Fleet and Operations - Kirby Corporation operates the largest domestic tank barge fleet in the U.S., with 1,105 inland tank barges and a total capacity of 24.5 million barrels[23]. - The inland tank barge fleet's average age is approximately 18 years, with about 600 barges being 30 years or older, indicating potential retirements in the near future[31]. - In 2024, the company reported an inland barge utilization rate in the low 90% range, which was impacted by an increase in delay days compared to 2023[31]. - The company estimates that 66 new tank barges will be placed in service industry-wide in 2025, while 65 will be retired[30]. - Kirby Corporation's coastal tank barge fleet has a capacity of 2.9 million barrels, equivalent to approximately 4,800 railroad tank cars[27]. - The inland tank barge industry has seen a stable number of operating barges, with Kirby's fleet representing about 28% of the total industry[29]. - The company operates shifting and fleeting facilities for dry cargo and tank barges in key locations such as the Houston Ship Channel and Lake Charles, Louisiana[32]. - Kirby Corporation's marine transportation segment is crucial for transporting petrochemicals, black oil, and refined petroleum products across the U.S.[28]. - The Company operates 28 out of approximately 260 coastal tank barges, representing about 11% of the market[34]. - The inland tank barge fleet has grown from 71 barges in 1988 to 1,105 barges as of December 31, 2025, accounting for approximately 28% of the estimated total number of domestic inland tank barges[36]. - During 2025, the inland marine transportation operation moved over 55 million tons of liquid cargo on the United States inland waterway system[40]. - Inland barge utilization averaged in the low 90% range during 2023 and 2024, decreasing to the high 80% range in 2025 due to a lighter feedstock mix[46]. - The Company operates a fleet of 1,105 inland tank barges and an average of 266 inland towboats during the 2025 fourth quarter[50]. - The inland tank barges are equipped with various specialized features, including self-contained heating systems and pressurized tanks, to meet cargo requirements[56]. - Kirby Inland Marine operates the largest commercial tank barge fleeting service in the United States, with operations in numerous key ports[63]. - The Company utilizes a proprietary vessel management computer system for efficient dispatch and tracking of its barge and towboat fleet[62]. - The coastal fleet consists of 28 tank barges with a total capacity of 2.9 million barrels, primarily transporting refined petroleum products, black oil, and petrochemicals[69]. Revenue and Financial Performance - Petrochemical products accounted for 48% of the segment's 2025 revenues, while black oil represented 26%, refined petroleum products 23%, and agricultural chemicals 3%[41][42][43][44]. - Approximately 70% of inland marine transportation revenues were under term contracts in 2025, up from 60% in 2023[59]. - For the distribution and services segment, service and parts revenue reached $1,190,547,000 in 2025, accounting for 83% of total segment revenue[83]. - The commercial and industrial operations represented approximately 46% of the distribution and services segment's revenues in 2025[84]. - The company has a significant presence in the power generation market, which has been separated from other revenue sources due to its growth importance[78]. - No single customer accounted for 10% or more of the company's revenues in 2025, 2024, or 2023, indicating a diversified customer base[75]. - The company maintains a higher mix of term contracts to spot contracts, with 60% of inland marine transportation revenues under term contracts in 2023, increasing to 70% in 2025[74]. - Power generation operations accounted for approximately 43% of the segment's 2025 revenues[94]. - Oil and gas operations represented about 11% of the segment's 2025 revenues[100]. - Sales and service of EMD products accounted for approximately 3% of the Company's revenues for 2025, while Thermo King products comprised about 4%[186]. - Sales and service of MTU, Allison, and Daimler products accounted for approximately 12% of the Company's revenues during 2025[187]. - Five KMT customers accounted for approximately 17% of the Company's 2025 revenue, with contracts expiring between 2026 and 2031[198]. - Recent growth in prime power and data center demand has contributed to increased revenue in the power generation market in the KDS segment[198]. Workforce and Employment - The company has approximately 5,233 employees, primarily located in the United States[21]. - KMT segment employs about 3,054 individuals, including 2,337 vessel crew members, with some operations subject to collective bargaining agreements[137]. - KDS segment has around 2,072 employees, with a small number under collective bargaining agreements[138]. - In 2025, the Company issued approximately 2,017 certificates for training courses, including 582 USCG approved classes[141]. - The Company emphasizes safety through extensive monitoring and training programs, with 90% of employees agreeing on the commitment to employee safety[147]. - The Company has established relationships with educational institutions to attract talent and enhance workforce quality[145]. - The CEO and Chief Human Resources Officer are responsible for succession planning, reviewing qualifications and performance regularly[146]. Regulatory Compliance and Environmental Responsibility - The company maintains compliance with various governmental regulations, including the Clean Water Act and the Clean Air Act[118][127]. - The company has fully complied with the Certificate of Financial Responsibility (COFR) requirement since its inception[126]. - The company completed the installation of an approved ballast water management system on the last barge in its fleet during 2024[125]. - The Company is committed to environmental responsibility, participating in programs aimed at reducing greenhouse gas emissions[132]. - The Company anticipates that new hazardous substance spill contingency regulations will not be more difficult to comply with than existing oil spill plans[129]. - The Company maintains various insurance coverages, including hull, liability, and pollution liability insurance, to mitigate operational risks[131]. Market and Economic Conditions - The company faces competitive labor pressure with approximately 3,054 employees, including 2,337 vessel crew members, and ongoing retirements in the industry[166]. - The aging infrastructure of the United States inland waterway system, with over 50% of locks over 50 years old, may lead to increased costs and operational disruptions[161]. - The company is subject to extensive regulation by the USCG and other federal agencies, incurring significant expenses to comply with applicable laws and regulations[169]. - KMT's business could be adversely affected by changes to the Jones Act, which restricts domestic marine transportation to U.S.-built and manned vessels[167]. - The cost of fuel during 2025 was approximately 8% of marine transportation revenue, with fuel price volatility impacting profitability[175]. - The company estimates that approximately 190 to 220 inland tank barges were transporting crude and natural gas condensate as of the end of 2023, down from 335 in 2019[171]. - For 2023, the company estimates that industry-wide 27 new tank barges were placed in service and 48 were retired, indicating a net decrease in capacity[172]. - The company estimates that approximately 60 to 70 new tank barges have currently been ordered for delivery in 2026, depending on market conditions[172]. - The average construction price for a new 30,000 barrel capacity tank barge in 2009 was approximately 90% higher than in 2000, primarily due to increased steel costs[178]. - The construction price of inland tank barges fell significantly in 2010 due to a decrease in steel prices and the number of tank barges ordered[178]. - Steel prices rose above 2019 levels during 2021 and 2022 due to supply chain disruptions, but decreased in 2023 and remained stable in 2024 and 2025[178]. - The Company did not experience significant shipyard delays associated with the COVID-19 pandemic and expects its shipyard vendors to manage operations effectively in future similar events[179]. - The distribution and services segment could be adversely impacted by future legislation regulating oil and gas extraction, including hydraulic fracturing practices[181]. - Lower energy prices generally lead to decreased demand for oilfield service equipment, negatively impacting KDS's business[182]. - The Company faces risks from public health crises, which could lead to volatility in the global economy and significant disruptions in operations[209]. Risks and Challenges - A deterioration in the Company's credit profile could restrict access to debt capital markets and increase borrowing costs, impacting financial condition and cash flows[203]. - Increased inflation and rising prices for raw materials, labor, and energy could negatively affect the Company's margin performance and financial results[205]. - Supply chain disruptions and material shortages could adversely impact the Company's operations, particularly in manufacturing, leading to operational slowdowns[206]. - New tariffs and trade measures could increase input costs and disrupt the supply chain, adversely affecting the Company's financial performance[207]. - The Company relies on proprietary information and intellectual property, and any successful challenges could materially affect its competitive position[202]. - The Company has not experienced material cybersecurity incidents to date, but future breaches could have significant adverse effects[201]. - The Company may incur additional costs related to evolving ESG regulations and compliance requirements, impacting financial performance[204]. - The Company attempts to mitigate rising costs through contractual clauses but may struggle to pass these costs onto customers[205].

