The Maui News - The Public Utilities Commission (PUC) has approved a settlement between Young Brothers and the state Division of Consumer Advocacy that has led to a reduction in the interisland shipping company's proposed rate increase. Young Brothers had asked for a 23.97 percent rate increase for nearly $14.2 million in additional revenue, but the settlement reduced the rate hike to 16.58 percent, or almost $10.6 million in more revenue.
The shipper is seeking the rate increase because cargo volume has fallen short of forecasts. In the decision, the commission restated its authority to examine, through an order to show cause or other investigative proceeding, Young Brothers' actual earnings to ensure that they don't result in a windfall in an improved economy where cargo volume surpasses the forecasted cargo demand.
