HONOLULU: May 01, 2018. Pacific ocean carrier Matson has reported Q1 2018 net income of US$14.2 million on revenue of US$511.4 million, compared to US$7.0 million on US$474.4 million for the same period last year.

EBITDA was US$62.1 million in Q1 – up from US$52.3 million in the same period last year.

Matson chairman and CEO Matt Cox commented: “As a result of the first quarter performance, we now expect Matson's 2018 operating income to be modestly higher than the level achieved in 2017."

However the company says it expects EBITDA to be lower than last year’s figure of US$296 million with pricing to remain at the same level as 2017.

"For 2018 we continue to expect improvements in each of our core tradelanes with the exception of Guam and China,” Cox added. “In Guam, we expect to face continued competitive pressure, and in China we continue to expect modestly lower volume coming off an exceptionally strong 2017.”

As a result of the first quarter performance, the company says it expects 2018 operating income to be “modestly higher” than last year with “flat-to-modest” volume growth in its flagship Hawaiian trades.

Matson expects to take delivery of the first of two 3,600 TEU container ships in the third quarter of 2018 plus the first of two new Con-Ro vessels for its Hawaii fleet, with capacity for up to 800 vehicles, in the fourth quarter of 2019.