Matson Navigation buys two containerships from KPSI

Matson Navigation Co Inc has signed a contract with Kvaerner Philadelphia Shipyard Inc (KPSI) for the purchase of two new containerships. The diesel-powered vessels, with a capacity for 2,600 containers (20-foot equivalent units) each, will cost about $110 million per ship, including owner's costs, and will be deployed in the company's Hawaii service when construction is completed in late 2003 and in 2004, respectively.

The Kvaerner ships offer the company an opportunity to purchase quality United States-built Jones Act vessels at a relatively low cost. Underway since 1999, the two-ship construction project is part of an overall plan by Aker Kvaerner Yards, the Philadelphia Shipyard Development Corp, Delaware River Port Authority, Commonwealth of Pennsylvania, and City of Philadelphia to rebuild the former Philadelphia Naval Yard as a world-class commercial shipyard.

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