UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                                       
                            Washington, D.C. 20549
                                       
                                   Form 10-Q

                  Quarterly  report pursuant to  Section  13  or
[ X ]             15(d)  of the Securities and Exchange  Act  of
                  1934
                  
                  For the quarter ended June 30, 1995
                  
                  Transition  report pursuant to  Section  13  or
[   ]             15(d)  of  the Securities and Exchange  Act  of
                  1934
                  
 Commission File  1-7615
     Number
                                       
                               Kirby Corporation
______________________________________________________________________________
            (Exact name of registrant as specified in its charter)
                                       
          Nevada                                      74-1884980
_______________________________           ____________________________________
(State or other jurisdiction of              (IRS Employer Identification No.)
incorporation or organization)
                                       
 1775 St. James Place, Suite 300, Houston, TX                      77056-3453
______________________________________________________________________________
 (Address of principal executive offices)                           (Zip Code)
                                       
                                (713) 629-9370
______________________________________________________________________________
             (Registrant's telephone number, including area code)
                                       
                                   No Change
______________________________________________________________________________
  (Former name, former address and former fiscal year, if changed since last
                                    report)

Indicate  by  check  mark whether the registrant: (1) has  filed  all  reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act  of
1934  during  the  preceding 12 months (or for such shorter  period  that  the
registrant  was  required to file such reports), and (2) has been  subject  to
such filing requirements for the past 90 days.

                       Yes    [ X ]        No     [   ]

The  number of shares outstanding of the registrant's Common Stock,  $.10  par
value per share, on August 4, 1995 was 27,503,786.

                        PART 1 - FINANCIAL INFORMATION
                KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
                                BALANCE SHEETS
                                  (Unaudited)
                                    ASSETS


                                               June      December
                                                30,         31,
                                               1995        1994
                                             --------    --------
                                             ($ in thousands)
                                                   
Marine Transportation, Diesel Repair and                        
   Other
Current assets:                                                 
Cash and invested cash                       $     --        7,355
Available-for-sale securities - short-term                        
   investments                                 13,118        2,875
Accounts and notes receivable, net of                             
   allowance for doubtful accounts             66,968       63,300
Inventory - finished goods, at lower of
   average cost or market                       8,761        8,270
Prepaid expenses                               14,980       13,661
Deferred taxes                                    792        1,324
                                             --------      -------
Total current assets                          104,619       96,785
                                             --------      -------
Property and equipment, at cost               474,488      481,612
Less allowance for depreciation               153,780      153,672
                                             --------      -------
                                              320,708      327,940
                                             --------      -------
Excess cost of consolidated subsidiaries        8,614        9,280
Noncompete agreements                           3,114        3,889
Investment in unconsolidated marine                               
   partnerships                                 8,980          181
Sundry                                         11,115       12,731
                                             --------      -------
Total assets - Marine Transportation,                             
   Diesel Repair and Other                    457,150      450,806
                                             --------      -------

                       Table continues on following page

                        PART 1 - FINANCIAL INFORMATION
                KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
                                BALANCE SHEETS
                                  (Unaudited)
                                    ASSETS


                                               June      December
                                                30,         31,
                                               1995        1994
                                             ---------   --------
                                                   
Insurance                                                         
Investments:                                                      
Available-for-sale securities:                                    
Fixed maturities                              182,206      149,173
Short-term investments                         20,837       21,227
                                             --------     --------
                                              203,043      170,400
Cash and invested cash                          2,162        4,485
Accrued investment income                       3,047        2,638
Accounts and notes receivable, net of                             
   allowance for doubtful accounts             18,408        9,613
Reinsurance receivable on paid losses          15,306        9,871
Prepaid reinsurance premiums                    5,152        5,147
Deferred policy acquisition costs              16,597       11,690
Property and equipment, at cost, net of                           
   allowance for depreciation                   3,156        2,822
                                             --------     --------
Total assets - Insurance                      266,871      216,666
                                             --------     --------
                                             $724,021      667,472
                                             ========     ========

                                       
See accompanying notes to financial statements.

                KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
                                       
                                BALANCE SHEETS
                                  (Unaudited)
                                       
                     LIABILITIES AND STOCKHOLDERS' EQUITY


                                               June      December
                                                30,         31,
                                               1995        1994
                                              --------   --------                                      
                                               ($ in thousands)
                                                   
Marine Transportation, Diesel Repair and                         
   Other
Current liabilities:                                             
Current portion of long-term debt            $  5,333      10,962
Accounts payable                               21,228      15,771
Accrued liabilities                            33,369      32,559
Deferred revenues                               5,560       8,294
                                             --------      ------
Total current liabilities                      65,490      67,586
                                             --------      ------
Long-term debt, less current portion          161,659     148,535
Deferred taxes                                 44,645      42,587
Other long-term liabilities                     6,688       7,998
                                             --------      ------
Total liabilities - Marine Transportation,                       
   Diesel Repair and Other                    278,482     266,706
                                             --------    --------
Insurance                                                        
Losses, claims and settlement expenses         60,516      56,433
Unearned premiums                             115,363      89,801
Reinsurance premiums payable                    1,140       2,657
Other liabilities                              20,258      11,473
Minority interest in consolidated insurance                      
   subsidiary                                  22,513      17,426
                                             --------    --------
Total liabilities - Insurance                 219,790     177,790
                                             --------    --------

                       Table continues on following page

                KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
                                       
                                BALANCE SHEETS
                                  (Unaudited)
                                       
                     LIABILITIES AND STOCKHOLDERS' EQUITY


                                              June       December
                                               30,          31,
                                              1995         1994
                                             --------    --------
                                                   
Contingencies and commitments                      --          --    
Stockholders' equity: 
Preferred stock, $1.00 par value per share.                      
   Authorized 20,000,000 shares                    --          --
Common stock, $.10 par value per share.                          
   Authorized 60,000,000 shares,                                    
   issued 30,804,000 shares (30,782,000 at                       
   December 31, 1994)                           3,080       3,078
Additional paid-in capital                    157,025     157,021
Unrealized net gains (losses) in value of                        
   investments                                  1,916      (2,686)
Retained earnings                              88,536      78,651
                                             --------    --------
                                              250,557     236,064
Less cost of 3,284,000 shares in treasury                        
   (2,468,000 at December 31, 1994)            24,808      13,088
                                             --------    --------
                                              225,749     222,976
                                             --------    --------
                                             $724,021     667,472
                                             ========    ========

See accompanying notes to financial statements.

                KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
                                       
                            STATEMENTS OF EARNINGS
                                  (Unaudited)


                                    Three months         Six months
                                        ended              ended
                                      June 30,            June 30,
                                 ------------------  ----------------
                                     1995     1994      1995    1994
                                 --------  --------  ------- --------
                                   ($ in thousands, except per share
                                               amounts)
                                                 
Revenues:                                                            
Transportation                    $83,078   74,025   162,287  147,412
Diesel repair                      12,690   11,646    26,715   21,817
Net premiums earned                22,124   15,305    43,191   29,415
Commissions earned on                                                
   reinsurance                      1,136    1,148     2,048    2,455
Investment income                   3,612    2,452     6,771    4,388
Gain (loss) on disposition of                                        
   assets                            (249)      75      (236)     236
Realized gain on investments          635       90       868      848
                                 --------  -------   -------  -------
                                  123,026  104,741   241,644  206,571
                                 --------  -------   -------  -------
Costs and expenses:                                                  
Costs of sales and operating                                         
   expenses (except as shown                                         
   below)                          64,701   55,004   128,296  111,429
Losses, claims and settlement     
   expenses                        15,620   14,784    30,189   25,908
Policy acquisition costs            4,613    3,644     9,365    7,278
Selling, general and                                                 
   administrative                  13,366   11,807    25,195   23,732
Taxes, other than on income         2,724    4,232     5,314    7,822
Depreciation and amortization      10,036    7,887    19,766   15,681
Minority interest expense           1,290      532     2,463    1,179
                                 --------   -------  -------  -------
                                  112,350   97,890   220,588  193,029
                                 --------   -------  -------  -------
Operating income                   10,676    6,851    21,056   13,542
                                                                     
                       Table continues on following page

                KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
                                       
                            STATEMENTS OF EARNINGS
                                  (Unaudited)



                                   Three months        Six months
                                      ended               ended
                                     June 30,           June 30,
                                  ---------------     ---------------
                                    1995     1994      1995    1994
                                  -------  -------    ------  -------
                                                    
Equity in earnings of marine 
   partnerships                       425       --       584       --
Interest expense                   (3,046)  (1,957)   (5,956)  (3,766)
                                  -------  -------    ------  -------
Earnings before taxes on income     8,055    4,894    15,684    9,776
                                                                     
Provision for taxes on income       2,979    1,701     5,799    3,686
                                  -------   ------    ------   ------
Net earnings                      $ 5,076    3,193     9,885    6,090
                                   ======   ======    ======   ======
Earnings per share of common                                         
   stock                          $   .18      .11       .35      .21
                                   ======   ======    ======   ======

See accompanying notes to financial statements.

                KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
                                       
                            STATEMENTS OF CASH FLOW
                                  (Unaudited)


                                                      Six months ended
                                                          June 30,
                                                    --------------------
                                                       1995       1994
                                                    ---------  ---------
                                                      ($ in thousands)
                                                           
Net earnings                                         $  9,885     6,090
Adjustments to reconcile net earnings to net cash                       
   provided by operating activities:
Gain on disposition of assets                             236      (236)
Realized gain on investments                             (868)     (849)
Depreciation and amortization                          19,766    15,681
Increase in deferred tax items                          2,589     1,336
Deferred scheduled maintenance costs                    4,125    (1,865)
Minority interest and earnings of unconsolidated        
   subsidiaries                                         1,878     1,135
Other noncash adjustments to earnings                      11        43
Increase (decrease) in cash flow from other changes                     
   in operating working capital for:
Marine transportation, diesel repair and other         (8,288)   (5,314)
Insurance                                              14,101    10,639
                                                     --------   -------
Net cash provided by operating activities              43,435    26,660
                                                     --------   -------
Cash flow from investing activities:                                   
Proceeds from sale and maturities of investments       50,178    22,364
Purchase of investments                               (69,650)  (57,668)
Net decrease (increase) in short-term investments     (12,060)    5,705
Capital expenditures                                  (22,921)  (12,528)
Proceeds from disposition of assets                     1,015       564
                                                     --------   -------
Net cash used in investing activities                 (53,438)  (41,563)
                                                     --------   -------
Cash flow from financing activities:                                    
Borrowings on bank revolving credit loan              134,600    87,900
Payments on bank revolving credit loan               (179,000)  (80,300)
Increase in long-term debt                             82,891     --
Payments under long-term debt                         (26,451)   (7,981)
Purchase of treasury stock                            (11,744)    --
Proceeds from exercise of stock options                    29       453
                                                     --------   -------
Net cash provided by financing activities                 325        72
                                                     --------   -------

                       Table continued on following page

                KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
                                       
                            STATEMENTS OF CASH FLOW
                                  (Unaudited)


                                                      Six months ended
                                                          June 30,
                                                    --------------------
                                                       1995       1994
                                                    ---------  ---------
                                                          
Decrease in cash and invested cash                     (9,678)  (14,831)
Cash and invested cash, beginning of year              11,840    14,936
                                                     --------  --------
Cash and invested cash, end of period               $   2,162       105
                                                     ========  ========
Supplemental disclosures of cash flow information:                      
Cash paid during the period for:                                        
Interest                                            $   5,258     3,813
Income taxes                                        $     800     3,400

See accompanying notes to financial statements.

                KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
                                       
                         NOTES TO FINANCIAL STATEMENTS
                                       
      In  the  opinion  of  management, the accompanying  unaudited  financial
statements  of Kirby Corporation and consolidated subsidiaries (the "Company")
contain  all  adjustments  (consisting  of  only  normal  recurring  accruals)
necessary  to  present fairly the financial position as of June 30,  1995  and
December 31, 1994, and the results of operations for the three months and  six
months ended June 30, 1995 and 1994.

(1)     BASIS FOR PREPARATION OF THE FINANCIAL STATEMENTS

      The  financial  statements included herein have  been  prepared  by  the
Company,  without  audit,  pursuant  to  the  rules  and  regulations  of  the
Securities  and Exchange Commission.  Although the Company believes  that  the
disclosures  are  adequate to make the information presented  not  misleading,
certain information and footnote disclosures, including significant accounting
policies, normally included in annual financial statements have been condensed
or omitted pursuant to such rules and regulations.  It is suggested that these
condensed  financial  statements  be read in conjunction  with  the  Company's
latest Annual Report on Form 10-K.

(2)     SUBSEQUENT EVENT

      On July 18, 1995, Universal Insurance Company ("Universal") redeemed  $5
million of its common stock from the Company and sold $5 million of its common
stock  to  Eastern  America Insurance Group, Inc. ("Eastern  America  Group").
Such  redemption  and  sale reduced Kirby's ownership  from  58%  to  47%  and
increased  Eastern America Group's ownership of Universal  from  42%  to  53%.
Effective July, 1995, the financial statements of Universal will no longer  be
consolidated with the Company, and the Company will account for its investment
in  Universal  on  an equity basis.  Prior year financial statements  will  be
restated.

