Kirby Corporation Announces 2022 Third Quarter Results
Kirby Corporation (KEX) reported a strong third quarter 2022, achieving net earnings of $39.1 million, or $0.65 per share, reversing a loss of $264.7 million in the same period last year. Total revenues increased by 25% to $745.8 million, driven by growth in both marine transportation and distribution services. Inland marine revenues rose 35%, supported by improved barge utilization and pricing. The distribution segment also saw revenue gains despite supply chain issues. The company anticipates further growth in 2023, while acknowledging potential near-term headwinds from weather and inflation.
- Net earnings of $39.1 million for Q3 2022, up from a net loss of $264.7 million YoY.
- Total revenues increased 25% to $745.8 million compared to Q3 2021.
- Inland marine revenues rose 35% YoY, contributing to improved operating margins.
- Strong demand in distribution services despite supply chain constraints.
- Potential near-term headwinds from record low water conditions on the Mississippi River.
- Ongoing inflationary pressures and rising costs affecting operating margins.
- Third quarter 2022 earnings per share of
$0.65 - Total revenues were
$745.8 million , up25% compared to the 2021 third quarter with steady gains in both marine transportation and distribution and services - Inland marine results included a
35% year-over-year increase in revenues with operating margins in the low double digits - Strong demand led to sequentially higher distribution and services revenue, operating income and margins
HOUSTON, Oct. 24, 2022 (GLOBE NEWSWIRE) -- Kirby Corporation (“Kirby”) (NYSE: KEX) today announced net earnings attributable to Kirby for the third quarter ended September 30, 2022 of
David Grzebinski, Kirby’s President and Chief Executive Officer, commented, “I am pleased with Kirby’s third quarter results and the improvement in both of our segments. During the third quarter, our inland marine transportation business delivered strong results with significant sequential and year-over-year improvement in profitability. Tight market conditions in inland led to sequential increases in spot market rates in the high single digits, and term contract pricing that continued to push higher. Overall, higher demand and pricing improvements helped to improve inland operating margins into the low double digits during the quarter.
“Coastal marine transportation also delivered improved financial performance with steady gains in revenue and operating income. Market conditions were favorable in the quarter, with our barge utilization in the low to mid
“In our distribution and services segment, lingering supply chain constraints continued to impact our ability to deliver new equipment during the third quarter. Despite these headwinds, we were able to show both sequential and year-over-year improvements in revenues and operating income. Strong demand and pricing improvements contributed to increased profitability with operating margins improving to the high single digits,” Mr. Grzebinski concluded.
Segment Results – Marine Transportation
Marine transportation revenues for the 2022 third quarter were
In the inland market, average 2022 third quarter barge utilization was in the low
In coastal, market conditions continued to improve modestly during the quarter, with Kirby’s barge utilization in the low to mid
Segment Results – Distribution and Services
Distribution and services revenues for the 2022 third quarter were
In the commercial and industrial market, revenues and operating income increased compared to the 2021 third quarter, primarily due to strong economic activity across the U.S. that resulted in higher business levels in marine repair, power generation, and on-highway. Overall, commercial and industrial revenues increased
In the oil and gas market, revenues and operating income improved compared to the 2021 third quarter driven by higher oilfield activity which resulted in increased demand for new transmissions and parts in the distribution business. The business continued to experience increased year-over-year demand with incremental orders and deliveries of our new environmentally friendly pressure pumping equipment and power generation equipment for electric fracturing despite on-going supply chain disruptions. Overall, oil and gas revenues increased
Cash Generation
For the 2022 third quarter, EBITDA was
2022 Fourth Quarter Outlook
Commenting on the 2022 fourth quarter outlook, Mr. Grzebinski said, “We had a good quarter with both businesses performing well. Refinery activity remains at high levels, our barge utilization is strong in both inland and coastal, and rates are steadily increasing. While we expect some near-term headwinds related to record low water conditions on the Mississippi River, increasing delay days due to normal seasonal weather conditions, and high levels of shipyard activity in coastal, our outlook in the marine market remains strong. In distribution and services, despite ongoing supply chain constraints and delays, demand for our products and services is growing, and we continue to receive new orders in manufacturing. Overall, we expect these favorable conditions to continue, and barring supply chain bottlenecks worsening, expect our businesses to deliver improved financial results in the coming quarters.
