AMENDMENT No. 1 To Security Agreement (Contract No. MA-13897)

AMENDMENT No. 1

To Security Agreement

(Contract No. MA-13897)

This amendment (“ Amendment ”) is entered into as of the 21st day of Sept., 2007 between Matson Navigation Company, Inc., a Hawaii Corporation (the “ Shipowner ”) and THE UNITED STATES OF AMERICA, represented by the Secretary of Transportation, acting by and through the Maritime Administrator (the “ Secretary ”).

WHEREAS; the Shipowner and the Secretary entered into a Security Agreement (Contract No. MA-13897) dated July 29, 2004 (the “ MAUNAWILI Security Agreement ”), in connection with certain United States Government Guaranteed Ship Financing Bonds issued by the Shipowner to finance the vessel MAUNAWILI owned by the Shipowner;

WHEREAS; Schedule X to the MAUNAWILI Security Agreement is a schedule of Definitions (the “ MAUNAWILI Schedule of Definitions ”) used in the MAUNAWILI Security Agreement:

WHEREAS; the parties hereto desire to amend certain provisions of the MAUNAWILI Schedule of Definitions.

NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Sh