Audit Finds That Young Brothers Failed To Offset Rising Labor Costs… The report calls for no more shipping rate increases until at least 2023 and for a third party observer to help oversee one of Hawaii’s oldest companies.
When Hawaii regulators let the state’s monopoly interisland shipping company increase its rates a whopping 46% in August 2020, the order came with an equally whopping string – more like a rope – attached: Young Brothers would have to subject itself to a sweeping financial and management audit.
The purpose: to see what had gone so wrong that the century-old company needed an extra nearly $27 million to make ends meet.
Just over a year later, the audit is out. Its main finding: Young Brothers’ management had dropped the ball when it came to keeping up with rising labor costs, which were increasing shar
