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Matson Navigation Co. has announced that it is decreasing its fuel surcharge for the third time in less than a month following recent declines in bunker prices.

Hawaii's leading ocean shipper has said that it will decrease the surcharge for shipments to Hawaii by 6 percentage points, from 33 percent to 27 percent.

The fuel surcharge for Guam and Micronesia is also being lowered, from 34.5 percent to 28.5 percent.

Commenting on the decision, Dave Hoppes, Matson senior vice president for ocean services said "Matson is very pleased to be able make its third decrease in its fuel surcharge in the past month. Following an extended period in which oil costs hit historical record highs, it is encouraging to see this downward trend continue to be reflected in the prices the company is now paying for bunker fuel.

"While Matson has made a practice of giving 30 days notice of rate adjustments, we are again passing this decrease on to our customers as soon as possible so that they can quickly realize the benefits of this reduction during this difficult economic environment," added Hoppes.

Matson said the surcharge drop should lead to a decrease in shipping costs from $140 to $220 per container.

The latest surcharge rates are due to come into effect on October 19th.

Below is a summary of the fuel surcharges announced by Matson since January this year for its Hawaii service.

19/10/2008: 27.00 %

12/10/2008: 33.00 %

21/09/2008: 37.50 %

31/08/2008: 42.25 %

13/07/2008: 38.25 %

06/04/2008: 33.75 %

04/02/2008: 31.5 %