Mr. Grzebinski concluded, “Labor constraints and inflationary pressures continue to contribute to rising costs across our businesses, and we are mindful of economic headwinds related to the impact of higher interest rates and a potential recession as we move in to 2023. With these factors in mind, we continue to focus on managing costs and driving cash flow from operations. In the near-term, we intend to use free cash flow to reduce debt and to opportunistically return capital to shareholders. Consistent with our balanced approach to capital allocation, we will continue to prudently evaluate accretive acquisitions and high-return organic growth opportunities to drive value for our shareholders.”
In inland marine, favorable conditions are expected to continue going forward, driven by high refinery and petrochemical plant utilization, increased volumes from new petrochemical plants, and minimal new barge construction across the industry. Kirby expects these strengths to be offset by increasing delay days due to normal seasonal weather conditions and record low water conditions on the Mississippi River. The Company still expects further improvements in the spot market, which currently represents approximately
In coastal marine, Kirby expects modestly improved customer demand in the fourth quarter with barge utilization remaining in the low to mid
In distribution and services, favorable oilfield fundamentals and strong demand in commercial and industrial are expected to continue in the fourth quarter of 2022. In the oil and gas market, high commodity prices, increasing rig counts, and growing well completions activity are expected to drive strong demand for OEM products, parts, and services in the distribution business. In manufacturing, the Company expects demand for new environmentally friendly pressure pumping and e-frac power generation equipment to remain strong, with a growing backlog of new orders and increased deliveries of new equipment into 2023. However, persistent supply chain issues and long lead times are expected to continue in the near-term, contributing to some volatility as deliveries of new products possibly shift into future quarters. In commercial and industrial, strong markets are expected to yield full year revenue growth in the low double-digit percentage range, with increased activity in power generation, marine repair, and on-highway offset slightly by normal seasonal slowness in Thermo King. Overall, the Company expects segment revenues to grow
Kirby expects 2022 capital spending of between
Conference Call
A conference call is scheduled for 7:30 a.m. Central Daylight Time today, Monday, October 24, 2022, to discuss the 2022 third quarter performance as well as the outlook for the remainder of 2022. To listen to the webcast, please visit the Investor Relations section of Kirby’s website at www.kirbycorp.com. For listeners who wish to participate in the question and answer session via telephone, please pre-register at Kirby Earnings Call Registration. All registrants will receive dial-in information and a PIN allowing them to access the live call. A slide presentation for this conference call will be posted on Kirby’s website approximately 15 minutes before the start of the webcast. A replay of the webcast will be available for a period of one year by visiting the News & Events page in the Investor Relations section of Kirby’s website.
GAAP to Non-GAAP Financial Measures
The financial and other information to be discussed in the conference call is available in this press release and in a Form 8-K filed with the Securities and Exchange Commission. This press release and the Form 8-K includes a non-GAAP financial measure, Adjusted EBITDA, which Kirby defines as net earnings attributable to Kirby before interest expense, taxes on income, depreciation and amortization, impairment of long-lived assets, and impairment of goodwill. A reconciliation of Adjusted EBITDA with GAAP net earnings attributable to Kirby is included in this press release. This press release also includes non-GAAP financial measures which exclude certain one-time items, including earnings before taxes on income (excluding one-time items), net earnings attributable to Kirby (excluding one-time items), and diluted earnings per share (excluding one-time items). A reconciliation of these measures with GAAP is included in this press release. Management believes the exclusion of certain one-time items from these financial measures enables it and investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of Kirby’s normal operating results. This press release also includes a non-GAAP financial measure, free cash flow, which Kirby defines as net cash provided by operating activities less capital expenditures. A reconciliation of free cash flow with GAAP is included in this press release. Kirby uses free cash flow to assess and forecast cash flow and to provide additional disclosures on the Company’s liquidity as a result of uncertainty surrounding the impact of the COVID-19 pandemic on global and regional market conditions. Free cash flow does not imply the amount of residual cash flow available for discretionary expenditures as it excludes mandatory debt service requirements and other non-discretionary expenditures. This press release also includes marine transportation performance measures, consisting of ton miles, revenue per ton mile, towboats operated and delay days. Comparable marine transportation performance measures for the 2021 year and quarters are available in the Investor Relations section of Kirby’s website, www.kirbycorp.com, under Financials.