Company Overview - Kirby Corporation is a leading U.S. provider of marine transportation and specialized distribution services, operating one of the largest fleets of tank barges and towboats in the country [4] - The company transports materials such as petrochemicals, agricultural chemicals, various industrial oils, and refined petroleum products [4] - As of February 14, 2026, Kirby's market capitalization is $6.77 billion, with a revenue of $3.36 billion and a net income of $354.57 million for the trailing twelve months (TTM) [3] Recent Performance - Kirby reported strong Q4 FY2025 earnings, exceeding earnings per share (EPS) estimates of $1.62 by posting $1.68, marking the best performance in a quarter [5] - The company has experienced five consecutive years of annual growth and is already up 12.5% in stock value this year as of February 14, 2026 [5] - The stock has seen a 1-year price change of 17.77% [3] Industry Context - Kirby operates in an industry that is essential to the energy and industrial sectors, providing transportation services relied upon by major companies in technology, petroleum, cargo shipping, and automobiles [6] - The company is recognized as America's largest operator of tank barges, which are non-operated shipping vessels typically used in inland waters, particularly the Mississippi River system [8] Recent Transactions - On February 4, 2026, Ronald A. Dragg, Vice President and Controller at Kirby Corporation, sold 5,429 shares in an open-market transaction valued at approximately $662,338 [1] - This sale represented 34.30% of Dragg's direct shareholdings at the time, which is significantly higher than the median of 14.64% for recent trades [7] - The transaction was linked to the exercise of 2,787 stock options, followed by the immediate sale of the shares [7]

NEW YORK, Feb. 13, 2026 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP continues its investigation on behalf of Ralliant Corporation (“Ralliant” or the “Company”) (NYSE:RAL) investors concerning the Company’s and/or members of its senior management’s possible violation of the federal securities laws and other unlawful business practices. [LEARN MORE ABOUT THE INVESTIGATION] What Happened? On February 4, 2026, Ralliant reported fourth quarter and full year 2025 results, revealing a “$1.4 billion non ...

