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Neighbor Island Cargo Volumes Flat in Second Quarter, Rise 2.2 Percent in First Half of Year

Agricultural Volume Increases Nearly 6 Percent Through June

HONOLULU--(BUSINESS WIRE)--Young Brothers, Limited announced today that intrastate cargo shipments between Honolulu and six neighbor island ports finished basically flat, experiencing a slight increase of 0.3 percent in the second quarter ending June 30.

“However, we’re still very much in a wait-and-see environment from quarter to quarter for interisland cargo volume.”

“A year ago, the second quarter had significant volume growth, so a flat comparison still signals relative strength in the Neighbor Island economies from our viewpoint,” said Glenn Hong, president of Young Brothers. “However, we’re still very much in a wait-and-see environment from quarter to quarter for interisland cargo volume.”

The April – June quarter marks five successive quarters of positive comparisons in cargo volume, quarter over quarter. The first quarter of 2014 saw a 4-percent rise in volume, while the second, third and fourth quarters of 2013 experienced increases of 4.4 percent, 5.2 percent and 0.6 percent, respectively.

Four Neighbor Island ports experienced drops in cargo volume during the second quarter: Maui, down 2.2 percent; Kawaihae, 0.2 percent; Kauaʻi, 4.6 percent; and Molokaʻi, 6.4 percent.

Cargo volume increased at two ports: Hilo, up 2.2 percent, and Lānaʻi, up 60.4 percent. Cargo volume to and from Lānaʻi has continued to show double-digit increases due to ongoing shipments of materials for construction, renovations, and improvements. Although Lānaʻi cargo volume made up only 5 percent of total cargo volume in the second quarter, without Lānaʻi’s strong increase, second quarter volumes would have reflected a 2-percent decrease statewide.

In addition to strong construction-related activity on Lānaʻi during the second quarter, automobiles and renewable energy volume increased statewide. Declining volume was experienced by the recycling sector among other groups, while several other sectors had flat comparisons.

First-Half Volume Rises 2.2 Percent

Overall volume for the first six months increased by 2.2 percent, compared to the first six months of 2013.

“From an operations perspective, we like to see steady annual growth in volume,” Hong said. “We ended 2013 with an overall increase of 1.5 percent, so our mid-year mark is a good place to be. We’re hopeful that the second half of the year will sustain an overall positive trend.”

Four Neighbor Island ports experienced an increase in volume for the first half of the year, while volume at two ports declined. Maui volume climbed 1.0 percent; Hilo, up 5.4 percent; Kawaihae, 1.7 percent; and Lānaʻi, 52.6 percent. Cargo volume decreased at Kauaʻi and Molokaʻi 2.2 percent and 4.7 percent, respectively.

Shipping volumes for the second quarter and the six-month period ending June 30, 2014 are shown by port in Appendix 1.

Agricultural Cargo Climbs by Nearly 6 Percent in Both Second Quarter, First Half

In the second quarter, agricultural cargo volume statewide rose 5.7 percent over the year-ago quarter. Similarly, during the first six months of the year, agricultural volume increased by 5.8 percent compared to the same period of 2013.

Agricultural exports increased at two ports during the second quarter: Hilo, up 18.7 percent, and Kawaihae, 32.7 percent. Four ports experienced a decline in agricultural cargo exports, including Honolulu, down 8.1 percent; Maui, 14.6 percent; Kauaʻi, 26.9 percent; and Molokaʻi, 4.6 percent.

Conversely, during the first half of the year, five ports experienced a rise in exports of agricultural products, while only one port, Maui, saw a decline: Honolulu, up 0.9 percent; Hilo, up 11.1 percent; Kawaihae, 25.4 percent; Kauaʻi, 3.4 percent; and Molokaʻi, 2.1 percent. Maui agricultural exports dropped 11.4 percent in the first half.

Agricultural volume includes only cargo that qualifies for the company’s island product discount of 30 to 35 percent, which applies to locally grown agricultural products. Agricultural cargo volumes for the second quarter and the six-month period ending June 30, 2014 are shown by port of origin in Appendix 2.

About the Young Brothers Quarterly Shipping Report

Young Brothers’ quarterly intrastate shipping volumes reflect only cargo shipments that originate and terminate within the State of Hawaiʻi. The Young Brothers Quarterly Shipping Report was initiated in 2012. The company will release its third quarter 2014 results in November 2014.

Young Brothers, Limited, with approximately 340 employees across the state, has served Hawaiʻi since 1900. Young Brothers is a publicly regulated water carrier providing 12 weekly port calls from Honolulu to the state’s neighbor island ports, including Hilo, Kawaihae, Kahului, Kaumalapau, Kaunakakai and Nāwiliwili . For more information, visit www.youngbrothershawaii.com.

