Delivering Long-Term Results

As the books close on a year of bankruptcies and restructurings, we should not lose sight that some maritime transportation companies continue to thrive, and for these companies the current market conditions present opportunities for accretive growth. One such company is Kirby Corp, a Houston-based company that has created significant shareholder value. An investor who purchased a share of Kirby 20 years ago would today have an IRR of 15.37% based on the December 16, 2011 closing price of $63.36. Growth through acquisition has been a significant driver, but at the heart of the Company’s success has been a disciplined acquisition strategy and a commitment to maintain a prudent capital structure to handle volatility and survive pro-longed downturns. For insight on how the company has achieved its success, we spoke with Kirby’s CEO, Joe Pyne, who has been with Kirby for more than two decades. His comments were enlightening.

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