NEW YORK, Feb. 11, 2026 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP reminds investors its investigation on behalf of Kyndryl Holdings, Inc. (“Kyndryl” or the “Company”) (NYSE:KD) investors concerning the Company’s and/or members of its senior management’s possible violation of the federal securities laws or other unlawful business practices. [LEARN MORE ABOUT THE INVESTIGATION] What Happened? On February 9, 2026, Kyndryl announced the Company’s CFO and General Counsel had both departed “effectiv ...

Core Viewpoint - A class action lawsuit has been filed against uniQURE N.V. on behalf of investors who acquired its securities during the specified class period from September 24, 2025, to October 31, 2025 [1] Group 1 - The law firm Kirby McInerney LLP is representing the investors in the class action lawsuit [1] - Investors who suffered losses on their uniQURE investments have until April 13, 2026, to request lead plaintiff appointment [1] - Courts do not consider lead plaintiff applications submitted after the deadline [1]

近期受关注事件 值得关注的事件可能包括公司定期财务报告(如2025年全年业绩)的发布、行业运价波动对业务的影响， 以及潜在的战略动态(如船舶更新或市场拓展)。具体事件日程需以公司官方公告为准。 经济观察网卡比海运(KEX.us)近期股价出现波动，单日上涨5.45%，截至当日收盘报118.00美元/股。公 司最新财报数据显示，营业收入为8.71亿美元，净利润9247万美元，每股收益1.66美元，市盈率21.81 倍。机构评级方面，88%的券商给予买入建议，无卖出建议。 行业政策与环境 油运市场预计2025-2026年维持较高景气度，供需关系偏紧，主要因原油轮在手订单处于历史低位、地 缘政治因素推动合规市场需求提升，这可能对油轮运输企业形成宏观环境支撑。 以上内容基于公开资料整理，不构成投资建议。 ...

NEW YORK, Feb. 09, 2026 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP reminds investors its investigation on behalf of Ralliant Corporation (“Ralliant” or the “Company”) (NYSE:RAL) investors concerning the Company’s and/or members of its senior management’s possible violation of the federal securities laws or other unlawful business practices. [LEARN MORE ABOUT THE INVESTIGATION] What Happened? On February 4, 2026, Ralliant reported fourth quarter and full year 2025 results, revealing a “$1.4 bill ...

Core Viewpoint - Richtech Robotics Inc. is facing a securities fraud class action lawsuit, and investors who have suffered losses are encouraged to contact legal representatives to discuss their rights and interests in the case [1]. Group 1 - Investors have until April 3, 2026, to apply to the Court to be appointed as lead plaintiff in the lawsuit [1]. - The law firm Kirby McInerney LLP is actively seeking to represent affected investors in this matter [1].

Core Viewpoint - Kirby McInerney LLP is investigating potential securities fraud claims against Ralliant Corporation following a significant non-cash goodwill impairment charge reported in their Q4 and full year 2025 results, which led to a substantial decline in share price [1]. Financial Performance - Ralliant Corporation reported a fourth quarter and full year 2025 results that included a $1.4 billion non-cash goodwill impairment charge in the Test & Measurement segment, primarily due to revised expectations for the EA Elektro-Automatik business [1]. - Following the announcement, Ralliant's share price fell by $17.89, or approximately 31.8%, from $56.28 to $38.39 on February 4, 2026 [1]. Legal Investigation - The investigation by Kirby McInerney LLP is focused on whether Ralliant Corporation and/or its senior management may have violated federal securities laws or engaged in unlawful business practices [1]. - As of now, no lawsuit has been filed, and the investigation is ongoing to determine the viability of potential claims under federal securities laws [1].

Core Viewpoint - Fermi Inc. is facing a federal securities class action lawsuit due to allegations of overstating tenant demand and reliance on a single tenant's funding for its Project Matador campus, with a deadline for investors to seek lead plaintiff status by March 6, 2026 [1][4]. Group 1: Lawsuit Details - The lawsuit is on behalf of investors who purchased Fermi securities between September 28, 2025, and December 11, 2025, alleging that the company misrepresented key aspects of its Project Matador [4]. - Specific allegations include overstating tenant demand, reliance on a single tenant's funding commitment, and the risk of that tenant terminating its funding [4]. - Following the termination of a $150 million funding agreement by the first tenant for Project Matador, Fermi's share price dropped by approximately 33.8%, from $15.25 to $10.09 on December 12, 2025 [5]. Group 2: Investor Actions - Investors who acquired Fermi securities are encouraged to contact Kirby McInerney LLP to discuss their rights and potential involvement in the class action lawsuit [2][7]. - The firm emphasizes that individual investors can be appointed as lead plaintiffs, influencing litigation strategy and settlement decisions [1]. Group 3: Company Background - Fermi Inc. began trading on NASDAQ at $21.00 per share following its Initial Public Offering on October 1, 2025 [5]. - Kirby McInerney LLP is a law firm specializing in securities litigation, with a history of achieving significant recoveries for shareholders [9].