Young Brothers 4.3 percent price increase approved

Hawaii’s only Public Utilities Commission-regulated inter-island water carrier anticipates filing for another rate case in 2019, company president says.

Young Brothers 4.3 percent price increase approved

Hawaii’s only Public Utilities Commission-regulated inter-island water carrier anticipates filing for another rate case in 2019, company president says.

Young Brothers 4.3 percent price increase approved

Hawaii’s only Public Utilities Commission-regulated inter-island water carrier anticipates filing for another rate case in 2019, company president says.

 
The Hawaii Public Utilities Commission (PUC) on Feb. 1 approved a 4.3 percent base price increase in Young Brothers’ shipping rates, company president Joseph Boivin Jr. announced Tuesday.
    The effective date of the new rate, which is nearly two-thirds less than the Young Brother’s original request, will be determined by the PUC. The increase may be more than 4.3 percent for some cargo types and less for others, according to the released statement.
    The rate increase is the company’s first significant one in six years, according to the statement, but it may not be the only one in 2019.
    “The decision enables our company to keep pace with increasing costs and to reinvest in the business after necessary capital expenses,” Boivin said in the statement. “To continue pursuing a rate that will allow us greater financial stability in the face of steadily increasing operating costs, we anticipate filing for another rate case later this year.”
    Young Brothers, Hawaii’s only PUC-regulated inter-island water carrier, has replaced two of the company’s six towing tugs and will replace two more by mid-2019, according to the statement.
Last year was one of the most unpredictable the container shipping industry has faced, and this year is likely to be similarly volatile with question marks still hanging over the U.S.-China trade war and new fuel regulations. However, despite being dogged by uncertainty, Drewry is predicting another solid year for the market.
Drewry’s World Container Index, a composite of container freight rates on eight major routes to and from the U.S., Europe and Asia, was down 3.2 percent to $1.664.24 per 40-foot container as of Feb. 7.
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Young Brothers 4.3 percent price increase approved

Hawaii’s only Public Utilities Commission-regulated inter-island water carrier anticipates filing for another rate case in 2019, company president says.

By Jon Shumake on Feb 8, 2019AmericanShipper.com

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Young Brothers 4.3 percent price increase approved

Hawaii’s only Public Utilities Commission-regulated inter-island water carrier anticipates filing for another rate case in 2019, company president says.

By Jon Shumake on Feb 8, 2019AmericanShipper.com