Matson Navigation reported fourth-quarter operating profit declined 30% to $21.1 million, due mainly to lower container volume in all of its trade lanes.
Matson saw boxes in its China service dropped by 16% to 11,100 units.
The carrier in an earnings statement said the container and auto volume declines reflected a ‘broad-based weakness in the economy’ and that the China volume decline was due to ‘significantly lower Asian import demand.’