"Kirby Corporation To Present At The BB&T Transportation Services Conference" ($CNRD $KEX)

Highlights from the presentation [pdf]:

• The inland tank barge fleet is 3,100 barges, of which 956 (31%) are more than 30 years old. 
• Only 724 tank barges were built in the last five years.
• Kirby and American Commercial Lines are the largest tank barge operators (about a third of the total).
• There are about 6 dry bulk barges for every tank barge.
• Approximately 8% of industry’s [coastal tank barge] fleet is single hull and required to be removed from service by end of 2014.
• Continued strong inland petrochemical and black oil products demand with utilization in the 90% to 95% level, leading to favorable term and spot contract pricing.
• Higher demand in coastal markets, leading to higher utilization and favorable term and spot contract pricing.

Kirby Corporation Announces 2012 Fourth Quarter And Year Results ($KEX $CNRD)

From today's press release,

"Marine transportation revenues for the 2012 fourth quarter were $381.0 million, compared with $335.1 million [up 14%] for the 2011 fourth quarter, and operating income for the 2012 fourth quarter was $89.8 million compared with $73.0 million for the fourth quarter of 2011.

Inland tank barge fleet utilization during the fourth quarter remained in the 90% to 95% range with favorable pricing trends, reflecting a continued healthy demand for the transportation of petrochemical, black oil products and refined petroleum products. [...]

Kirby's coastal fleet generated approximately 25% of the marine transportation 2012 fourth quarter revenues. The operating results reflected higher fleet utilization in the coastal markets, as well as higher pricing levels.[...]

Our 2013 guidance assumes continued strong inland marine transportation markets with 90% to 95% equipment utilization levels, leading to favorable term and spot contract pricing. For our coastal marine transportation markets, our 2013 guidance assumes higher equipment utilization levels than 2012, leading to favorable term and spot contract pricing trends. [...]

Our 2013 capital spending guidance range is $190 to $200 million, including approximately $115 million for the construction of 55 inland tank barges and three inland towboats, and approximately $10 million for final progress payments on the construction of two offshore dry-bulk barge and tugboat units scheduled for delivery in the 2013 first half."

Soon we should hear from JeffBoat (late February) and Trinity Industries (Feb 11?).