      The  following  proforma  condensed financial statements  are  based  on
historical  financial  statements  of the  Company.   The  proforma  condensed
financial  statements assume the Company was accounting for its investment  in
Universal on an equity basis as of the beginning of the periods indicated.

                   KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
                       
                         NOTES TO FINANCIAL STATEMENTS   

(2)    SUBSEQUENT EVENT, Continued
                       PROFORMA CONDENSED BALANCE SHEETS


                                           June      December
                                            30,         31,
                                           1995        1994
                                        ----------  ----------
                ASSETS                     ($ in thousands)
                                              
Current assets                          $ 106,452      102,711
Property and equipment, net               320,708      316,979
Investment in Universal                    46,742       39,354
Other assets                               31,822       34,047
                                        ---------   ----------
                                        $ 505,724      493,091
                                          =======      =======
 LIABILITIES AND STOCKHOLDERS' EQUITY                         
Current liabilities                     $  68,159       74,604
Long-term debt, less current portion      161,659      145,000
Other long-term liabilities                50,157       50,511
                                        ---------   ----------
                                          279,975      270,115
                                                              
Stockholders' equity                      225,749      222,976
                                        ---------   ----------
                                        $ 505,724      493,091
                                        =========   ==========

                 PROFORMA CONDENSED STATEMENTS OF EARNINGS



                                  Six months ended  
                                               June  30,
                                        ----------------------
                                           1995         1994                                                 
                                        ---------   ----------
                                              
Revenues                                $ 189,672      169,957
Costs and expenses                        172,590      159,502
                                        ---------   ----------
Operating income                           17,082       10,455
Equity in earnings of Universal             2,798        2,007
Equity in earnings of marine                                  
        partnerships                          584           --
Interest expense                           (5,956)      (3,767)
                                        ---------   ----------
Earnings before taxes in income            14,508        8,695
Provision for taxes on income               4,623        2,605
                                        ---------   ----------
Net earnings                            $   9,885        6,090
                                        =========   ==========


                  KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
 
                          NOTES TO FINANCIAL STATEMENTS
     
(2)  SUBSEQUENT EVENT, Continued

     Pursuant to a Shareholder Agreement entered into between Eastern America
Group,  Universal  and the Company in September, 1992, it is anticipated  that
Universal  will  continue redeeming its common stock from the Company  over  a
nine  to  eleven  year  period.   To the extent that  the  anticipated  future
redemptions  by Universal of its common stock exceeds the Company's  basis  in
such  stock,  the Company will record equity in earnings accordingly.   It  is
anticipated  that future earnings attributable to the Company's investment  in
Universal  for  the second half of 1995 will be minimal.  In addition  to  the
Company's common stock holding in Universal, the Company has an investment of
$11,534,000  of preferred stock which accrues earnings based upon  a  pool  of
U.S. Treasury Securities.  The U.S. Treasury Securities are collateral for the
preferred  stock.  The fair market value of such securities at June  30,  1995
was  $13,500,000.  Such earnings attributable to the preferred stock  will  be
recognized  by  the  Company as accrued.  As of June  30,  1995,  the  Company
believes  that  future redemptions by Universal of its common  stock  will  be
sufficient to recover the Company's book basis in Universal.

                KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
                                       
                         NOTES TO FINANCIAL STATEMENTS
                      
(3)  ACCOUNTING CHANGE

     In March, 1995, the Financial Accounting Standards Board issued Statement
of  Financial Accounting Standards No. 121, "Accounting for the Impairment  of
Long-Lived Assets and for Long-Lived Assets to Be Disposed Of" ("SFAS 121").
SFAS 121 is effective for fiscal years beginning after December 15, 1995.  The
Company  has not completed the analysis required by SFAS 121 and, as a result,
the  impact that the adoption of SFAS 121 is expected to have on the Company's
financial  statements  is not known.  SFAS 121 must be adopted  prior  to  the
first quarter of 1996.

(4)  TAXES ON INCOME

     Earnings before taxes on income and details of the provision for taxes on
income  for United States and Puerto Rico operations for the three months  and
six months ended June 30, 1995 and 1994 are as follows:


                          Three months      Six months ended
                         ended June 30,         June 30,
                       ------------------  ------------------
                         1995       1994     1995       1994
                       -------    -------  -------    -------
                                           
