KEX Kirby Corporation

Nation’s First Plug-in Hybrid Electric Inland Towing Vessel Christened in Houston

Nation’s First Plug-in Hybrid Electric Inland Towing Vessel Christened in Houston

HOUSTON, Aug. 25, 2023 (GLOBE NEWSWIRE) -- Kirby Inland Marine, LP christened the GREEN DIAMOND, the nation’s first plug-in hybrid electric inland towing vessel, at a ceremony in Houston on Friday, August 25, 2023. Following the ceremony, the vessel will be time chartered by Shell Trading (US) Company, which will use the boat to push barges throughout the Houston port region. Shell Energy Solutions (PUCT #10174) is providing electrical power matched 100% by Green-e® certified renewable energy certificates to charge the vessel’s battery system. Kirby Inland Marine is a subsidiary of Houston based Kirby Corporation (NYSE: KEX).

“We are excited to be the first to market with a plug-in hybrid inland towing vessel,” said Christian O’Neil, President of Kirby Inland Marine. “Barge transportation is already the cleanest and greenest way to move a wide variety of cargoes in America, and we are working to make it cleaner and greener. Our customers who are focused on reducing their emissions want more efficient options. This solution is available today.”

The GREEN DIAMOND is the product of collaboration among many Kirby-owned companies. The vessel was constructed by San Jac Marine, LLC, Kirby’s shipyard in Channelview, TX. Stewart & Stevenson Manufacturing Technologies, another Kirby company, designed and installed the power management, control and propulsion systems. A host of vendors provided other key systems for the first-of-its-kind vessel.

Propulsion is provided by two 575 KW Danfoss electric motors that can be driven either by the Corvus Orca series battery system, which provides 1243 KWH of power, or, if needed, onboard Caterpillar generators. A Shell New Energies US-owned charging system purchased from Zinus will be used for dockside charging of the battery system, allowing the vessel to operate on trips within the Houston area without ever needing to start the generators. According to Kirby’s modeling, when operating on shore supplied power, the fuel use can be reduced by almost 80%, resulting in an estimated 88-95% reduction in emissions of nitrous oxides, carbon monoxide and hydrocarbons. Engine run time can be reduced between 93 and 98% compared to a conventional inland towing vessel. When in hybrid mode with the generators running, the boat is expected to have an estimated 27% reduction in emissions compared to a conventional towing vessel.

“The plug-in hybrid design offers numerous advantages for towboats in certain trades,” said Mitch Jones, Vice President of San Jac Marine. “We are already looking at building follow-on vessels.” Stewart and Stevenson Executive Vice President Chad Joost added, “As a leader in electric fracturing equipment, Stewart & Stevenson already has a proven track record of high horsepower electric systems that save energy and reduce emissions in the oilfield. We were able to adapt that patented technology to the marine environment and enable this vessel to operate on shore power and charge the batteries while on dock, then get underway on battery power. On extended trips, the generators will be used to supply power to the motors and charge the batteries. All of this happens seamlessly through Stewart and Stevenson’s power management system.”

“We expect the GREEN DIAMOND, with its unique “Eco-Tug” logo, to be a fixture in the Port of Houston for years to come,” O’Neil concluded.

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 adverse economic conditions, industry competition and other competitive factors, adverse weather conditions such as high water, low water, tropical storms, hurricanes, tsunamis, fog and ice, tornados, COVID-19 or other pandemics, marine accidents, lock delays, fuel costs, interest rates, construction of new equipment by competitors, government and environmental laws and regulations, and the timing, magnitude and number of acquisitions made by the Company. 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, 2022.

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.

Notes:

  1. MP2 Energy Texas LLC does business as Shell Energy Solutions TX PUCT #10174
  2. For more information about Green-e® certified renewable energy, visit

CONTACT

Matt Woodruff, V.P., Public & Government Affairs, Kirby Corporation

(713)435-1542





EN
25/08/2023

Underlying

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on Kirby Corporation

Kirby Corp: 1 director

A director at Kirby Corp sold 8,000 shares at 128.210USD and the significance rating of the trade was 78/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly show...

 PRESS RELEASE

Kirby Corporation Announces 2024 Third Quarter Results

Kirby Corporation Announces 2024 Third Quarter Results Third quarter 2024 earnings per share of $1.55Continued strength in inland marine with a sequential increase in spot market prices and operating margins in the low 20% rangeContinued strong market conditions in coastal marine with operating margins improving to the mid-teens rangeStrong free cash flow generation with over $130 million of free cash flow in the third quarterKirby repurchased 483,335 shares at an average price of $115.46 for $55.8 million in the 2024 third quarter HOUSTON, Oct. 30, 2024 (GLOBE NEWSWIRE) -- Kirby Corpora...

 PRESS RELEASE

Kirby Corporation Announces 2024 Second Quarter Results

Kirby Corporation Announces 2024 Second Quarter Results Second quarter 2024 earnings per share of $1.43Continued strong market conditions in inland marine with a sequential increase in spot market prices and operating margins in the low 20% rangeContinued strong market conditions in coastal marine with operating margins improving to the low teens rangeKirby repurchased 372,265 shares at an average price of $117.33 for $43.7 million in the 2024 second quarterClosed previously announced acquisition of 13 barges, including three specialty barges, and two high horsepower boats ...

 PRESS RELEASE

Kirby Corporation Announces Date for 2024 Second Quarter Earnings Rele...

Kirby Corporation Announces Date for 2024 Second Quarter Earnings Release and Earnings Webcast HOUSTON, June 28, 2024 (GLOBE NEWSWIRE) -- Kirby Corporation ("Kirby") (NYSE: KEX) will announce its 2024 second quarter results at 6:00 a.m. Central Daylight Time (“CDT”) on Thursday, August 1, 2024. This announcement will be followed by an earnings conference call webcast at 7:30 a.m. CDT. For listeners who wish to participate in the question and answer session via telephone, please pre-register at . All registrants will receive dial-in information and a PIN allowing them to access the live c...

Dave Nicoski ... (+2)
  • Dave Nicoski
  • Ross LaDuke

Vermilion Compass: Weekly Equity Strategy

Mixed Signals, Reasons for Caution The S&P 500 uptrend remains intact, and the same can be said for the QQQ's. Despite a positive view of these two metrics, the aspect of of failed U.S. dollar breakdown coupled with the reversal. of the 10-year yields higher does give us pause. The S&P 500 breadth is showing signs of breadth divergence. 1.) The U.S. dollar has staged a false breakdown and is now on the cusp of a reversal. A decisive close through last Friday's close of 104.89 could yet negate t...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch