BUSINESS BRIEFS
More cargo going to Maui
Advertiser Staff
Young Brothers Ltd. said it will switch to open-deck barges for its sailings to Kahului Harbor next week to accommodate more cargo being shipped to Maui.
The company has five or six barges calling on the port each week, some of which don't have a barn-like area to shelter cargo against weather. Young Brothers said switching to an open-deck barge that is longer and wider will give it as much as 40 percent more cargo capacity for the voyages.
Young Brothers said the open-deck service may begin Dec. 26 and that shippers need to make sure their cargo is properly packaged to protect it from water and other weather elements.
SHIDLER BUYS 15 OFFICE BUILDINGS
The Shidler Group, a Hono-lulu-based real estate investor, said affiliates had purchased 15 office buildings in San Diego, Orange and Los Angeles counties for $187 million.
The portfolio contains more than 1 million square feet of space and was purchased from an affiliate of Arden Realty Inc.
CYANOTECH EYES SEC DEADLINES
Cyanotech Corp., a Kona-based company, said it hopes to clear up late filing of documents with the Securities and Exchange Commission as well as any required financial restatements before Feb. 20.
The company had missed filing its quarterly 10-Q reports for the three-month periods ended June 30 and Sept. 30.
Meeting the deadlines will help keep its shares listed on the Nasdaq stock exchange, Cyanotech said.
CENTRAL PACIFIC UPGRADES BONDS
Central Pacific Financial Corp. said it exchanged $109 million in bonds for higher interest rate-bearing bonds.
The parent of Central Pacific Bank said it sold bonds carrying an average yield of 3.61 percent and reinvested the proceeds in the same amount of bonds with an average yield of 5.61 percent.
The move resulted in an after-tax loss of $954,000 that will be reflected in fourth-quarter results. But Central Pacific said the new investment will add $2.2 million in interest income in 2007.
TWO LOCAL BANKS ARE RATED BUYS
Shares of Bank of Hawaii Corp. and Central Pacific Financial Corp. have been rated "buy" in new coverage by Thomas Monaco of Sterne, Agee & Leach, according to Bloomberg News.
Monaco set a price target of $60 for Bank of Hawaii and $42 for Central Pacific.