Forward-Looking Statements
Statements contained in this press release with respect to the future are forward-looking statements. These statements reflect management’s reasonable judgment with respect to future events. Forward-looking statements involve risks and uncertainties. Actual results could differ materially from those anticipated as a result of various factors, including cyclical or other downturns in demand, significant pricing competition, unanticipated additions to industry capacity, changes in the Jones Act or in U.S. maritime policy and practice, fuel costs, interest rates, weather conditions and timing, magnitude and number of acquisitions made by Kirby, and the impact of the COVID-19 pandemic on global and regional market conditions. Forward-looking statements are based on currently available information and Kirby assumes no obligation to update any such statements. A list of additional risk factors can be found in Kirby’s annual report on Form 10-K for the year ended December 31, 2021.
About Kirby Corporation
Kirby Corporation, based in Houston, Texas, is the nation’s largest domestic tank barge operator transporting bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, and coastwise along all three United States coasts. Kirby transports petrochemicals, black oil, refined petroleum products and agricultural chemicals by tank barge. In addition, Kirby participates in the transportation of dry-bulk commodities in United States coastwise trade. Through the distribution and services segment, Kirby provides after-market service and genuine replacement parts for engines, transmissions, reduction gears, electric motors, drives, and controls, specialized electrical distribution and control systems, energy storage battery systems, and related equipment used in oilfield services, marine, power generation, on-highway, and other industrial applications. Kirby also rents equipment including generators, industrial compressors, high capacity lift trucks, and refrigeration trailers for use in a variety of industrial markets. For the oil and gas market, Kirby manufactures and remanufactures oilfield service equipment, including pressure pumping units, and manufactures electric power generation equipment, specialized electrical distribution and control equipment, and high capacity energy storage/battery systems for oilfield customers.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
| Third Quarter | Nine Months | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| (unaudited, $ in thousands, except per share amounts) | ||||||||||||||||
| Revenues: | ||||||||||||||||
| Marine transportation | $ | 433,040 | $ | 338,514 | $ | 1,194,231 | $ | 972,352 | ||||||||
| Distribution and services | 312,803 | 260,406 | 860,358 | 683,042 | ||||||||||||
| Total revenues | 745,843 | 598,920 | 2,054,589 | 1,655,394 | ||||||||||||
| Costs and expenses: | ||||||||||||||||
| Costs of sales and operating expenses | 552,392 | 446,519 | 1,526,872 | 1,219,038 | ||||||||||||
| Selling, general and administrative | 75,381 | 66,065 | 221,721 | 198,434 | ||||||||||||
| Taxes, other than on income | 9,121 | 9,917 | 28,332 | 28,541 | ||||||||||||
| Depreciation and amortization | 50,419 | 53,462 | 150,498 | 163,484 | ||||||||||||
| Impairments and other charges | — | 340,713 | — | 340,713 | ||||||||||||
| Gain on disposition of assets | (377 | ) | (830 | ) | (7,971 | ) | (5,082 | ) | ||||||||
| Total costs and expenses | 686,936 | 915,846 | 1,919,452 | 1,945,128 | ||||||||||||
| Operating income (loss) | 58,907 | (316,926 | ) | 135,137 | (289,734 | ) | ||||||||||
| Other income | 3,805 | 1,832 | 11,853 | 8,146 | ||||||||||||
