Company and Competitor Profile: Matson, Inc.
Overview
Matson, Inc. is a prominent U.S.-owned enterprise specializing in ocean transportation and logistics, with its headquarters located in Honolulu, Hawaii. The company operates through two main segments: Ocean Transportation and Logistics, serving both domestic and international markets with comprehensive shipping and freight solutions. Matson’s operations include domestic shipping within the Pacific region, including Hawaii, Guam, Alaska, and the Pacific Islands.
Key Details
- Founded: 1882
- Headquarters: 1411 Sand Island Parkway, Honolulu, HI 96819, United States
- Ticker Symbol: MATX (NYSE)
- Industry: Marine Shipping
- Employee Count: 4,315 full-time employees
- Website: [Matson, Inc.](https://www.matson.com)
Operational Segments
Ocean Transportation
Matson's Ocean Transportation segment provides services crucial to the local economies of Hawaii, Guam, Alaska, and other Pacific islands. It transports a variety of cargo such as dry containers, food products, building materials, and vehicles. Matson also specializes in stevedoring and refrigerated cargo services and runs an expedited service from China to Long Beach, California.
Logistics
The Logistics segment offers comprehensive multi-modal transportation brokerage services including domestic and international rail intermodal, highway trucking, and expedited freight services. It also provides supply chain management, warehousing, and distribution services to sectors such as the U.S. military and consumer goods.
Executive Management
- Matthew J. Cox: Chairman & CEO
- Compensation: $2.73M
- Has been CEO since June 2012 and Chairman since April 2017.
- Joel M. Wine: Executive VP & CFO
- Compensation: $1.43M
- Peter T. Heilmann: Executive VP, Chief Administrative Officer & General Counsel
- Compensation: $1.13M
- Rusty K. Rolfe: Executive VP & President of Matson Logistics
- Compensation: $1.04M
- John P. Lauer: Executive VP & Chief Commercial Officer
- Compensation: $1.14M
Financial Performance
In 2022, Matson generated revenue amounting to USD 3.095 billion with profits of USD 297 million. The company shows strong financial health, propelled by strategic expansions in logistics and maritime services.
Corporate Governance
Matson, Inc. holds an ISS Governance QualityScore of 1, indicating a robust governance structure with minimal risk. The Audit and Compensation pillars receive exemplary ratings of 1, highlighting their adherence to high governance standards.
Competitor Profiling
Matson, Inc. operates in a competitive landscape with multiple key players in the marine transportation and logistics industry. Below are the primary competitors:
Major Competitors
1. C.H. Robinson Worldwide, Inc.
- Headquarters: United States
- Employees: 17,554
- Revenue: $23.1 billion
- Specializes in a wide range of multi-modal logistics services, noted for advanced logistics handling capabilities.
2. XPO Logistics, Inc.
- Headquarters: United States
- Employees: 43,000
- Revenue: $12.8 billion
- Focused on less-than-truckload transportation with a technologically sophisticated logistics network across North America.
3. Hub Group, Inc.
- Headquarters: United States
- Employees: 4,700
- Revenue: $4.2 billion
- It emphasizes optimizing supply chain performance through advanced technology across intermodal and logistics solutions.
4. Crowley Maritime Corporation
- Headquarters: Jacksonville, Florida, USA
- Employees: 6,300
- Revenue: Over $2.5 billion
- Provides a wide array of marine and logistics services, with a strong focus on sustainability and innovative maritime technologies.
5. Horizon Lines (acquired by Matson)
- Once a competitor, its integration has augmented Matson’s capabilities and presence in the Pacific U.S. trade routes.
Market Position and Strategy
Matson reported a 16.25% year-on-year revenue increase in the third quarter of 2024, showcasing significant resilience and growth despite the competitive environment. Strategic acquisitions like Horizon Lines have bolstered its operational capabilities, enhancing fleet capabilities and West Coast market presence.
Industry Trends and Challenges
Facing competition from global carriers like COSCO and MSC, Matson asserts its strength in the domestic U.S. territories by focusing on niche markets such as Pacific Islands and Alaska. The industry trends toward sustainability and innovation are evident, with competitors investing in eco-friendly shipping technologies. Matson remains committed to these trends, particularly following its enhancements in logistics post-Horizon Lines acquisition.
Matson continues to solidify its formidable presence in the marine transportation sector by capitalizing on its strategic acquisitions and focusing on niche service markets, despite facing a competitive and rapidly advancing industry landscape.
