WorkBoat Composite Index

WorkBoat stocks increase 20 points in January

TheWorkBoat Composite Index began 2023 on an up note, rising 20 points, or 0.6% in January. For the month,winners topped losers by a 3-1 ratio.

Among the winners was Houstonbased tank barge operator Kirby Corp. The shares in the company were up 6.43, or 10%. On Jan. 31, Kirby an- nounced fourth quarter revenue of $730 million and adjusted earnings of 67 cents per share. This compares to 2021 fourth quarter revenue of $591 million and adjusted earnings of 27 cents per share. In Kirby’s Jan. 31 earnings call, David Grzebinski, president and CEO, said the strong results reflected steady market fundamentals in both marine

Source: FinancialContent Inc. www.financialcontent.com transportation and distribution and services.

“We achieved strong fourth quarter results in both our segments and we expect that to continue into the first quarter,” Grzebinski told analysts. “Steady demand driven in large part by high refinery utilization and chemical plant utilization should continue to support high barge utilization. Limited new barge construction combined with inflationary pressures are expected to further support inland rate increases.

“We continue to expect refinery and petrochemical plant activity to remain high with an increase in customer volumes. Barge availability is constrained as there is minimal new barge construction expected in 2023.” These positive factors are expected to contribute to Kirby’s barge utilization running in the low- to mid-90% range for the foreseeable future.

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