Matson

April 24, 2009

Subject:  Matson Raising Fuel Surcharge for Hawaii, Guam/CNMI and Micronesia Services by 1.5 Percentage Points

As a result of rising fuel related costs, Matson Navigation Company is raising its fuel surcharge by 1.5 percentage points, from 15 to 16.5 percent for its Hawaii service, and from 16.5 to 18 percent for its Guam/CNMI and Micronesia service, effective May 24, 2009. The increase follows six consecutive decreases in 2008, with the last decrease of 4.5 percentage points effective November 30, 2008.

"Fuel costs have stabilized significantly since the dramatic spikes the world experienced from 2005 through 2008," said Dave Hoppes, senior vice president, ocean services. "Unfortunately recent trends have resulted in increases in fuel related costs that have had an impact on Matson's operating costs and are an unavoidable expense for transporting goods. This increase is the first action we have taken related to fuel in nearly four months. Since November, bunker fuel prices have risen 10 percent, necessitating this adjustment. We will continue to monitor fuel costs and adjust the fuel surcharge accordingly."

If you have any questions, please contact your local account executive or our Customer Support Center. Thank you for shipping with Matson.