Matson has flipped one of its ships in a sale and lease back deal, believing it will provide the company more flexibility in its fleet renewal program.
The Hawaiian boxship owner sold the 34,026-dwt Maunalei (built 2006) for $106m to an unnamed buyer, according to a Tuesday afternoon filing with the Securities and Exchange Commission.
The move, according to the filing "will provide additional financial flexibility for Matson during the remainder of the new vessel build program and lower financing costs resulting from increasing leverage."
