Matson is forecasting at least a fivefold increase in profit for the fourth quarter of 2020, amid a boost in volumes on its high-speed CLX boxship service between the US and China.

On Monday, it forecast a fourth-quarter profit of between $76.1m and $81.6m, thanks mostly to a 139% year-over-year jump in volumes for its CLX and CLX+ services.

Those figures, which would result in earnings per share between $1.74 and $1.87, compare with 2019's fourth-quarter profit of $15m.

"Matson capped off a strong year with continued solid performance in the fourth quarter from Ocean Transportation and Logistics despite the ongoing challenges from the Covid-19 pandemic and related economic effects," chief executive Matt Cox said.

"Within Ocean Transportation, our China service saw significant demand for its CLX and CLX+ expedited ocean services through year end and was the primary driver of the increase in consolidated operating income year-over-year."

Matson's debt declined by $63.6m to $760m.

The shares, which trade on the New York Stock Exchange under the ticker symbol MATX, gained 7.3% in the first two hours of after-market trading on Friday and about an hour after the forecast.

Singapore's Swire Shipping and Honolulu-headquartered Matson revealed in December that they are launching a new general cargo liner service in the South Pacific this month.

It will link New Zealand with Tonga, Samoa, the Cook Islands and Fiji, with sailings scheduled every 10 days.

Matson will provide the 8,200-dwt Island Chief (built 2005) and 7,400-dwt Olomana (built 2004). Both general cargoships are on long-term charter from MarConsult Schiffahrt.

Swire will provide an as-yet unnamed chartered vessel as its contribution to the service.