Matson Inc. profit fell by nearly half in the second quarter from a year earlier after settling claims for spilling molasses into Honolulu Harbor two years ago and encountering higher-than-expected expenses for breaking into the Alaska shipping market earlier this year. 

The Honolulu-based ocean cargo transportation firm announced Tuesday that its net income for the three months ended June 30 was $9.9 million, down from $18.1 million in the same quarter last year. 

Revenue was $447.6 million, up from $436.4 million in the same period. 

Matson said the drop in profit was primarily due to $13.5 million of additional selling, general and administrative expenses related to its May 29 acquisition of Alaska shipping operations from Horizon Lines Inc., and $11.4 million in costs for resolving state claims related to the estimated 233,000-gallon molasses spill that killed more than 26,000 fish and other marine life in Honolulu Harbor in September 2013. 

The $11.4 million molasses spill expense includes $5.9 million paid to the state and $5.5 million towards removing molasses tanks and converting other equipment on Sand Island. The molasses equipment work, according to a Matson estimate, could eventually be as much as $9.5 million.