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Kirby Corporation's CEO Discusses Q2 2012 Results - Earnings Call Transcript

During the second quarter we also were affected by some scheduled and unscheduled maintenance at a major Petrochemicals customer facilities. These facilities are now back in service. Black oil demand remains strong driven by continued stable refinery output and the continued exportation of heavy fuel oil. Also the movement of crude oil along both the river and the Gulf Intracoastal Waterway continues to be brisk. I’d also note that we did load our first Balken crude cargo out of St. Louis over the weekend. Refined product demand remains positive benefiting from additional volumes from major customers. In our Agricultural Chemicals demand driven by low inventory levels and high corn prices remains strong in April and May but it declined sharply in June as expected.

Revenues from our long-term contracts, that is one year or longer in duration, remained at 75% and the mix of time charter and the freightment business continue to be about 55% and 45% respectively.

Turning to the Inland Marine Transportation pricing, term contracts during the second quarter continue to be renewed in the mid-single digit level with some cases slightly higher pricing when compared to the 2011 second quarter. Spot contract pricing, which includes the price of fuel saw rates increase modestly when compared to the 2012 first quarter. We continue to invest in our Inland fleet both in terms of new construction and upgrading existing barges. This reduces maintenance cost and out of service days and improves the reliability of the fleet and our customer service.

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