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Alexander & Baldwin's CEO Hosts Analyst Day - Conference Call Transcript

So we knew that as a strategy, we have to go beyond those core landholdings. So embark upon a program of investing in real estate in Hawaii outside of those core landholdings and today we are probably most active investor in real estate in the State of Hawaii.

Shipping was a natural outgrowth of our sugar business. We had at one time in Hawaii speak about two dozen sugar plantations. Regrettably, today we are -- we own the last sugar plantation in State of Hawaii. We form about 35,000 acres on island of Maui.

But at it’s peak Hawaii had about two dozen sugar plantations and all that sugar, raw sugar that was produced in Hawaii have to be shipped to our refinery on the West Coast hence the need for shipping company and over the years the sugar companies acquired a larger and larger interest in Matson, which itself is over 100 year old company and then in the 60s we acquired a majority interest and finally in 1969 A&B acquired full ownership of Matson, which is why today we own the Matson sugar -- Matson transportation company.

It is today the largest carrier of goods to Hawaii. It ships about two thirds of the goods from Mainland to Hawaii, ships in Guam where we historically have shipped about 50% of the goods to that island. Recently our other competitor in trade lane went out of business or stop servicing Guam, so we currently ship 100% of goods to Guam but historically it’s been about 50%.

Our ships that Guam to China, where they pick up goods in three ports in China and they had back fourth to Long Beach, California, so that’s the loop that we have in service and that’s supplemented by few other ships that go back and forth just between the West Coast, Mainland and Hawaii. That’s our transportation business.

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