Kirby Investor Presentation — July 2018

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Earnings Conference Call

Forward -Looking Statements

2 Statements contained in this conference call 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.

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, 2017 and in Kirby’s subsequent

filing on Form 10 -Q for the quarter ended March 31, 2018.

2Q 2018 Earnings Red 7

2Q 2018 Earnings 3 Financial Summary

($ millions except earnings per share) 2Q 201812Q 2017 Variance % 1Q 20182Variance %

Revenues 802.7 $ 473.3$ 329.4$ 70% 741.7$ 61.0 $ 8%

Operating income 55.9 47.3 8.6 18% 50.7 5.2 10%

Net earnings attributable to Kirby 28.6 25.8 2.8 11% 32.5 (3.9) -12%

Earnings per share (GAAP) 0.48 0.48 - 0% 0.54 (0.06) -11%