Record High Fuel Costs Require Matson to Raise Fuel Related Surcharge by Two Percentage Points

Business Wire, Oct 19, 2007

OAKLAND, Calif. -- As a result of record high prices for fuel related costs, Matson Navigation Company announced today that it is raising its fuel related surcharge in its Hawaii and Guam/CNMI services by two percentage points, from 24 to 26 percent, effective December 2, 2007.

"We are experiencing record highs in fuel related costs that are being driven by unprecedented demands for oil in the world market," said Dave Hoppes, senior vice president, ocean services. "These costs comprise a large component of operating costs for the transportation industry, and are unavoidable expenses for transporting goods, both on land and at sea. The recent spikes have been unusually dramatic in an already volatile period, and are anticipated to continue through the end of the year. We will continue to monitor fuel costs and adjust the fuel surcharge accordingly. This marks the first adjustment we've made to our surcharge in four months. Fuel costs have increased over 10 percent since our last adjustment."

Matson provides ocean transportation, intermodal and logistics services. Matson is a wholly owned subsidiary of Alexander & Baldwin, Inc. of Honolulu (NASDAQ:ALEX).