For 124 years, Matson Navigation Co. has dominated the waters between the West Coast and Hawaii. The Oakland, Calif., company has ferried automobiles, pineapples and even people on its way to capturing 60 percent of the cargo business between the mainland and the islands. Now, one of the last of the U.S. shipping lines is hoping to boost its fortunes in an unusual way — with a fast boat from China.
Using five fuel-efficient ships that are almost petite by trans-Pacific standards, Matson has launched weekly service from Shanghai, China, to Long Beach, Calif., that shaves a few days off the usual trip. The company is placing a US$365 million bet on the most competitive shipping market on the planet, hoping that speed sells.