Matson nets $7.3M in 4Q


HONOLULU (AP) — The biggest shipping company serving Hawaii is reporting net income of more than $7 million for the quarter ended December.

Matson Navigation Co. said Tuesday the earnings include a charge of nearly $10 million to settle a lawsuit.

Matson CEO Matt Cox said in a conference call the case is related to allegations certain Matson freight forwarder customers improperly billed the Defense Department for shipping military household goods.

Matson said it’s not clear how much last September’s molasses spill in Honolulu Harbor will affect future earnings.

It said it’s unable to estimate the future costs, penalties, damages or expenses related to the incident.

 

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