Young Bros. Ltd., Hawaii’s regulated interisland ocean cargo transportation firm, says it needs to raise average rates 24 percent — the highest increase in at least 30 years.
Young Bros. filed an application with the state Public Utilities Commission seeking the rate increase, saying it is necessary to provide the company a reasonable profit as cargo volume declines and competition from Pasha Hawaii Transport Lines is expected to soon end the regulated monopoly Young Bros. has held for decades.
A hike is subject to approval by the commission, which often grants increases that are less than what regulated companies seek. … Without higher rates, Young Bros. said it would have to cut service.