Matson is a U.S. ocean shipping and logistics company that primarily transports containerized freight across several trade routes. The company's two most important routes are Hawaii and China. The Hawaii service runs five weekly departures from the U.S. West Coast to Honolulu, with inter-island barge connections, carrying consumer goods, food, and building materials. This business operates under the Jones Act, a federal law requiring cargo between U.S. ports to be carried on U.S.-built, U.S.-flagged, U.S.-crewed vessels, effectively barring foreign competition and creating a duopoly with Pasha Hawaii. The China service runs two expedited transpacific routes (CLX and MAX) from Shanghai and Ningbo to Long Beach, positioned as the fastest and second-fastest ocean services on the route. Matson charges a significant premium to spot market rates, targeting time-sensitive e-commerce, garments, and electronics shippers as a lower-cost alternative to airfreight. Matson also serves Alaska under Jones Act protection, plus smaller routes to Guam, Micronesia, and the South Pacific. A second segment, Matson Logistics, provides transportation brokerage, freight forwarding, and warehousing, though it contributes a much smaller share of earnings. Matson's earnings are primarily driven by container volume and freight rates, with the China service being the primary swing factor. Matson holds a 35% stake in SSAT, a terminal JV that provides dedicated West Coast terminal access. Matson is expanding its China service catchment to Southeast Asia and is building three new containerships for delivery in 2027-2028.