| Interest expense | (11,755 | ) | (10,500 | ) | (32,598 | ) | (32,172 | ) | ||||||||
| Earnings (loss) before taxes on income | 50,957 | (325,594 | ) | 114,392 | (313,760 | ) | ||||||||||
| (Provision) benefit for taxes on income | (11,713 | ) | 60,442 | (28,956 | ) | 55,840 | ||||||||||
| Net earnings (loss) | 39,244 | (265,152 | ) | 85,436 | (257,920 | ) | ||||||||||
| Net (earnings) loss attributable to noncontrolling interests | (153 | ) | 422 | (454 | ) | 5 | ||||||||||
| Net earnings (loss) attributable to Kirby | $ | 39,091 | $ | (264,730 | ) | $ | 84,982 | $ | (257,915 | ) | ||||||
| Net earnings (loss) per share attributable to Kirby common stockholders: | ||||||||||||||||
| Basic | $ | 0.65 | $ | (4.41 | ) | $ | 1.41 | $ | (4.30 | ) | ||||||
| Diluted | $ | 0.65 | $ | (4.41 | ) | $ | 1.41 | $ | (4.30 | ) | ||||||
| Common stock outstanding (in thousands): | ||||||||||||||||
| Basic | 59,896 | 60,062 | 60,088 | 60,044 | ||||||||||||
| Diluted | 60,182 | 60,062 | 60,369 | 60,044 | ||||||||||||
CONDENSED CONSOLIDATED FINANCIAL INFORMATION
| Third Quarter | Nine Months | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| (unaudited, $ in thousands) | ||||||||||||||||
| Adjusted EBITDA:(1) | ||||||||||||||||
| Net earnings (loss) attributable to Kirby | $ | 39,091 | $ | (264,730 | ) | $ | 84,982 | $ | (257,915 | ) | ||||||
| Interest expense | 11,755 | 10,500 | 32,598 | 32,172 | ||||||||||||
| Provision (benefit) for taxes on income | 11,713 | (60,442 | ) | 28,956 | (55,840 | ) | ||||||||||
| Impairment of long-lived assets | — | 121,661 | — | 121,661 | ||||||||||||
| Impairment of goodwill | — | 219,052 | — | 219,052 | ||||||||||||
| Depreciation and amortization | 50,419 | 53,462 | 150,498 | 163,484 | ||||||||||||
| $ | 112,978 | $ | 79,503 | $ | 297,034 | $ | 222,614 | |||||||||
| Capital expenditures | $ | 41,204 | $ | 33,599 | $ | 120,263 | $ | 71,968 | ||||||||
| Acquisitions of businesses and marine equipment | $ | — | $ | — | $ | 3,900 | $ | 7,470 | ||||||||
| September 30, 2022 | December 31, 2021 | |||||||
| (unaudited, $ in thousands) | ||||||||
| Cash and cash equivalents | $ | 36,991 | $ | 34,813 | ||||
| Long-term debt, including current portion | $ | 1,118,459 | $ | 1,163,367 | ||||
| Total equity | $ | 2,975,363 | $ | 2,888,782 | ||||
| Debt to capitalization ratio | 27.3 | % | 28.7 | % | ||||
MARINE TRANSPORTATION STATEMENTS OF EARNINGS
| Third Quarter | Nine Months | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| (unaudited, $ in thousands) | ||||||||||||||||
| Marine transportation revenues | $ | 433,040 | $ | 338,514 | $ | 1,194,231 | $ | 972,352 | ||||||||
| Costs and expenses: | ||||||||||||||||
| Costs of sales and operating expenses | 306,817 | 237,233 | 855,519 | 681,317 | ||||||||||||
| Selling, general and administrative | 32,794 | 29,464 | 93,424 | 88,314 | ||||||||||||
| Taxes, other than on income | 7,346 | 8,422 | 23,156 | 23,828 | ||||||||||||
| Depreciation and amortization | 44,370 | 46,480 | 132,667 | 141,560 | ||||||||||||
| Total costs and expenses | 391,327 | 321,599 | 1,104,766 | 935,019 | ||||||||||||
| Operating income | $ | 41,713 | $ | 16,915 | $ | 89,465 | $ | 37,333 | ||||||||
| Operating margin | 9.6 | % | 5.0 | % | 7.5 | % | 3.8 | % | ||||||||
DISTRIBUTION AND SERVICES STATEMENTS OF EARNINGS
| Third Quarter | Nine Months | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| (unaudited, $ in thousands) | ||||||||||||||||
| Distribution and services revenues | $ | 312,803 | $ | 260,406 | $ | 860,358 | $ | 683,042 | ||||||||
| Costs and expenses: | ||||||||||||||||
| Costs of sales and operating expenses | 245,223 | 207,877 | 670,938 | 537,100 | ||||||||||||
| Selling, general and administrative | 39,289 | 35,002 | 121,864 | 104,477 | ||||||||||||
