Kirby Corp continues to grow its fleet.
According to filings with the Securities and Exchange Commission, the Houston-based, New York-traded company bought seven inland tank barges from an unnamed leasing company for $8.43m during the second three months of 2019.
For the quarter, the company's earnings came in at $46.8m, roughly where Wall Street expected.
Earlier in the year, the company extended its $850m revolving credit facility until March 2024 and secured a five year, $500m loan with the funds going toward general purposes, including acquisitions.
Kirby has been aggressive about growing in recent years.
In January, it splashed $244m to buy Cenac Maritime Services' fleet of 63 inland tank barges, 34 inland towboats and two offshore tugboats.
Last year, it snapped up Higman Marine for $419m, adding 159 inland tank barges and 75 inland tugs, alongside CGBM for an undisclosed sum and Targa Resource Corp for $69.3m.
Including its most recent buys, the company owns a total of 1,067 inland tank barges and another 309 inland towboats, plus 49 tank barges and 47 tugs working in coastal grades
Kirby also owns four offshore dry bulk barges, four offshore tugboats and one docking tugboat.
Kirby's marine transportation segment provided just over half of its $771m second quarter revenue, coming in at $404.2m, good for $53.2m in profit.
