In the fourth quarter, Marine Transportation revenue was $482 million and operating income was $100 million, with operating margins in the low-20% range, Kumar said. Despite pricing pressure and weather-related challenges, inland operating margins were in the low-20% range, aided by “aggressive cost management,” according to Kumar. For inland marine, Kirby expects utilization to average in the low 90% range in 2026, with pricing improving steadily as demand improves. Full-year inland margins were projected to average in the high teens to low 20s, reflecting better utilization, firmer pricing, and lower maintenance activity. Operating margins for the segment were projected to average in the mid- to high-single digits for the full year.