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Shipping firm Matson Navigation Co. has announced that it will be decreasing its fuel surcharge for shipments between the US mainland and Hawaii, Guam, the Commonwealth of the Northern Mariana Islands (CNMI) and Micronesia, effective August 28th.

The company said that it was making good on a promise to adjust surcharges if fuel prices fell.

Matson, Hawaii's largest ocean shipper, said that it will be cutting its fuel charge by 2 percentage points, from a record 47.5 percent to 45.5 percent, for its Hawaii service.

Matson will also be lowering its fuel surcharge for shipments to Guam and Micronesia by 2 percentage points from 49 percent to 47 percent.

Commenting on the surcharge cut, Matson Vice President Dave Hoppes said: “We are pleased to be able to pass this decrease along to our customers, which for the most part represents a reduction in shipping costs ranging from $60 to $105 per container.

"Sustained high fuel prices have made 2011 a very challenging year for many businesses. Transportation companies have been particularly hard hit, with fuel consumption an unavoidable and significant component of operating costs. In addition, the price for bunker fuel, which is the type of fuel consumed by most ocean carriers, has risen faster over the past year than crude oil.

"While we are encouraged by the recent moderation of bunker fuel costs, allowing us to make this decrease, they have not mirrored the recent downward movement of crude oil prices; bunker fuel remains at unusually high levels, exceeding the cost of crude oil. Matson has made a practice of giving 30 days notice for upward rate adjustments, but as with previous decreases, we are passing on this downward adjustment to our customers as soon as possible. We will continue to monitor fuel costs and adjust the surcharge accordingly."

Please find below a surcharge summary for Matson's Hawaii service.

Feb. 4, 2008 - 31.5%
Apr 6, 2008 - 33.75%
Jul 13, 2008 - 38.25%
Aug. 31, 2008 - 42.25%
Sep. 21, 2008 - 37.50%
Oct. 12, 2008 - 33.0%
Oct. 19, 2008 - 27.0%
Nov. 2, 2008 - 25.0%
Nov. 16, 2008 - 19.5%
Nov. 30, 2008 - 15.0%
May 24, 2009 - 16.5%
Jun 21, 2009 - 20.0%
Jul 5, 2009 - 28.0%
Oct. 4, 2009 - 24.0%
Feb. 7, 2010 - 27.5%
Jul 18, 2010 - 25.5%
Sep. 12, 2010 - 21.75%
Feb. 27, 2011 - 26.5%
May 1, 2011 - 43.5%
Jun 12, 2011 - 47.5%
Aug 28, 2011 - 45.5%