Matson (MATX) will raise its quarterly dividend by 4.8 percent to $0.22 per share in 2019. This marks the 7th consecutive year of dividend increases by the provider of ocean transportation and logistics services.

The next dividend will be paid on September 5, 2019 to all shareholders of record as of the close of business on August 1, 2019. A new annual rate of 88 cents yields 2.4% at at stock price of $36.60.

"We are pleased to announce the seventh consecutive annual increase to Matson's quarterly dividend, underscoring our Board's confidence in our long-term free cash flow growth as well as our commitment to rewarding shareholders through dividends," said Matt Cox, Matson's Chairman and Chief Executive Officer.  "Over the course of the Hawaii fleet renewal program we have prudently managed our debt leverage and maintained strong operating and cash flow results.  As we near the end of the renewal program, our focus remains squarely on preserving our low-cost balance sheet by de-levering, allocating capital judiciously to organic growth projects and strategic acquisitions that meet our returns objectives, as well as returning capital to shareholders."

Originally founded in 1882, Matson is a provider of ocean transportation and logistics services. Matson services the domestic non-contiguous economies of Hawaii, Alaska, and Guam, and to other island economies in Micronesia. Matson also operates a premium, expedited service from China to Southern California and provides services to Okinawa, Japan and various islands in the South Pacific. Its integrated, asset-light logistics services include rail intermodal, highway brokerage, warehousing, freight consolidation, Asia supply chain services, and forwarding to Alaska. Matson was separated from Alexander & Baldwin on July 2, 2012.