| Taxes, other than on income | 1,749 | 1,470 | 5,067 | 4,620 | ||||||||||||
| Depreciation and amortization | 4,274 | 5,018 | 12,513 | 16,739 | ||||||||||||
| Total costs and expenses | 290,535 | 249,367 | 810,382 | 662,936 | ||||||||||||
| Operating income | $ | 22,268 | $ | 11,039 | $ | 49,976 | $ | 20,106 | ||||||||
| Operating margin | 7.1 | % | 4.2 | % | 5.8 | % | 2.9 | % | ||||||||
OTHER COSTS AND EXPENSES
| Third Quarter | Nine Months | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| (unaudited, $ in thousands) | ||||||||||||||||
| General corporate expenses | $ | 5,451 | $ | 4,997 | $ | 12,275 | $ | 11,542 | ||||||||
| Impairment of long-lived assets | $ | — | $ | 121,661 | $ | — | $ | 121,661 | ||||||||
| Impairment of goodwill | $ | — | $ | 219,052 | $ | — | $ | 219,052 | ||||||||
| Gain on disposition of assets | $ | (377 | ) | $ | (830 | ) | $ | (7,971 | ) | $ | (5,082 | ) | ||||
ONE-TIME CHARGES
The 2022 first nine months and 2021 third quarter and first nine months GAAP results include certain one-time charges. The following is a reconciliation of GAAP earnings to non-GAAP earnings, excluding the one-time items, for earnings before tax (pre-tax), net earnings attributable to Kirby (after-tax), and diluted earnings per share (per share):
| Third Quarter 2022 | First Nine Months 2022 | |||||||||||||||||||||||
| Pre-Tax | After-Tax | Per Share | Pre-Tax | After-Tax | Per Share | |||||||||||||||||||
| (unaudited, $ in millions except per share amounts) | ||||||||||||||||||||||||
| GAAP earnings | $ | 51.0 | $ | 39.1 | $ | 0.65 | $ | 114.4 | $ | 85.0 | $ | 1.41 | ||||||||||||
| Severance expense | — | — | — | 1.5 | 1.3 | 0.02 | ||||||||||||||||||
| Earnings, excluding one-time items(2) | $ | 51.0 | $ | 39.1 | $ | 0.65 | $ | 115.9 | $ | 86.3 | $ | 1.43 | ||||||||||||
| Third Quarter 2021 | First Nine Months 2021 | |||||||||||||||||||||||
| Pre-Tax | After-Tax | Per Share | Pre-Tax | After-Tax | Per Share | |||||||||||||||||||
| (unaudited, $ in millions except per share amounts) | ||||||||||||||||||||||||
| GAAP loss | $ | (325.6 | ) | $ | (264.7 | ) | $ | (4.41 | ) | $ | (313.8 | ) | $ | (257.9 | ) | $ | (4.30 | ) | ||||||
| Impairments and other charges | 340.7 | 275.0 | 4.58 | 340.7 | 275.0 | 4.58 | ||||||||||||||||||
| Earnings, excluding one-time items(2) | $ | 15.1 | $ | 10.3 | $ | 0.17 | $ | 26.9 | $ | 17.1 | $ | 0.28 | ||||||||||||
RECONCILIATION OF FREE CASH FLOW
The following is a reconciliation of GAAP net cash provided by operating activities to non-GAAP free cash flow(2):
| Third Quarter | Nine Months | |||||||||||||||
| 2022 | 2021(3) | 2022 | 2021(3) | |||||||||||||
| (unaudited, $ in millions) | ||||||||||||||||
| Net cash provided by operating activities | $ | 65.6 | $ | 82.6 | $ | 161.2 | $ | 280.4 | ||||||||
| Less: Capital expenditures | (41.2 | ) | (33.6 | ) | (120.3 | ) | (72.0 | ) | ||||||||
| Free cash flow(2) | $ | 24.4 | $ | 49.0 | $ | 40.9 | $ | 208.4 | ||||||||
| FY 2022 Projection | FY 2021(3) | |||||||||||
| Low | High | Actual | ||||||||||
| (unaudited, $ in millions) | ||||||||||||
| Net cash provided by operating activities | $ | 390.0 | $ | 450.0 | $ | 321.6 | ||||||
| Less: Capital expenditures | (190.0 | ) | (170.0 | ) | (98.0 | ) | ||||||
| Free cash flow(2) | $ | 200.0 | $ | 280.0 | $ | 223.6 | ||||||
MARINE TRANSPORTATION PERFORMANCE MEASUREMENTS
| Third Quarter | Nine Months | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Inland Performance Measurements: | ||||||||||||||||
| Ton Miles (in millions)(4) | 3,706 | 3,393 | 10,410 | 9,852 | ||||||||||||
| Revenue/Ton Mile (cents/tm)(5) | 9.3 | 7.5 | 9.0 | 7.4 | ||||||||||||
