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Shipping firm Horizon Lines has announced that it is lowering its bunker fuel surcharge for shipments between the US mainland and Guam/ the Northern Mariana Islands (CNMI).

Horizon will be matching its main rival Matson Navigation Co. and decreasing its fuel surcharge to Guam and the Commonwealth of the Northern Mariana Islands by 2 percentage points, from 49 percent to 47 percent, effective Sunday, August 28th.

The last change Horizon made to the fuel surcharge was in mid-June, it was increased from 45 percent to 49 percent.

Earlier this week Matson Navigation also lowered its fuel surcharge for shipments to Guam and Micronesia by 2 percentage points from 49 percent to 47 percent. The company said that it would also be cutting its fuel charge for its Hawaii service by 2 percentage points, from a record 47.5 percent to 45.5 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.