 
Appendix 1
Young Brothers, Limited
Neighbor Island Intrastate Cargo Volume – Second Quarter 2014
 

Container/Platform Equivalents (CPEs) Between Honolulu and Neighbor Island Ports

      Q2 2014  

Q2 2013

 

Percent
Change

 

Six months
ended June 30,
2014

 

Six months
ended June 30,
2013

 

Percent
Change

All Ports 34,024 33,936 0.3% 66,543 65,079 2.2%
Kahului, Maui 12,218 12,496 (2.2%) 24,099 23,871 1.0%

Inbound

8,799 8,651 1.7% 17,521 17,582 (0.3%)

Outbound

3,419 3,845 (11.1%) 6,578 6,290 4.6%
Hilo, Hawaiʻi 8,737 8,545 2.2% 16,911 16,041 5.4%

Inbound

5,806 5,757 0.8% 11,434 11,116 2.9%

Outbound

2,931 2,787 5.1% 5,477 4,925 11.2%
Kawaihae, Hawaiʻi 5,357 5,368 (0.2%) 10,375 10,197 1.7%

Inbound

3,757 3,685 2.0% 7,487 7,267 3.0%

Outbound

1,600 1,683 (4.9%) 2,888 2,930 (1.4%)
Nāwiliwili, Kauaʻi 7,181 7,529 (4.6%) 14,181 14,495 (2.2%)

Inbound

5,686 5,795 (1.9%) 11,275 11,386 (1.0%)

Outbound

1,496 1,734 (13.7%) 2,906 3,109 (6.5%)
Kaunakakai, Molokaʻi 1,589 1,698 (6.4%) 3,054 3,205 (4.7%)

Inbound

1,192 1,179 1.0% 2,288 2,310 (1.0%)

Outbound

397 519 (23.4%) 766 895 (14.4%)
Kaumalapau, Lānaʻi 1,670 1,041 60.4% 3,083 2,020 52.6%

Inbound

1,343 847 58.6% 2,506 1,665 50.5%

Outbound

328 195 68.2% 578 355 62.6%
   

NOTE: The “All Ports” category reflects every unique cargo item transported by Young Brothers. In contrast, the sum of individual ports is greater than the amount of unique shipments in the “All Ports” total. This is because transshipment cargo volumes (i.e., cargo that originates on a neighbor island, is transshipped at YB’s Honolulu hub and terminates at another neighbor island port) are attributed to the neighbor island origin port as “outbound” cargo and the neighbor island destination port as “inbound” cargo. Transshipped cargo makes up a relatively small percentage of total cargo volume.

Appendix 2
Young Brothers, Limited
Agricultural Cargo Volume by Island and Port – Second Quarter 2014
 
Outbound Agricultural Cargo (CPEs)
      Q2 2014   Q2 2013  

Percent
Change

 

 

Six months
ended June 30,
2014

 

Six months
ended June 30,
2013

 

Percent
Change

 

All Islands 2,051 1,941 5.7% 3,927 3,714 5.8%
Oʻahu (Honolulu) 402 437 (8.1%) 781 775 0.9%
Maui (Kahului) 278 325 (14.6%) 574 648 (11.4%)
Hawaiʻi Island 1208 994 21.5% 2,230 1,957 13.9%
Hilo 943 795 18.7% 1,754 1,578 11.1%
Kawaihae 265 199 32.7% 476 379 25.4%
Kauaʻi (Nāwiliwili) 38 52 (26.9%) 100 96 3.4%
Molokaʻi (Kaunakakai) 126 132 (4.6%) 243 238 2.1%
Lānaʻi (Kaumalapau) 0 0 N/A 0 0 N/A
 

NOTE: Agricultural cargo volumes represent all regulated Young Brothers cargo which qualified for the 30% to 35% “Island Product” discount. In contrast to total cargo volumes in Appendix 1, agricultural cargo volumes are categorized only by the port from which they originated, meaning the island on which the agricultural product was grown.

Note regarding CPE unit of measurement: Young Brothers measures its cargo in units called “container/platform equivalents” (CPE), which allow a comparison of cargo volumes across different sizes of containers and other non-standardized cargo types. Due to rounding, CPE numbers presented throughout this document may not precisely reflect the absolute figures.

Contacts

Young Brothers
Roy Catalani, 808-543-9409
or
Cockett Communications Inc.
Kevin Cockett, 808-223-6734