Houston-based Kirby Corporation has agreed to acquire nine inland towboats, 14 inland tank barges and a fleeting operation in Rockport, Texas, from undisclosed sellers for $115 million.
The deal, disclosed with the company's third-quarter results on October 28, also includes nine bow thrusters. The Rockport operation occupies a 65-acre (26.3-hectare) facility serving the Corpus Christi area. Kirby expects the transaction to be completed during 2026's fourth quarter, pending customary closing conditions.
Kirby said the assets will enhance its inland marine network in South Texas, expand fleeting and fuelling capabilities near Corpus Christi, and support continued demand in its West End linehaul system.
Marine transportation revenue rose 17 per cent year-on-year to $568.7 million in the quarter ended September 30. Segment operating income increased to $111.9 million from $88.6 million, lifting the operating margin to 19.7 per cent from 18.3 per cent a year earlier and 16.4 per cent in the second quarter.
Inland barge utilisation was in the low-90-per-cent range. Spot rates improved sequentially in the low- to mid-single digits, while term contract renewals rose in the low single digits year-on-year.
The average cost per gallon of fuel consumed in inland operations was $3.91, compared with $2.46 a year earlier.
"Rising fuel costs remained a near-term headwind as higher costs were mitigated but not fully offset by cost escalators and rate recovery mechanisms in the quarter," said Chief Executive Officer David Grzebinski. Inland margins were in the 20 per cent range.
Kirby tightened its full-year earnings-per-share growth outlook to 10–15 per cent and expects results towards the upper end of that range.
