Morningstar Rating

Stock Research and Analysis

by Matthew Young, CFA

Bulls Say

Because of low-cost natural gas, U.S. petrochemical production should remain stable in the year ahead, benefiting Kirby's inland marine transport business.
The firm's coastal fleet utilization has recovered over the past year, with help from increased demand to domestic refineries.
The Jones Act, which restricts domestic marine transportation to U.S.-based operators, protects the inland and coastwise barging industry from foreign competition. Read more 

Bears Say

Persistently low oil prices are likely to remain a demand headwind in 2015 for Kirby's land-based diesel engine unit, which serves shale drilling end markets.
The firm's coastwise and inland barging operations face intermittent service disruptions and other inefficiencies caused by adverse weather such as hurricanes, ice, and high or low water levels.
The U.S. inland waterway system is aging, with more than half of its locks and dams in excess of 50 years old--a factor that increases the risk of service disruptions for Kirby. Read more 


In early 2014, David Grzebinski, who had previously held the CFO role since early 2010, stepped in as CEO following the retirement of Joseph Pyne, who took the reins in 1995. Grzebinski joined Kirby in February 2010. Overall, management has a long track   Read more 


In its flagship marine transportation segment (70% of 2014 sales), Kirby operates the largest fleet of tank barges on the U.S. inland waterway system. Since its incorporation   Read more 

Friday Five: Market Pain, Little Gain for Bargain-Hunters 
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