A Billion-Dollar Investment Part of Long-Term Carbon Reduction Strategy
Philadelphia, Sept. 30, 2024 /PRNewswire/ — Matson Inc. (“Matson”; NYSE: MATX) announced today the commencement of construction on the first of three new “Aloha Class” container ships designed for its “Hawaii and China-Long Beach Express (CLX)” services. Following a small ceremony at the Philadelphia Shipyard in Pennsylvania, steel cutting began, marking the start of construction on these vessels, expected to be delivered to Matson in 2026 and 2027.
Matson’s Aloha Class container ship Daniel K. Inouye. (PRNewsfoto/MATSON, INC. – PR)
A plasma cutter at the Philadelphia Shipyard cutting the first piece of steel for Matson’s container ship, September 30, 2024.
The three new Jones Act-compliant vessels represent an investment of approximately one billion dollars and will be constructed on a similar scale and schedule to Matson’s existing two Aloha Class ships. The existing ships are the Daniel K. Inouye and Kamina Hila, also built at the Philadelphia Shipyard, entering service in 2018 and 2019 respectively, marking the largest container vessels ever constructed in U.S. history.
Like their sister ships, the new vessels will be equipped with dual-fuel engines designed for traditional marine fuel or liquefied natural gas (LNG) as well as other “green ship” features such as energy-efficient hull design, eco-friendly double-hull fuel tanks, and freshwater ballast systems. While earlier ships required modifications to use LNG, the new vessels will be delivered with LNG capability.
The first of these new ships is expected to be delivered in Q4 2026, followed by additional deliveries in 2027.
“Our existing Aloha Class ships are among the fastest and most efficient in Matson’s fleet,” said Matt Cox, Chairman and CEO of Matson. “Like their sister ships, these three new vessels will help us achieve our 2030 greenhouse gas emission reduction targets while providing additional capacity and speed for our Hawaii and CLX services.”
Matson aims to reduce Scope 1 greenhouse gas (GHG) emissions by 40% before 2030 and reach net-zero Scope 1 GHG emissions by 2050.
The Aloha Class vessels, measuring 854 feet in length with a capacity of 3,600 TEUs and designed for speeds exceeding 23 knots, are built to support Matson’s hallmark service – fast and reliable cargo delivery.
These three new Aloha Class ships will replace the current three vessels deployed on Matson’s Hawaii and CLX services.
The Philadelphia Shipyard is a leading U.S. commercial shipbuilder constructing vessels for domestic Jones Act trade lanes. Prior to Matson’s first two Aloha Class ships, the shipyard delivered four new Jones Act container ships to Matson between 2003 and 2006.
“Today we not only celebrate the start of production but also welcome Matson back to our yard for a third project,” said Steinar Nerbovik, President and CEO of Philadelphia Shipyard. “We are pleased to build these new vessels that will help Matson achieve its 2030 GHG emission targets, aligning with our commitment to people and planet.”
Ship Naming Announcement
Matson plans to name the three new container ships Makua, Malama, and Makena. Founded in 1882 with a focus on Hawaii, Matson has long named its vessels serving Hawaii after Hawaiian names and reused names from early 20th-century ships. Recently, Matson reused the names Lurline and Matsonia for its Kanaloa Class ships delivered in 2019 and 2020, which are respectively the sixth and fifth vessels to bear these historic names.
The original Makua, Malama, and Makena were cargo ships commissioned by the U.S. Shipping Board (USSB) during World War I to increase the number of American ships supporting the war effort, purchased by Matson in the 1920s, and served for two decades.
Makua, pronounced “mah-KOO-ah,” is Hawaiian for parents, elders, ancestors, or family.
Malama, pronounced “MAH-lah-mah,” means to care for or protect in Hawaiian.
Makena, pronounced “Mah-KEN-ah,” means wealth in Hawaiian.
* TEU = Twenty-foot Equivalent Unit (standard unit of container capacity)
About Matson
Founded in 1882 (NYSE: MATX), Matson is a leading provider of ocean transportation and logistics services. It provides vital ocean cargo transportation services to domestic non-contiguous economies in Hawaii, Alaska, Guam, and the Commonwealth of the Northern Mariana Islands, as well as other island economies in Micronesia. Matson also operates fast service from China to Long Beach, U.S., serves various islands in Japan’s Okinawa and South Pacific regions, and provides international export services from Alaska to Asia. The company’s fleet includes container ships, combination container/roll-on roll-off vessels, and custom-designed barges. Matson Logistics, established in 1987, extends Matson’s transportation network into North America and Asia. Its integrated light-asset logistics services include intermodal rail, truck brokerage, warehousing, cargo consolidation, supply chain management, and freight forwarding to Alaska. For more information about the company, visit www.matson.com.
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| _Investor Relations:_ Justin Schoenberg Matson Inc. 510.628.4234 | _Media Inquiries:_ Keoni Wagner Matson Inc. 510.628.4534 |
Source: Matson Inc.
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