Earnings before taxes                                 
   on income:
United States          $ 5,844      3,856   11,713      6,688
Foreign                  2,211      1,038    3,971      3,088
                       -------    -------  -------    -------
                       $ 8,055      4,894   15,684      9,776
                       =======    =======  =======    =======
Provision for taxes on                                       
   income:
United States:                                               
Current                $ 1,681      1,131    3,380      2,199
Deferred                 1,186        799    2,253      1,335
State and municipal        112         73      166        152
                       -------    -------   ------    -------
                       $ 2,979      2,003    5,799      3,686
                       =======    =======   ======    =======
Puerto Rico:                                                 
Deferred               $    --       (302)      --         --
                       =======    =======   ======    =======



                KIRBY CORPORATION AND CONSOLIDATED SUBSIDARIES
                                       
                         NOTES TO FINANCIAL STATEMENTS

(5)  LONG-TERM DEBT

      In  December, 1994, the Company established a $250,000,000  medium  term
note  program providing for the issuance of fixed rate or floating rate  notes
with  maturities  of  nine months or longer. The shelf  registration  program,
registered  with  the  Securities and Exchange Commission,  was  activated  in
March,  1995  with the issuance of $34,000,000 of the authorized  notes.   The
issued medium term notes bear interest at an average fixed rate of 7.77%  with
a  maturity of March 10, 1997.  Proceeds from sale of the notes were  used  to
retire  the  Company's outstanding bank term loan in the amount of $10,286,000
due  June  1,  1997  and to reduce the Company's outstanding revolving  credit
loans  by $23,714,000.  The Company's outstanding bank term loan in the amount
of $10,666,000, due March 6, 1997, was retired on March 20, 1995 with proceeds
borrowed under the Company's revolving credit agreements.  In June, 1995,  the
Company issued $45,000,000 of authorized notes, bearing a fixed interest  rate
of  7.25%,  with a maturity of June 1, 2000.  Proceeds from the  sale  of  the
notes  were  used to reduce the Company's outstanding revolving credit  loans.
The  remaining  $171,000,000 available under the medium term note  program  is
available to provide financing for future business and equipment acquisitions,
and working capital requirements.

                                       
                     KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES 

                       Management's Discussion and Analysis of
                     Financial Condition and Results of Operations

Results of Operations

      The Company reported net earnings of $9,885,000, or $.35 per share,  for
the  first  six  months of 1995, compared with net earnings of $6,090,000,  or
$.21  per share, for the first six months of 1994.  Net earnings for the  1995
second  quarter  totaled  $5,076,000, or $.18 per  share,  compared  with  net
earnings of $3,193,000, or $.11 per share.

      The  Company  conducts  operations in three  business  segments:  marine
transportation, diesel repair and property and casualty insurance.  The sum of
the   three   business  segments'  operating  income  exceeds  the   Company's
consolidated operating income due primarily to general corporate expenses  and
interest expense.  A discussion of each segment follows:

Marine Transportation

      As  a provider of service for both the inland and offshore United States
markets,  the  marine transportation segment is divided into  three  divisions
organized around the markets they serve: the Inland Chemical Division, serving
the  inland  industrial and agricultural chemical markets; the Inland  Refined
Products  Division,  serving  the  inland refined  products  market;  and  the
Offshore  Division,  which serves the offshore petroleum products,  container,
dry-bulk  and  palletized cargo markets.  A division analysis  of  the  marine
transportation segment follows:


                KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
                                       
                    Management's Discussion and Analysis of
                 Financial Condition and Results of Operations

Results of Operations, Continued

Marine Transportation - Inland Divisions

      The  Inland  Chemical  and  Refined Products  Divisions'  transportation
revenues for the 1995 first six months totaled $115,052,000, reflecting a  22%
increase compared with $94,691,000 reported for the first six months of  1994.
Second  quarter 1995 transportation revenues totaled $59,077,000, an  increase
of  21%  when  compared  with second quarter 1994 transportation  revenues  of
$48,673,000.   The  acquisition  from The  Dow  Chemical  Company  ("Dow")  in
November,  1994 of 65 inland tank barges, the assumption of the  lease  of  31
inland tank barges from Dow and the accompanying ten year contract with Dow to
provide inland bulk liquid marine transportation services contributed  to  the
majority of increase in revenues for each comparable period.

