Matson (MATX) will raise its quarterly dividend by 4.5 percent to $0.23 per share in 2020. This marks the 8th consecutive year of dividend increases by the provider of ocean transportation and logistics services. Last year Matson hiked its dividend by 4.8 percent.

The next dividend will be paid on September 3, 2020 to all shareholders of record as of the close of business on August 6, 2020. A new annual rate of 92 cents yields 3.2% at at stock price of $28.42.

"We are pleased to announce the eighth 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 in the company's press release dated June 25, 2020, announcing this dividend hike.  "Although the Company is facing the challenges of the COVID-19 pandemic and subsequent economic effects, the operating and financial actions we have taken in recent months will help Matson weather the crisis.  Matson remains well-positioned for long-term growth in its ocean services and logistics businesses."

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.