Kirby: strong coastal demand partially offsets weaker inland transport market 

“In coastal marine, market fundamentals remained strong during Q3 2025,” said Mr Grzebinski. “Barge utilisation levels were in the mid to high-90% range, supported by consistent customer demand and tight industry supply,” he explained.

“Pricing continued to meaningfully improve, with term contract renewals up in the mid-10,000s range year-over-year. The combination of strong demand and limited vessel availability contributed to operating margins reaching around 20% for Q3 2025.”

Kirby’s revenues from all marine transport in Q3 2025 were US$485M, slightly down from US$486M in the same period last year, with the upturn in the coastal market only partially offsetting softness in the inland marine market.

Operating income from Q3 2025 marine transport activities was US$89M and the overall operating margin was 18% compared with US$100M and 21% for Q3 2024.

“In inland marine, market conditions experienced near-term softness during Q3 2025, primarily due to seasonally favourable weather, improved navigational conditions, a lighter feedstock mix for our refinery and chemical customers, and fewer barges undergoing maintenance across the industry,” said Mr Grzebinski.

“At the same time, general petrochemical customer activity remained muted with ongoing softness in the chemical industry. These factors contributed to our barge utilisation averaging in the mid-80% range. On the pricing front, we observed temporary weakness in the spot market.

Mr Grzebinski has already seen a slight improvement in the inland marine market and continued strength in the coastal transport sector in Q4 2025.

"In Q4 2025, we are already seeing market conditions improve and expect this trend to continue,” he said.

“We also continue to see constraints in long-term barge construction keeping new supply in check. We remain confident the inland barge cycle still has years to go given supply constraints,” Mr Grzebinski added.

“In coastal marine, market fundamentals remain very favourable, with steady customer demand and barge utilisation expected to hold in the mid to high-90% range.”

Kirby operates 270 towboats and 1,109 inland tank barges, plus 27 ocean towing vessels and 30 tank barges. It also owns Osprey Line which provides project towage, transporting aircraft and marine construction structures on barges.

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