      Operating  results  for  the 1995 first half, and  second  quarter  were
negatively  affected  by the Upper Mississippi River System  closure  for  all
marine  transportation movements from May 19 through June 9, 1995,  and  to  a
lesser  extent,  flooding on the Arkansas River.  The  closure  of  the  Upper
River,  the  result of severe flooding, resulted in idle, delayed or  diverted
equipment equal to approximately 10% of the Company's inland tank barge fleet.
When  the Upper River opened, operations were impeded by channel silting which
restricted  drafts,  and  in some cases, briefly closed  the  Upper  River  in
selected  areas.  The closure marked the second time in three years the  Upper
River  has closed due to flooding.  In the previous 25 years, the Upper  River
has closed four times as a result of flooding.  The Company estimated that net
earnings  were reduced by approximately $800,000, or $.03 per share, from  the
effects  of  the  Upper  River and Arkansas River flooding.   For  comparative
purposes, the 1993 flood, which closed the Upper River for most of the summer,
reduced net earnings by an estimated $1,500,000, or $.05 per share.

      Equipment  utilization  in  the  Inland Chemical  Division  and  Refined
Products  Division remained relatively strong during the 1995 first  half  and
second   quarter  in  the  Lower  Mississippi  River,  Ohio  River  and   Gulf
Intracoastal  Waterway,  as well as the Upper River, before,  and  after,  the
flood  event.   The Inland Chemical Division, with over 80% of  its  movements
under  long-term  contracts, has not benefited to any large  extent  from  the
modest  rate  increases experienced in spot market movements.  Second  quarter
1995  spot  market  rates  for  the Refined Products  Division  experienced  a
decline,  as  additional  refinery capacity  in  the  Midwest  and  additional
pipeline  efficiencies  drove rates down slightly.   Offsetting  the  improved
efficiencies was a growing demand for gasoline in the Midwest markets.

      Movements of liquid fertilizer and anhydrous ammonia, through the Inland
Chemical  Division, was strong during the early part of the spring  fertilizer
season,  however, the Upper River System closure caused early  termination  of
the spring fertilizer season.


                KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
                                       
                    Management's Discussion and Analysis of
                 Financial Condition and Results of Operations

Results of Operations, Continued

      Costs  and expenses, excluding interest expense, for the Inland Chemical
and  Refined  Products  Divisions'  for the  1995  first  six  months  totaled
$99,346,000,  reflecting  a 19% increase over the 1994  first  half  total  of
$83,210,000.   Second  quarter  1995 costs and  expenses,  excluding  interest
expense,  totaled  $50,931,000, an increase of 18% over  the  comparable  1994
second quarter when costs and expenses totaled $43,262,000.  The increase  for
both  comparable periods reflects the costs and expenses associated  with  the
operation  of  the  Dow  equipment acquired in  November,  1994,  as  well  as
inflationary increases in costs and expenses.

      The Inland Chemical and Refined Products Divisions' operating income for
the  1995  first six months totaled $15,638,000, an increase of  32%  compared
with  1994 first six months operating income of $11,833,000.  Operating income
for the 1995 second quarter increased 45% to $8,102,000 when compared with  an
operating  income  of $5,575,000 for the second quarter  of  1994.   Operating
margin for the 1995 first half increased to 13.6% compared with 12.5% for  the
first  half  of  1994.   Operating margin for the  1995  second  quarter  also
improved to 13.7% compared with 11.4% recorded for the 1994 second quarter.
                                       
Marine Transportation - Offshore Division

     Transportation revenues from the Offshore Division for the 1995 first six
months   totaled  $47,235,000,  reflecting  a  10%  decrease   compared   with
$52,721,000  reported for the first six months of 1994.  Second  quarter  1995
Offshore  Division transportation revenues equaled $24,001,000, a decrease  of
5% compared with $25,352,000 reported for the 1994 second quarter.

      The Company's Offshore Division, which participates in movements of both
refined products and dry cargo products, experienced weaknesses in spot market
rates  within  its  liquid  market and reduced  demand  and  excess  equipment
capacity within its dry cargo markets.

     The Offshore Division's liquid segment, which benefited from the charters
of  eight  of  its  tank  vessels during the 1994 fourth quarter,  experienced
continued  weakness in spot market rates during the first half of 1995.   Such
reduction  in  rates  occurred as movements of heating  oil,  normally  strong
during the first quarter of the year, did not materialize due to the unusually
mild winter in the Northeast.


                KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
                                       
                    Management's Discussion and Analysis of
                 Financial Condition and Results of Operations

Results of Operations, Continued

      During  the  1995  second  quarter, six of the Division's  tank  vessels
operated  under long-term contract and five tank vessels operated in the  spot
market.   One  tanker  was scrapped in January, 1995 in  accordance  with  the
designated vessel retirements under the Oil Pollution Act of 1990 ("OPA  90").
Full  recovery  of  the  offshore tank vessels' market is  anticipated  to  be
gradual,  over the next few years, as offshore tank vessels are  removed  from
service under OPA 90.

