Kirby Corporation (KEX)

Kirby Corporation (KEX) is the premier operator of tank barges in the United States, transporting bulk liquid products across the Mississippi River System and coastal waters. Led by CEO David Grzebinski, Kirby’s mission is to "Deliver energy and essential chemicals safely and efficiently." The company holds a dominant industry position, controlling approximately 26% of the U.S. inland tank barge fleet. By late 2025, KEX stock has benefited from a multi-year "Marine Cycle Surge," with inland barge utilization reaching the 90% range and spot market prices hitting record highs. Its vision is to leverage its scale to drive operational efficiency through digital dispatching and high-efficiency towboats.

The business operations of Kirby are divided into Marine Transportation and Distribution & Services. The core growth driver in 2025 has been the "Refinery and Petrochemical Boom," which drove record inland margins exceeding 20%. In Q3 2025, KEX reported EBITDA of $201.4 million and a 6% year-over-year increase in EPS. The 2026 strategic roadmap focuses on "The Coastal Renaissance," aiming to recapitalize its coastal fleet to capture rising rates in the Atlantic and Gulf trades. By utilizing its "Vertical Integration Moat"—owning the largest marine engine service provider in the U.S.—Kirby ensures its vessels have the highest uptime in the industry. This "Reliability Edge" is a primary driver for the KEX stock price. The company’s move into "Remanufacturing for Oilfield Services" has also captured a significant share of the hydraulic fracturing market, providing a diversified revenue stream for KEX stock holders.