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July 19, 2022

– Expects 2Q22 operating income for Ocean Transportation to be $465.0 to $470.0 million

– Expects 2Q22 operating income for Logistics to be $22.5 to $23.5 million Expects 2Q22 net income and diluted EPS to be $373.3 to $377.9 million and $9.31 to $9.42, respectively

– Year-over-year increase in consolidated operating income driven by China service strength

– Repurchased approximately 1.6 million shares in 2Q22

– Announces second quarter earnings call date on August 1, 2022

HONOLULU, July 19, 2022 /PRNewswire/ — Matson, Inc. (“Matson” or the “Company”) (NYSE: MATX) today announces preliminary second quarter financial results, provides a business update and announces that its second quarter earnings call will be held on August 1, 2022.

“Matson performed well in the second quarter 2022 with higher year-over-year operating income in both Ocean Transportation and Logistics,” said Chairman and Chief Executive Officer Matt Cox.

“Within Ocean Transportation, our China service continued to see significant demand for its expedited ocean services as volume for e-commerce, garments and other goods remained elevated. The increase in consolidated operating income year-over-year was driven by continued strength in the China service. Currently in the Transpacific tradelane, we are seeing solid demand for our China service as China’s factory production continues to recover from the COVID-19-related supply chain challenges. However, in recent weeks we have seen a gradual decline in the Transpacific freight rate environment off the highs experienced earlier this year. This indicates that rates have likely peaked for now, and, at this time, we expect an orderly marketplace for the remainder of the year with our vessels continuing to operate at or near capacity and earning a significant rate premium to the market because of our differentiated, fast ocean services. To this end, we continue to expect to operate the CCX service through at least the October peak season this year.”

Mr. Cox added, “In our domestic ocean tradelanes, we saw continued strength in Alaska with higher year-over-year volume and softer volumes in Hawaii and Guam compared to the year ago period. In Logistics, operating income increased year-over-year with strength across all of the business lines as we continued to see favorable supply and demand fundamentals in our core markets. As a result, Matson expects second quarter operating income for Ocean Transportation of $465.0 to $470.0 million and Logistics operating income of $22.5 to $23.5 million. We also expect second quarter 2022 net income and diluted EPS to be $373.3 to $377.9 million and $9.31 to $9.42, respectively.”

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