Alexander & Baldwin, Inc., whose Matson Navigation Co. unit bought the first four cargo ships built by the Aker Philadelphia Shipyard, raised its second quarter dividend 16 percent to 29 cents per share.

The increase follows an 11 percent rise in 2006, and gives shareholders of the Honolulu-based company an annual dividend of $1.16 per share.

The four new Philadelphia-built container ships are part of Matson's new service which supplies the Hawaiian Islands and Guam from the California westbound, then goes to two ports in China to offer express nonstop cargo service back to Long Beach.