Kirby Corporation (KEX) SEC Filings & Earnings Calls

Loss of long-tenured financial officer; transition risk during retirement period.

“Mr. Dragg will continue to serve during transition; no material disagreement; terms of compensatory arrangement not yet determined.”

Fuel Cost Volatility

“The average price per gallon of diesel fuel consumed during the 2026 second quarter was $4.23 per gallon compared with $2.35 per gallon for the 2025 second quarter.” · word for word

Supply Chain Delays

“The Company was impacted in the 2026 second quarter by delayed OEM engine deliveries as certain impacted projects shifted from the 2026 second quarter into the 2026 second half.” · word for word

Geopolitical Risk (Iran Conflict)

“higher fuel costs as a result of the Iran conflict” · word for word

Fuel cost headwinds impacting marine transportation margins; expected to reverse in Q3 via cost escalators.

“rising fuel costs created a near-term headwind to margins during the quarter; however, cost escalators and rate recovery mechanisms are expected to reverse this margin headwind in the third quarter.” · word for word

Coastal marine term contract renewal rates declined low-single-digits YoY for smaller-capacity ATBs.

“market-specific dynamics affecting smaller-capacity ATBs in the 80,000 to 100,000 barrel range led to low-single-digit declines in term contract renewal rates year-over-year.” · word for word

Jones Act Waiver Risk

“the U.S. government issued a 60-day waiver of the Jones Act on March 17, 2026, and has announced a 90-day extension of that waiver starting May 18, 2026 that could increase competition from non-U.S. vessels.” · word for word

Fuel Cost Margin Compression

“The Company does expect some near-term cost headwinds in its inland marine transportation operations during the 2026 second quarter from rising fuel costs.” · word for word

OEM Supply Chain Delays

“The Company does expect to be impacted in the 2026 second quarter by delayed OEM engine deliveries as certain impacted projects will shift from the 2026 second quarter into the 2026 second half.” · word for word

Mariner Labor Shortage

“there remains an acute mariner shortage in the industry which continues to drive up labor costs.” · word for word

Increased debt from borrowing could raise leverage, but refinancing extends maturity and improves liquidity.

“Borrowed $200M, increasing debt; however, extended maturity to 2031 and improved covenant headroom”

Refinery activity slowdown

“While refinery activity softened at the start of the fourth quarter, it steadily improved by the end of the quarter and kept barge utilization in the mid-to high-80% range.” · word for word

Weather and lock delays

“The first quarter was impacted by normal winter weather conditions, including significant wind and fog along the Gulf Coast, and lock delays on the Mississippi River that drove an increase in delay days and impacted our operations.” · word for word

Conventional oil and gas market softness

“In the oil and gas market, revenues declined year‑over‑year due to continued softness in the conventional oil and gas market” · word for word

Seasonal weather and year-end softness could impact inland marine operations; delay days increased 82% sequentially.

“Operating conditions were mostly unfavorable with an 82% sequential increase in delay days driven by seasonal winter weather.”

Inland market softness

“Inland tank barge utilization levels averaged in the mid-80% range during the 2025 third quarter, and the 90% range during the 2024 third quarter.” · word for word

Inflationary cost pressures

“The results for the 2025 third quarter and first nine months were driven by inflationary cost pressures including wage increases that went into effect on July 1, 2025.” · word for word

Supply chain delays

“The Company anticipates extended lead times and supply delays for certain original equipment manufacturer products to continue in the 2025 fourth quarter and into 2026.” · word for word

Inland marine market softness due to weather, feedstock mix, and muted petrochemical activity.

“Inland marine market conditions experienced near-term softness during the third quarter, primarily due to seasonally favorable weather, improved navigational conditions, a lighter feedstock mix for our refinery and chemical customers.” · word for word

Spot market rate weakness in inland marine.

“Spot market rates declined in the low-to-mid single digits both sequentially and year-over-year.” · word for word