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Shipping firm Matson Navigation Co. has announced that it is lowering its bunker fuel surcharge for shipments between the US mainland and Hawaii, Guam and Micronesia, effective July 18th.

The company said that the surcharge reduction was in response to falling prices for bunker fuel.

Matson, Hawaii's largest ocean shipper, said that it will be reducing its fuel charge by 2 percentage points, from 27.5 percent to 25.5 percent, for its Hawaii service.

Matson will also be cutting its fuel surcharge for shipments to Guam/Micronesia by 2 percentage points from 29 percent to 27 percent.

The company's last adjustment to its fuel surcharge was a 3.5 percentage point increase in February 2010.

"Matson is very pleased to make this downward adjustment to its fuel surcharge," said Dave Hoppes, senior vice president, ocean services in a statement.

“Matson has made a practice of giving 30-days notice of rate adjustments. However, we are once again passing on the decrease to our customers as soon as possible so that they can quickly realize the benefits of this reduction during this difficult economic environment.”

"For most customers, this decrease represents a reduction in shipping costs ranging from $55 to $85 per container. We will continue to monitor fuel costs and adjust the surcharge accordingly,