Honolulu-based Matson ( MATX) got peeled off from its former parent Alexander & Baldwin ( ALEX) earlier this year, creating two publicly traded companies: a real estate and agriculture firm and a shipping firm. Matson is the shipping side of the business. The firm owns 17 vessels, around 47,000 shipping containers, and major shipping terminals in Hawaii and the West Coast of the mainland. In addition to being the dominant shipper in Hawaii, a business that's critical for Hawaiian life, Matson has also spent the last few years building out a Chinese shipping business that's kept the firm's fleet busy. With crude costs falling right now, Matson should have the benefit of cutting costs for customer contracts while profiting from the lag between oil price drops and contract negotiations. The firm may be one of Pershing Square's smaller positions at $176.6 million, but it's also one of the few small-cap stocks on Ackman's buy list. The hedge fund manager picked up 82,930 shares in the most recent quarter, building his stake in Matson up to 8.71% of the company's total market cap.