Matson (MATX) on June 22, 2022 declared a new quarterly dividend of $0.31 per share share, up 3.3% from the previous quarterly dividend of $0.31 per share. This marks the 10th consecutive year of dividend increases by the provider of ocean transportation and logistics services.

The next MATX dividend will be paid on September 1, 2022 to all shareholders of record as of the close of business on August 4, 2022. A new annual rate of $1.24 per share yields 1.7% at at stock price of $73.54.

"This announcement marks the tenth consecutive annual increase to Matson's quarterly dividend, underscoring our Board's confidence in our long-term free cash flow growth," said Matt Cox, Matson's Chairman and Chief Executive Officer.  "We are disciplined in our approach to capital allocation and are committed to the return of excess capital to shareholders after funding our dividend, supporting our operations with maintenance capital, and investing in organic and inorganic growth opportunities, while maintaining an investment grade balance sheet."

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.