ADDED
MatNav also operates premium, expedited services from China to Long Beach, California, which includes cargo from other Asia origins, provides services to Okinawa, Japan and various islands in the South Pacific, and operates an international export service from Alaska to Asia.
In addition, subsidiaries of MatNav provide stevedoring, refrigerated cargo services, inland transportation and other terminal services for MatNav in Hawaii and Alaska.
Both services carry cargo originating in China and other Asian countries to the U.S.
Matson s owned fleet represents an investment of approximately $2.4 billion.
TEU container numbers represent estimated loadable containers.
Matson expects to deploy the three new Aloha Class vessels in the CLX service and redeploy three existing vessels into the Alaska service.
Each new vessel is expected to provide approximately 500 containers of additional capacity per voyage in the China service, representing an annual capacity increase of approximately 15,000 containers.
The cost of the fleet renewal program is approximately $1.0 billion (excluding owner s items and change orders), with milestone payments to be funded by cash deposits and Treasury securities currently in the Company s Capital Construction Fund ( CCF ), interest earned in the CCF, cash and cash equivalents on the Company s Consolidated Balance Sheets and through cash flows generated from future operations, borrowings available under the Company s unsecured revolving credit facility or additional debt financings .
Actual and future vessel construction progress milestone payments based on signed agreements and change orders, excluding vessel steel price adjustments, owner s items and capitalized interest, are expected to be as follows: Paid Future Milestone Payments Vessel Construction Obligations (in millions) As of December 31, 2025 2026 2027 2028 2029 Thereafter Total Three Aloha Class Containerships $ 426.8 $ 373.4 $ 180.6 $ 22.3 $ 2.9 $ $ 1,006.0 Vessel Emission Regulations: The International Maritime Organization ( IMO ), of which the U.S.
IMO regulations require containerships operating internationally with over 5,000 gross tonnage to comply with annual Carbon Intensity Indicator ( CII ) requirements that become increasingly stringent towards 2030.
REMOVED
MatNav also operates premium, expedited services from China to Long Beach, California, provides services to Okinawa, Japan and various islands in the South Pacific, and operates an international export service from Alaska to Asia.
In addition, subsidiaries of MatNav provide stevedoring, refrigerated cargo services, inland transportation and other terminal services for MatNav on the Hawaiian islands of Oahu, Hawaii, Maui and Kauai, and in Alaska.
Both services also carry transshipment cargo originating in many locations throughout Asia, including Vietnam and Southern China to the U.S.
Matson s Alaska-Asia Express ( AAX ) service provides carriage of seafood primarily from Kodiak and Dutch Harbor, Alaska to many locations in Asia via Matson s transshipment ports of Shanghai and Ningbo, China.
Matson s owned fleet represents an investment of approximately $2.5 billion.
Twenty-foot Equivalent Units ( TEU ) is a standard measure of cargo volume correlated to a standard 20-foot dry cargo container.
Each new vessel is expected to provide approximately 500 containers of additional capacity per voyage in the CLX service.
The initial contract cost of the new vessel program is approximately $1.0 billion, with milestone payments expected to be financed with cash currently on deposit in the Company s Capital Construction Fund, cash and cash equivalents on the Company s Consolidated Balance Sheets and through cash flows generated from future operations, borrowings available under the Company s unsecured revolving credit facility or additional debt financings .
Matson has also set a long-term goal to achieve net zero Scope 1 GHG emissions from its owned fleet by 2050.
Vessel Emission Regulations: Being a leader in environmental stewardship is one of Matson s core values.