| Towboats operated (average)(6) | 274 | 243 | 269 | 248 | ||||||||||||
| Delay Days(7) | 1,253 | 1,499 | 7,152 | 7,275 | ||||||||||||
| Average cost per gallon of fuel consumed | $ | 4.24 | $ | 2.24 | $ | 3.60 | $ | 1.99 | ||||||||
| Barges (active): | ||||||||||||||||
| Inland tank barges | 1,035 | 1,036 | ||||||||||||||
| Coastal tank barges | 29 | 35 | ||||||||||||||
| Offshore dry-cargo barges | 4 | 4 | ||||||||||||||
| Barrel capacities (in millions): | ||||||||||||||||
| Inland tank barges | 23.0 | 23.2 | ||||||||||||||
| Coastal tank barges | 3.0 | 3.4 | ||||||||||||||
(1) Kirby has historically evaluated its operating performance using numerous measures, one of which is Adjusted EBITDA, a non-GAAP financial measure. Kirby defines Adjusted EBITDA as net earnings attributable to Kirby before interest expense, taxes on income, depreciation and amortization, impairment of long-lived assets, and impairment of goodwill. Adjusted EBITDA is presented because of its wide acceptance as a financial indicator. Adjusted EBITDA is one of the performance measures used in Kirby’s incentive bonus plan. Adjusted EBITDA is also used by rating agencies in determining Kirby’s credit rating and by analysts publishing research reports on Kirby, as well as by investors and investment bankers generally in valuing companies. Adjusted EBITDA is not a calculation based on generally accepted accounting principles and should not be considered as an alternative to, but should only be considered in conjunction with, Kirby’s GAAP financial information.
(2) Kirby uses certain non-GAAP financial measures to review performance excluding certain one-time items including: earnings before taxes on income, excluding one-time items; net earnings attributable to Kirby, excluding one-time items; and diluted earnings per share, excluding one-time items. Management believes the exclusion of certain one-time items from these financial measures enables it and investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of the company's normal operating results. Kirby also uses free cash flow, which is defined as net cash provided by operating activities less capital expenditures, to assess and forecast cash flow and to provide additional disclosures on the Company’s liquidity as a result of uncertainty surrounding the impact of the COVID-19 pandemic on global and regional market conditions. Free cash flow does not imply the amount of residual cash flow available for discretionary expenditures as it excludes mandatory debt service requirements and other non-discretionary expenditures. These non-GAAP financial measures are not calculations based on generally accepted accounting principles and should not be considered as an alternative to, but should only be considered in conjunction with Kirby’s GAAP financial information.
(3) See Kirby’s 2021 10-K for amounts provided by (used in) investing and financing activities.
(4) Ton miles indicate fleet productivity by measuring the distance (in miles) a loaded tank barge is moved. Example: A typical 30,000 barrel tank barge loaded with 3,300 tons of liquid cargo is moved 100 miles, thus generating 330,000 ton miles.
(5) Inland marine transportation revenues divided by ton miles. Example: Third quarter 2022 inland marine transportation revenues of
(6) Towboats operated are the average number of owned and chartered towboats operated during the period.
(7) Delay days measures the lost time incurred by a tow (towboat and one or more tank barges) during transit. The measure includes transit delays caused by weather, lock congestion and other navigational factors.
| Contact: | Kurt Niemietz |
| 713-435-1077 |
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