      Movements for the transportation of food aid and related products  under
the  United  States  Government's preference aid cargo programs  and  military
cargo  movements continued to remain weak for the first half of 1995.   Excess
equipment capacity and a reduction in available movements have led to  reduced
rates.  All three of the Company's break-bulk freighters have been laid up for
various  periods  of  the  1995 first half.  One freighter  was  laid  up  for
substantially  all  of  the  1995 first quarter and  during  the  1995  second
quarter, two of the freighters were laid up for the first half of the  quarter
and the third freighter was laid up for substantially all of the quarter, only
returning  to  working status the last 15 days of the quarter.  The  depressed
market  also negatively affected the Company's other offshore dry cargo  barge
and  tug units that primarily work under a long-term contract with an electric
utility  company, but periodically operate in the preference aid market  as  a
supplement to their long-term contract movements.

      Prospects  for  the  second half of 1995 offers  some  encouragement  as
available  dry  cargo movements have increased and all of  the  Company's  dry
cargo  vessels are currently working.  In addition, a competitor has  scrapped
eight  vessels  during 1995 and three additional vessels are scheduled  to  be
scrapped  by  the  end  of the 1995 year.  Such vessels have  participated  in
preference aid and military cargo movements in the past.

     Costs and expenses, excluding interest expense, for the Offshore Division
for  the 1995 first six months totaled $46,239,000, a decrease of 10% compared
with  the corresponding 1994 first six months of $51,458,000.  Second  quarter
1995  costs  and expenses, excluding interest expense, totaled $23,777,000,  a
decrease  of  3% over the comparable 1994 second quarter of $24,494,000.   The
costs  and  expenses of the four offshore tankers acquired in July,  1994  and
reflected  in  the  1995 first half and second quarter also  accounted  for  a
portion of the variance from period to period. Costs and expenses for the 1994
first  quarter included $1,750,000 of costs associated with the collection  of
containers from several voyages carrying preference aid cargo to Haiti,  which
during that period of time, was politically unstable.

     For the 1995 first six months, the Offshore Division recorded operating
income of $1,102,000 compared with $1,261,000 for the 1994 first six months.
for the 1994 second quarter.  Operating margin for the 1995 first half equaled

                KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
                                       
                    Management's Discussion and Analysis of
                 Financial Condition and Results of Operations

Results of Operations, Continued

Second  quarter 1995 operating income totaled $320,000 compared with  $830,000
2.3%  compared  with 2.4% for the 1994 first half.  Operating margin  for  the
1995  second  quarter totaled 1.3% compared with 3.3% reported  for  the  1994
second quarter.  The Offshore Division's operating income noted above includes
an  operating loss from the Company's three break-bulk freighters for the 1995
first six months of $1,865,000 and for the 1995 second quarter of $1,179,000

Diesel Repair

      The  Company's  diesel repair segment reported diesel repair  and  parts
sales  revenues of $26,715,000 for the first six months of 1995, reflecting  a
22% increase compared with $21,816,000 reported for the 1994 first six months.
Second  quarter  1995  revenues totaled $12,690,000, an increase  of  9%  when
compared with 1994 second quarter revenues of $11,646,000.

      The diesel repair segment is divided into two divisions organized around
the  marine  and rail markets.  The Marine Diesel Repair Division operates  on
all  three  coasts and in the Midwest through five facilities that repair  and
overhaul marine diesel engines and reduction gears, and sell related parts and
accessories.   The  Rail  Diesel Repair Division provides  replacement  parts,
service and support nationwide to shortline railroads and industrial companies
that operate locomotives.

      The  Marine  Diesel Repair Division's revenues for the  1995  first  six
months  totaled  $21,935,000,  an increase of 23%  compared  with  $17,771,000
reported for the 1994 first half.  Second quarter 1995 revenues increased  12%
to  $10,318,000 compared with $9,251,000 reported for the 1994 second quarter.
The  Gulf Coast and Midwest markets benefited from the general health  of  the
inland barge industry, that serves as the main customer base for such markets.
The  East  Coast  market  continued  to  reflect  improvements  from  military
customers while the West Coast market benefited from an improved tuna  fishing
industry.

      The Rail Diesel Repair Division reported revenues for the 1995 first six
months  of  $4,780,000, an increase of 18% compared with the  1994  first  six
months'   revenues  of  $4,045,000.   Second  quarter  1995  revenues  totaled
$2,372,000  compared  with $2,395,000 reported for the  1994  second  quarter.
Operations  continue to expand since the division's commencement  in  January,
1994.   The  division  serves as the exclusive distributor  to  shortline  and
industrial  railroads of aftermarket parts and service for the  Electro-Motive
Division of General Motors.

