Page 28: of Marine News Magazine (May 2025)

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Feature

Towboats & Tugboats term contracts, which represent the majority of revenue, ment is acquiring inland competitors. It is worth noting were up high single digits) in 4Q as winter weather im- that because of the company’s scale, their operating costs pacted utilization; however, thus far in 2025 utilization is are signi? cantly lower than those of their competitors…” recovering and spot rates have resumed positive momen- KEX, like others in the business, has continued efforts tum. Further, management con? rmed a de minimis sched- towards reducing emissions. ule of new barge orders…” In its 2024 “Sustainability Report,” KEX highlighted its Green Diamond initiative; the “hybrid” vessel with

Bigger Companies Dominate diesel electric propulsion and based in the Houston area

Reporting on a meeting with Kirby management, Stifel’s (with a charging station at its dock), working for Kirby

Nolan focused on potential consolidation in the inland Inland Marine. Overall, Kirby’s Sustainability reports in- barge space (which has been a trend in the coastwise sec- dicate that its overall emissions of greenhouse gasses were tor during 2023- 2024), informing investors that: “… it dropping steadily, even as its ? eet expanded. Bay Hous- sounds as though M&A opportunities in the inland barge ton Towing, a regional powerhouse (which grew its ? eet market are becoming more real, which we believe could substantially with its late 2023 acquisition of eight ves- be a catalyst for the shares.” Through the years, Kirby has sels from Seabulk, serving Port Arthur, Texas and Lake grown by acquisitions; Stifel’s analysis points towards more Charles, La), has recently commissioned two Tier 4 tugs in the future, telling investors, “The improvement in the George M and May Louise-with the Z-Tech 30-80 Trac- barge market has sellers investigating potential divestitures, tor tug design from Robert Allan Ltd., built at yards in and Kirby believes the best use of their cash at the mo- the U.S. Gulf and classed by ABS as Low Emission Ves-

Suderman & Young 28 | MN May 2025