Matson Ships achieved consolidated revenue of approximately $847 million in the second quarter of 2024
Matson recently announced its results for the second quarter of 2024, achieving consolidated revenue of approximately $847 million, an increase of 9.6%. Earnings before interest, tax, depreciation and amortization (EBITDA) of approximately $172 million, an increase of 22.0%. net income was approximately $113 million, an increase of 40.1%.
In the second quarter, Matson's volume in the Chinese market was 37,800FEU, an increase of 3% year-on-year. At the same time, Meisen's average freight increased significantly over the same period last year, mainly due to the favorable economic and consumer demand environment in the United States and other factors.
The company expects that in the third and fourth quarters of the traditional peak season, Matson China route freight will continue to rise, but the trend of freight after the peak season is uncertain.
Commenting on the results, Matt Cox, Matson's Chairman and Chief Executive Officer, said: "We had a good performance in the second quarter. In our ocean shipping business, we experienced significant year-over-year rate increases on our China routes, which, combined with a tightening supply chain, led to higher rates on our trans-Pacific routes."
In the short term, as long as the economy continues to improve and there are no major changes in supply chain and geopolitical conditions, Matson expects freight rates to continue to rise.
He stressed that no matter how the market environment changes, the shift from air freight to ocean freight express and goods in the e-commerce sector will continue to grow, which is expected to drive long-term demand for the company's China routes.
Matson related announcements
In the second quarter, Matson's volume in the Chinese market was 37,800FEU, an increase of 3% year-on-year. At the same time, Meisen's average freight increased significantly over the same period last year, mainly due to the favorable economic and consumer demand environment in the United States and other factors.
The company expects that in the third and fourth quarters of the traditional peak season, Matson China route freight will continue to rise, but the trend of freight after the peak season is uncertain.
Matt Cox, chairman and CEO of Matson Steamships
Commenting on the results, Matt Cox, Matson's Chairman and Chief Executive Officer, said: "We had a good performance in the second quarter. In our ocean shipping business, we experienced significant year-over-year rate increases on our China routes, which, combined with a tightening supply chain, led to higher rates on our trans-Pacific routes."
In the short term, as long as the economy continues to improve and there are no major changes in supply chain and geopolitical conditions, Matson expects freight rates to continue to rise.
He stressed that no matter how the market environment changes, the shift from air freight to ocean freight express and goods in the e-commerce sector will continue to grow, which is expected to drive long-term demand for the company's China routes.
