Matson has flipped one of its ships in a sale and lease back deal, believing it will provide the company more flexibility in its fleet renewal program.
The Hawaiian boxship owner sold the 34,026-dwt Maunalei (built 2006) for $106m to an unnamed buyer, according to a Tuesday afternoon filing with the Securities and Exchange Commission.
The move, according to the filing "will provide additional financial flexibility for Matson during the remainder of the new vessel build program and lower financing costs resulting from increasing leverage."
Operating costs will shoot up $12m annually, but be offset partially by a $4.8m reduction in depreciation and amortization and $4m in interest savings based on the rate on Matson's revolving credit facility.
According to VesselsValue the Maunalei is worth $40.12m. Per Equasis, Matson has been its only owner.
In Late October, Matson received the 3,600-teu Daniel K Inouye from Philly Shipyard, the largest ever American-built containership and is set to receive another early next year. The company also bought a 6-year-old, 500-teu deck cargo barge in January.
