UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 7, 2021 (
(Exact Name of Registrant as Specified in its Charter)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01.Regulation FD Disclosure.
On June 7, 2021, Matson Navigation Company, Inc., a wholly owned operating subsidiary of Matson, Inc. (the “Company”) issued a customer advisory regarding its new China-California Express (“CCX”) service from the ports of Ningbo and Shanghai in China to the ports of Oakland and Long Beach in California. A copy of the customer advisory is attached hereto as Exhibit 99.1. The CCX service will offer departures from Ningbo and Shanghai three times out of every five weeks starting on July 27, 2021 and is scheduled to operate until Lunar New Year 2022. For each of those departures, capacity on Matson-owned vessels, including both of the Kanaloa Class vessels, is expected to be approximately 1,300 forty-foot equivalent units. In order to achieve this new service, Matson will deploy two additional vessels. The Company expects the CCX service to be a meaningful contributor to China service volume and consolidated operating income in the second half of 2021.
Statements in this Form 8-K that are not historical facts are “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement, including but not limited to, statements about contributors to China service volume and consolidated operating income. Factors that could cause actual results to differ materially from those contemplated in the statements include, without limitation, those described on pages 12-21 of the Form 10-K filed by the Company on February 26, 2021. These forward-looking statements are not guarantees of future performance. Actual results could differ materially from those anticipated in the forward-looking statements and future results could differ materially from historical performance. We do not undertake any obligation to update our forward-looking statements.
The information in this report (including Exhibit 99.1) is being furnished pursuant to Item 7.01 and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or incorporated by reference in any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01.Financial Statements and Exhibits.
(a) - (c) Not applicable.
(d) Exhibits.
The exhibit listed below is being furnished with this Form 8-K.
99.1 | |
104 | Cover Page Interactive Data File (formatted in Inline XBRL and included as Exhibit 101). |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MATSON, INC. | |
/s/ Joel M. Wine | |
Joel M. Wine | |
Executive Vice President and Chief Financial Officer | |
Dated: June 7, 2021 |
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Exhibit 99.1
June 7, 2021
Subject: | Launch of China California Express (CCX), Seasonal Expedited Service to Oakland |
Dear Matson Customer,
We are pleased to announce the introduction of our new China-California Express (CCX), Matson’s third expedited Transpacific service, commencing July 27 from Ningbo. The CCX is designed to provide truly expedited service into Northern California during this period of extraordinary demand, while also supplementing Matson’s capacity into Long Beach.
Like our industry leading CLX and CLX+ services, CCX is fast, reliable, and offers many of the same great service features that make Matson unique. Highlights of the CCX service:
| - | Ningbo-Shanghai-Oakland-Long Beach-Honolulu-Ningbo routing |
| - | Service will depart 3 of every 5 weeks from China |
| - | Direct Shanghai to Oakland with 12-day ocean transit time; Ningbo to Oakland in 14 days |
| - | Oakland first port call at Matson’s exclusive use terminal. This is the only exclusive use terminal in Oakland. |
| - | Fast cargo availability |
| - | Cargo available at Shippers Transport Express (Oakland) or at our Oakland terminal. These facilities will offer the fastest turn times in the industry |
| - | Chassis will be provided (trucker to pay a daily fee) unless flip to own wheels requested |
Long Beach destined freight on CCX will receive:
| - | Shanghai to Long Beach with 15-day ocean transit time; Ningbo to Long Beach in 17 days |
| - | Berth priority at our exclusive use terminal in Long Beach |
| - | Next day cargo availability at Shippers Transport Express (same as CLX and CLX+) |
| - | Industry leading turn times |
All CCX customers will also receive the same world-class customer service from Matson staff in China and the United States.
The new CCX expedited service will commence with Mokihana 420E on July 27 and is scheduled to operate until Lunar New Year 2022.
We look forward to serving your expedited cargo needs – now with three industry leading Transpacific services.
Thank you for shipping with Matson.