Kirby 1Q Net Flies High

Friday, April 21, 2000
Kirby Corporation – which operates 774 inland tank barges, with 14.0 million barrels of capacity, and 229 towing vessels -- reported net earnings for the 2000 first quarter of $6,067,000, or $.25 per share. Net earnings for the 1999 first quarter were $4,001,000, or $.20 per share. The 2000 first quarter results include the acquisition in October 1999 of Hollywood Marine, Inc., accounted for under the purchase method of accounting. Movements in each of Kirby's inland tank barge markets were generally at, or above, expected levels. Refined products movements to the Midwest were unseasonably strong, the result of gasoline inventory anomalies in the Midwest. Fertilizer movements were also stronger than usual during the first quarter. The 2000 first quarter was impacted by weather, but not as much as the 1999 first quarter. Low water conditions existed on the Mississippi, Ohio and Illinois Rivers through mid-February resulting in longer transit times and restricted drafts for upriver movements. The marine transportation operating margin was 14% for the 2000 first quarter compared with 12% for the 1999 first quarter. Kirby's diesel engine services segment experienced an improvement in business activity from the Gulf Coast drilling and offshore supply vessel markets and a stronger Midwest river market and nuclear market when compared with the 1999 fourth quarter. The operating margin for the diesel engine services segment was 10.7% for the 2000 first quarter compared with 10.2% for the 1999 first quarter. Joe Pyne, Kirby's President and Chief Executive Officer, said, "Our marine transportation business was good, including the refined products and fertilizer markets, which are historically slow during the first quarter. The integration of Kirby and Hollywood remains our number one priority. We have accomplished much in a very short period of time, but we still have some fine-tuning to do. We expect to complete the integration of our shore staff into our corporate office building early next month and will then turn our focus on making sure we capture the operating synergies allowed by the merger. During the 2000 first quarter, we also sold three inland towing vessels and scrapped six single skin inland tank barges for a small net gain. As we proceed with the integration, we will continue to review our horsepower requirements and sell excess horsepower from our system when we can."
Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Workboats

IMCA DP Proposal to be Basis for Updating IMO Guidelines

The International Maritime Organization (IMO) has agreed to use the International Marine Contractors Association (IMCA) proposals as the basis for the review of

Shipping Season Opens on the Mississippi

First tow marks unofficial opening to Mississippi River navigation season   M/V New Dawn arrived at Lock and Dam 2 near Hastings, Minn. Wednesday morning, marking

Two ASD Tugs Delivered to URAG

URAG has taken delivery of two ASD 2411 Tugs to add to its existing fleet. Named Brake and Perfect, the new vessels have joined their sister ship Prompt in the

Finance

Sea Star Continues Puerto Rico Investments

Sea Star Line, LLC has entered an agreement to on-hire another barge to add to its current service package for shipments from Jacksonville to Puerto Rico.   The

Rand Logistics Announces Debt Refinancing

Rand Logistics, Inc. announced today that it has closed a $170.0 million revolving loan facility which refinanced approximately $102.0 million of the company's

Baltic Sea Freight Index Edges Higher

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, edged higher on Monday as rates rose for vessels across all segments.

 
 
Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1215 sec (8 req/sec)