On this page of StockholderLetter.com we present the latest annual shareholder letter from Matson, Inc. — ticker symbol MATX. Reading current and past MATX letters to shareholders can bring important insights into the investment thesis.

 •  3/4/2025 Letter Continued (Full PDF)
 •  3/1/2023 MATX Stockholder Letter
 •  2/27/2024 MATX Stockholder Letter
 •  More "Shipping" Category Stockholder Letters
 •  MATX Benford's Law Stock Score = 96

MATX Shareholder/Stockholder Letter Transcript:

2024 ANNUAL REPORT
+ FORM 10-K

Board of
directors
Executive
management
Matthew J. Cox | 63
Chairman of the Board and
Chief Executive Offi cer,
Matson, Inc.
Stanley M. Kuriyama | 71
Retired Chairman of the
Board and Chief Executive
Offi cer, Alexander &
Baldwin, Inc. (a)
Peter T. Heilmann | 56
Executive Vice President,
Chief Administrative Offi cer
and General Counsel
John P. Lauer | 64
Executive Vice President
and Chief Commercial
Offi cer
Rusty K. Rolfe | 67
Executive Vice President
and President, Matson
Logistics
Meredith J. Ching | 68
Executive Vice President,
External Aff airs, Alexander
& Baldwin, Inc. (c)(d)
Mark H. Fukunaga | 69
Executive Chairman and
former Chief Executive
Offi cer, Servco Pacifi c
Inc. (b)(c)
Joel M. Wine | 53
Executive Vice President
and Chief Financial Offi cer
Vicente S. Angoco, Jr. | 58
Senior Vice President,
Alaska
Grace M. Cerocke | 46
Senior Vice President,
Finance, Matson Logistics
Constance H. Lau | 72
Retired President, Chief
Executive Offi cer and
Director, Hawaiian Electric
Industries, Inc. (b)(d)
Bradley D. Tilden | 64
Retired Chairman and
Chief Executive Offi cer,
Alaska Air Group, Inc. (b)(c)
Qiang Gao | 61
Senior Vice President,
Asia
Leonard P. Isotoff | 53
Senior Vice President,
Pacifi c
Richard S. Kinney | 61
Senior Vice President,
Network Operations
Ku`uhaku T. Park | 58
Senior Vice President,
Government and
Community Relations
Laura L. Rascon | 61
Senior Vice President,
Customer Experience
Christopher A. Scott | 51
Senior Vice President,
Transpacifi c Services
John W. Sullivan | 71
Senior Vice President,
Vessel Operations and
Engineering
Jason L. Taylor | 51
Senior Vice President,
Human Resources
Jenai S. Wall | 66
Chairman and Chief
Executive Offi cer,
Foodland Super Market,
Limited (b)(d)
Ages as of March 1, 2025
(a)
(b)
(c)
(d)
Lead Independent Director
Audit Committee Member
Compensation Committee Member
Nominating and Corporate Governance Committee Member

2024
Annual Report
To our
shareholders:
2024 was another strong year for Matson, as
our premium, expedited services resonated with
shippers amid continued global supply chain
disruptions. Coupled with a resilient U.S. economy
and ongoing consumer appetite for high-value
and time-sensitive goods, our results exceeded
expectations.
During the year, we renewed our commitment to
move freight better than anyone. With each voyage,
we strived to maintain on-time cargo availability
and premium customer service. In times of supply
chain disruption, Matson shines by putting our
assets and expertise to work for our customers
to find solutions to their needs     both great and
small. When others fall short, Matson delivers.

Our year
in review
Matson earned $476.4 million in net
income and generated $767.8 million
in cash flow from operations in 2024,
significantly outpacing 2023 returns. We
benefited from elevated freight rates and
heightened demand for our expedited
China-Long Beach (the CLX and MAX)
services, running these vessels full or
nearly so throughout the year.
In a few short years, we have
strengthened the Matson
brand by operating the two
fastest ocean Transpacific
services with best-in-class
on-time arrivals, reliability,
and customer service.
And while we expect our Transpacific rates
to moderate in the coming year, underlying
demand for our expedited China service,
predicated on the growth of high-value
garments, e-goods and e-commerce, and
the conversion of air freight, is increasing.
Domestically, our core tradelanes (Hawaii,
Alaska, and Guam) continue to serve as
the backbone of our network and provide
critical efficiencies and flexibility for our
entire fleet. And our growing Logistics
segment extends our reach further into
customers    supply chains with end-to-end
solutions, providing a single source for
ocean, land, and intermodal transport.
Multiple
demand
drivers for
our China
service
Significant
cost savings
versus air
freight, without
meaningful
additional time
Only U.S.
customs-bonded
o   -dock facility
on the West
Coast providing
quick turn times
Fastest, most
reliable ocean
services out
of Shanghai
(the CLX
and MAX)
High-touch
service
at origin
(Shanghai)
and destination
(Long Beach)

A differentiated and
expanding business model
The Matson brand has become synonymous
with speed, service, and reliability in
providing critical supply lifelines to
communities across the Pacific. During
the pandemic, we strengthened the Matson
brand through our operational excellence,
particularly in Asia. When supply chain
disruptions occurred, we delivered on
schedule with regularity. While those
less familiar with Matson may view us
as a recent success, our reputation
has been earned over decades of
voyages and millions of containers.
In early 2006, we launched the CLX, our
first ocean service from Shanghai, China
to Long Beach, California, to address
nascent demand for an expedited service.
The CLX offers customers a viable
alternative to air freight, with significantly
lower transportation costs and reduced
emissions, in exchange for a few extra
shipping days on the water. The service
is distinguished by its 10-day transit
time and unique destination services,
enhancing speed-to-market in an
otherwise commoditized ocean tradelane.
We focus on unique, niche businesses
where we can maintain and grow strong
market positions and long-term customer
relationships. From our first trade routes
to Hawaii, Matson has expanded to serve
Guam and the islands in the Western Pacific
region for almost 30 years and Alaska for
nearly a decade. Together, these trade routes
utilize our overlapping terminal network
along the U.S. West Coast, providing the
scale for cost-effective operations.
Based on strong customer demand for
the CLX during the pandemic, we doubled
our capacity in the Transpacific tradelane
by adding a second string of vessels
we call our MAX service. This allows us
to offer twice weekly departures from
Shanghai, grow our presence in China,
build on our well-established reputation,
and meet the rising e-commerce demand.
Logistics grew out of our ocean transportation
business, formed to coordinate the movement
of our intermodal containers inland and then
back to the port. We later added truckload
brokerage, warehousing, freight forwarding,
and supply chain management services,
while keeping the Matson ethos in each
service expansion. Most recently, Matson
and Logistics were recognized by Logistics
Management magazine for outstanding
performance in the publication   s annual
Quest for Quality Awards.
We also have a partnership with SSA
Terminals, LLC (   SSAT   ) to support our
vessels with terminal and stevedoring
services at port. Today, SSAT provides our
CLX and MAX services with timely cargo
discharge to Shippers Transport Express,
the only U.S. customs-bonded off-dock
facility on the West Coast. This facility
reduces truck turn times, alleviates port
and terminal congestion, and offers our
customers faster access to their products.
In summary, we have built a business
that is financially diversified and
operationally integrated.



 3/4/2025 Letter Continued (Full PDF)