Young Bros. wants to raise rates almost 6%
The interisland shipper Young Bros. is requesting a nearly six percent increase in its rates that could raise the cost of some goods on Neighbor Islands.
The proposed increase would affect all cargo shipments and is the company's second request to raise fees in less than a year. It requires the approval of the state's Public Utilities Commission, which has up to 45 days to review the request.
The company says it wants to raise money to help cover a $186 million project to improve its equipment and infrastructure.
Company vice president Roy Catalani says the new rate would raise $3.5 million in 12 months. He says the company foresees another rate increase next year.
Young Bros. wants the new rates to go into effect starting in August.