What Matson, Inc. told the SEC could break it.

As a Pacific ocean carrier (Hawaii, Alaska, Guam, China, Japan), Matson's operations are vulnerable to weather and natural disasters — increased storm severity, hurricanes, typhoons, tsunamis, lava flows, floods and earthquakes — that can delay or disrupt sailings, damage vessels/ports and cause loss of cargo and life.

“As a maritime transportation company, the Company's operations are vulnerable to delay, disruptions and loss of life and property as a result of weather, natural disasters, bad weather at sea (including increased storm severity), lightning strikes, wildfires, heat waves, lava flows, hurricanes, typhoons, tsunamis, droughts, windstorms, floods”

Matson's results depend on fuel cost and availability — its newer LNG-capable vessels need LNG procured on the U.S. West Coast or in China, where rising LNG demand could reduce supply and raise prices, and governments could impose tariffs on LNG; bunker fuel for its fleet is recovered only partly via fuel surcharges, leaving margin exposure to oil/fuel price swings.

“increased demand for LNG could decrease available supply of LNG and increase prices. Governments have in the past and may again in the future impose tariffs on LNG that also may increase supply costs.”

Matson's expedited China (CLX) service is directly exposed to Transpacific trade policy: tariff uncertainty cut China volume ~9.5% in 2025, and the USTR imposed entry fees on Chinese-built/operated vessels at U.S. ports plus duties on cranes/chassis/spare parts, while China retaliated with port-entry fees on U.S.-flagged vessels — raising costs and depressing demand on its China lane.

“the U.S. Trade Representative has imposed entry fees on certain Chinese-owned, -operated, or -built vessels entering U.S. ports and additional duties on cranes, certain chassis and spare parts. China has also imposed port entry fees on certain U.S.-owned or operated, or U.S.-flagged vessels entering Chinese ports.”