Young Brothers said it needs to dramatically increase its shipping rates this summer if it is going to break even financially and keep its services operating through year's end.Hawaii's sole inter-island ocean carrier, which is regulated by the state's Public Utilities Commission (PUC), said the coronavirus pandemic is already expected to leave it with a loss of $30 million by the end of 2020 at current rate levels.Even before the state implemented its COVID-19 travel restrictions earlier this year, Young Brothers lost money and the company asked the commission in 2019 to approve a rate increase valued at $13 million.Young Brothers said its latest rate increase request to the PUC, valued at $30 million, aims to recover a portion of the company's projected loss after operating and labor expenses are factored. The company asked state regulators to approve the rate increase from August through the end of the year."I want to be clear that this proposed rate increase would only allow the company to break even in 2020 if the rates were in place for a full year," said Young Brothers President Jay Ana in a ...Full story available on Benzinga.com
