New York-listed Kirby Corporation will make staff redundant and lay up vessels in difficult coastal markets.
The tank barge player said the sector was hit by barges moving from term deals into the spot market, pushing utilisation into the mid-70% to low-80% range.
CEO David Grzebinski said: "In response to continued difficult coastal market dynamics, we have taken measures to cut costs, reducing headcounts and temporarily taking barges out of service until market conditions improve.”
