Kirby Corporation has signed a contract with Trinity Industries, Inc. for the construction of 16 double-hull, 30,000 barrel capacity, inland black oil tank barges. Kirby plans to take delivery of seven of the tank barges in 2003 and nine in the first half of 2004. The total purchase price of the 16 barges is approximately $29 million, with an estimated $12.6 million to be expended in 2003 and $16.4 million in 2004. Under the terms of the contract, Kirby has an option for the construction of 16 additional 30,000 barrel capacity black oil tank barges. In October 2002, Kirby entered into a barge management agreement with Coastal Towing, Inc. ("Coastal") to manage 54 black oil tank barges owned by Coastal, along with the 66 barges Kirby operates in its black oil fleet.
