Matson to Acquire Reef Shipping South Pacific Assets (MATX)

Matson to Acquire Reef Shipping South Pacific Assets

U.S. shipper and carrier Matson (NYSE: MATX ) announced this week that it will purchase assets formerly owned by New Zealand-based shipper Reef Shipping. Included in the deal are four ships and 1,500 pieces of container equipment. Terms of the deal were not disclosed.

"With this acquisition, Matson continues to expand its geographic reach into the South Pacific, and build on its well-earned expertise as a Pacific island carrier." Matson CEO and President Matt Cox was quoted as saying in a company release.

Matson currently has numerous ships on routes in the South Pacific, servicing areas including Hawaii, Guam, and Micronesia. The Reef Shipping deal will add routes between Auckland, Fiji, Samoa, and the Solomon Islands, among other Pacific locales, to the company's portfolio. Matson's existing fleet of 17 vessels includes containerships, combination container and roll-on/roll-off ships, and custom-designed barges.

The agreement is expected to close by year's end.

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