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Matson: Freight Volumes Are Strengthening—Is a New Seasonal Recovery Taking Shape?

Matson, Inc. reported its first quarter of 2026 financial results with consolidated operating income of $61.4 million, a decline of $20.7 million year-over-year. The decrease was primarily attributable to a $19 million reduction in Ocean Transportation operating income and a $1.7 million drop in Logistics operating income. Ocean Transportation’s decline was mainly due to lower contributions from the China service segment, reflecting typical post-Lunar New Year volume normalization, though freight demand strengthened thereafter. Logistics suffered from weaker supply chain management contributions. Despite these setbacks, net income stood at $56.6 million, or $1.85 diluted earnings per share, supported by a 7.8% reduction in diluted weighted average shares outstanding. In Ocean Transportation, volume in the Hawaii, Alaska, and Guam trade lanes remained stable or slightly down year-over-year, with expectations for full-year volume to approximate 2025 levels.