10 Best Shipping and Container Stocks To Buy

2. Matson, Inc. (NYSE:MATX)

Number of Hedge Fund Holders: 26

Matson, Inc. (NYSE:MATX), headquartered in Honolulu, Hawaii, is an American shipping and navigation services company founded in 1882. Its subsidiary, Matson Navigation Company, provides ocean shipping services across the Pacific, serving destinations such as Hawaii, Alaska, Guam, Micronesia, the South Pacific, China, and Japan. On April 25, Matson declared a second-quarter dividend of $0.32 per common share, payable on June 6, 2024, to shareholders of record as of May 9, 2024.

Norway’s Kongsberg Maritime secured a contract to supply a range of integrated technologies for three new 3600-TEU LNG-powered containerships being built at Philly Shipyard for Matson Navigation at the beginning of May. The scope of supply includes a shaft generator system, a battery energy saving system, and a complete power management system. In 2022, Matson, Inc. (NYSE:MATX) ordered these three LNG-powered Aloha Class containerships from Philly Shipyard for about $1 billion and expects to take delivery of these Jones Act compliant vessels in the fourth quarter of 2026, with subsequent deliveries in 2027. According to the shipping company, the 260-meter Aloha Class vessels will be the largest containerships ever built in the US.

The number of hedge funds holding stakes in Matson, Inc. increased to 26 in Q1 2024, up from 23 in the previous quarter, with a consolidated value of over $107.57 million.

Meridian Growth Fund stated the following regarding Matson, Inc. (NYSE:MATX) in its fourth quarter 2023 investor letter:

“Matson, Inc. (NYSE:MATX is a US-based ocean and logistics company with a leading position in Pacific shipping that provides a vital lifeline to Hawaii, Alaska, and Guam, as well as premium and expedited service from China to the US. Matson’s unique terminal assets give it a significant speed advantage over competitors, which has been especially valuable amid supply chain disruptions. Matson’s premium service has enabled the company to keep its fleet utilization strong at a significant rate premium which has led to stronger-than-expected earnings. In addition, Matson continues to generate strong free cash flow which has enabled the company to pay down debt, repurchase shares and invest in high-return projects, including fleet additions and upgrades. During the quarter, we trimmed our position as the share price appreciated based on our valuation discipline.”