The Maui 10
Who's the county's most powerful player?
June 19, 2008
Matson Navigation Co. returns to the top 10 this week following news of yet another fuel surcharge hike. According to an AP report in The Maui News this Sunday, the 4.5 percent rate increase is the 11th this year and brings the total fuel surcharge to 38.25 percent, the highest in the company's history. As the largest shipping company on the islands, Matson's latest round of rate hikes will affect businesses statewide. Everything from automobiles to lumber is growing more expensive and the markups inevitably are being passed on to the consumers. In other news, a couple hundred Matson employees approved a possible strike for leverage in the lead up to contract negotiations. What this means for shipping costs remains to be seen, but it's obvious Matson's influence on the county and the state is becoming more and more important.
|2||2||Alexander & Baldwin|
|3||5||Maui Land & Pineapple Co.|
|6||6||Wailuku Water Co.|
|8||8||Maui Electric Co.|
|10||N/A||Matson Navigation Co.|
Movin' on up
Maui Land and Pineapple jumps another couple notches this week following an announcement that the company is now being traded publicly on the New York Stock Exchange. Adorned in flower leis and accompanied by a slew of Hula dancers, CEO David Cole rang the closing bell at the NYSE last week. Although the company's stock finished down 3.6% on the day, ML&P also announced completion of the final phase of their gigantic $180 million Ritz-Carleton renovations in Kapalua. Even with the economy floundering desperately, ML&P seems to be in a pretty good position.
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