Citing escalating worldwide price of oil, Oakland-based Matson Navigation Co. on Tuesday said it would revise its recently announced fuel surcharge rates that were to take effect Dec. 2.
The adjustment will add an additional three percentage points to the firm's surcharge announced last month, bringing the total surcharge to 29 percent. Matson also postponed the enactment date to Dec. 14. The surcharge applies to Matson's Hawaii, Guam/CNMI and Micronesia services.
"Our decision to revise our previously announced increase in our fuel related surcharge is driven entirely by unprecedented demands for oil in the world market," said Dave Hoppes, senior vice president, ocean services.
"Since making our initial announcement on Oct. 19, fuel costs have risen an additional 24 percent," Hoppes said. "In total, Matson's fuel related costs have risen over 36 percent since our last adjustment was announced in July.
Hoppes added that if fuel costs remain at this "extraordinary level, it will be necessary for Matson to take another increase in January."
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