maintaining its position in the Transpacific trade lanes and supporting customers as they diversify their manufacturing bases [26] - There is an emphasis on expanding transshipment capabilities and ensuring fast and reliable services from various origins, particularly in Southeast Asia [46] - The company plans to continue returning excess capital to shareholders in the absence of large growth investment opportunities [21] Management's Comments on Operating Environment and Future Outlook - Management expects continued uncertainty regarding tariffs, global trade, and the U.S. economy, but is raising its outlook for the full year 2025 based on second-quarter performance [6] - The company anticipates lower year-over-year freight rates and volume in the third quarter, reflecting a muted peak season [13] - Management believes that while there will be a long-term shift away from China, it will remain a significant manufacturing hub [65] Other Important Information - The company repurchased approximately 900,000 shares for a total cost of $93.7 million during the second quarter [21] - Total debt at the end of the second quarter was $381 million, a reduction of $9.8 million from the previous quarter [21] - The company entered into a new five-year revolving credit facility with commitments aggregating $550 million [21] Q&A Session Summary Question: Expectations for lower volumes in Q3 - Management noted that lower volumes are influenced by extra sailings last year and customers holding back shipments due to inventory levels [31][32] Question: Impact of new expedited services - Management acknowledged the presence of new expedited services but emphasized their focus on maintaining their competitive edge in speed and reliability [34][35] Question: Outlook for the back half of the year - Management expects a more muted peak season compared to previous years, with a strong Q3 followed by a typical fall-off in October [37] Question: Developments in Southeast Asia - Management is focused on understanding customer needs and ensuring fast, reliable services from new origins as production shifts away from China [45][46] Question: Financial outlook for the back half of the year - Management confirmed that cost reduction actions taken earlier in the year would continue, contributing to improved operating margins [50]

Financial Performance - Ocean Transportation revenue for the second quarter of 2025 decreased by 2.1% year-over-year to $675.6 million[49] - Logistics revenue for the second quarter of 2025 decreased by 1.7% year-over-year to $154.9 million[49] - Net income for the second quarter of 2025 decreased by 16.3% year-over-year to $94.7 million[49] - The terminal joint venture contribution was $7.3 million, a year-over-year increase of $6.1 million[42] - Approximately 0.9 million shares were repurchased in 2Q25 for a total cost of $93.7 million[57] Volume Trends - Hawaii container volume increased by 2.6% year-over-year due to higher general demand[8] - China container volume decreased by 14.6% year-over-year primarily due to market uncertainty and tariffs[22] - Guam container volume decreased by 2.2% year-over-year[25] - Alaska container volume increased by 0.9% year-over-year[35] Outlook - The company expects full year 2025 Ocean Transportation operating income to be moderately lower than the $500.9 million achieved in 2024[62] - The company expects full year 2025 Logistics operating income to be comparable to the $50.4 million achieved in 2024[62]

Company Overview - Matson, Inc. is a leading provider of ocean transportation and logistics services, founded in 1882 [3] - The company offers ocean freight transportation services to Hawaii, Alaska, Guam, and other Micronesian islands, as well as expedited services from China to Long Beach, California [3] - Matson's fleet includes containerships, combination container and roll-on/roll-off ships, and barges [3] - Matson Logistics, established in 1987, provides integrated logistics services across North America and Asia, including rail intermodal, highway brokerage, and supply chain management [3] Financial Results Announcement - Matson will release its financial results for the second quarter on July 31, 2025 [1] - A conference call is scheduled for 4:30 p.m. ET on the same day, featuring discussions by the Chairman and CEO, Matt Cox, and the CFO, Joel Wine [1][2] - The conference call will be available for live broadcast on the company's website, along with a slide presentation [2]

Core Insights - Matson, Inc. has released its 2024 Sustainability Report, highlighting its commitment to ethical standards, environmental impact reduction, and community support [1] Company Overview - Matson, founded in 1882, is a prominent provider of ocean transportation and logistics services, serving non-contiguous economies such as Hawaii, Alaska, and Guam, as well as other island economies in Micronesia [2] - The company operates a diverse fleet that includes containerships, combination container and roll-on/roll-off ships, and barges, and offers premium expedited services from China to Long Beach, California [2] - Matson Logistics, established in 1987, enhances the company's transportation network across North America and Asia, providing integrated logistics services such as rail intermodal, highway brokerage, and supply chain management [2]