     Costs and expenses, excluding interest expense, for the diesel repair
segment totaled $24,837,000, an increase of 21% compared with $20,486,000
reported for the 1994 first half. Second quarter 1995 costs and expenses,

                KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
                                       
                    Management's Discussion and Analysis of
                 Financial Condition and Results of Operations
                                       
Results of Operations, Continued

excluding  interest expense, equaled $11,850,000, an increase of 9%  over  the
comparable 1994 second quarter total of $10,849,000.  The increases  for  both
comparable  periods  reflect the continued growth in  revenues  from  the  two
diesel repair divisions, as well as inflationary growth in costs and expenses.

      The  diesel  repair segment's operating income for the  1995  first  six
months  totaled $1,940,000, an increase of 42% compared with 1994  first  half
operating  income  of  $1,366,000.   Second  quarter  1995  operating   income
increased  5% to $864,000 compared with $822,000 reported for the 1994  second
quarter.  Operating margin for the 1995 first half equaled 7.3% compared  with
6.3%  for  the 1994 first half.  Second quarter 1995 operating margin  totaled
6.8% compared with 7.0% reported for the 1994 second quarter.

Property and Casualty Insurance

      The  Company's  property  and casualty insurance  segment  is  primarily
centered   around  Universal,  Kirby's  full  service  property  and  casualty
insurance  company operating exclusively in the Commonwealth of  Puerto  Rico.
The   Mariner   Reinsurance  Company  Limited  ("Mariner"),  Kirby's   Bermuda
reinsurance  subsidiary, participated in the writing of property and  casualty
reinsurance from 1970 through 1990.

      On July 18, 1995, Universal redeemed $5,000,000 of its common stock from
the  Company and sold $5,000,000 of its common stock to Eastern America Group.
Such  redemption and sale lowered the Company's voting ownership in  Universal
from  58%  to  47% and increased Eastern America Group's voting  ownership  in
Universal  from  42%  to  53%.  See "Note 2" to the  notes  to  the  financial
statements included elsewhere herein for further disclosures on the  Universal
redemption  and  sale of its common stock, and the effects  of  the  Company's
voting ownership in Universal being decreased to 47%.

      The property and casualty insurance segment reported premiums written of
$78,979,000  for the 1995 first six months, an increase of 40%  compared  with
premiums written of $56,587,000 for the 1994 first half.  Second quarter  1995
premiums  written totaled $43,078,000 compared with $30,470,000 reporting  for
the  corresponding  1994  second  quarter,  an  increase  of  41%.   Continued
expansion of the vehicle single-interest and double-interest lines of business
contributed to the significant increases for each comparable period, primarily
the  result  of  strong automobile sales in Puerto Rico and  from  Universal's
expanded market share.

      Net  premiums  earned  for the 1995 first six months  increased  47%  to
$43,192,000  compared  with $29,415,000 for the 1994 first  six  months.   Net
premiums earned for the 1995 second quarter totaled $22,125,000, reflecting  a
45% increase compared with net premiums earned of $15,305,000 reported for the

                KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
                                       
                    Management's Discussion and Analysis of
                 Financial Condition and Results of Operations
                                       
Results of Operations, Continued

1994  second quarter.  Net premiums earned represents the amortization of  net
premiums  written  over  the life of the policy.  Net  premiums  written  have
increased annually since 1992, thereby increasing the amount amortized to  net
premiums earned.

      Losses, claims and settlement expenses for the first six months of  1995
totaled $30,189,000, an increase of 33% compared with $22,702,000 for the 1994
first  half.   For  the  1995 second quarter, losses,  claims  and  settlement
expenses  totaled  $15,620,000, up 41% from the $11,077,000 reported  for  the
1994  second  quarter.   The  1994 first half losses,  claims  and  settlement
expenses  included  a  $2,000,000  additional  reserve  for  potential  losses
associated  with  Mariner.   Since ceasing participation  in  the  reinsurance
market  in  1990,  the  Company has continued to seek a  withdrawal  from  the
business  and  closure  of  Mariner's  activities,  including  commutation  of
Mariner's  book  of  business.  A commutation would  entail  the  transfer  of
liability from known and incurred but not reported losses to a second party in
exchange for a portion of, or all of, Mariner's assets.  To date, Mariner  has
been  successful in commuting approximately 80% of its claims.  The  remaining
20%  of  uncommuted claims are fully reserved and will be  paid  as  they  are
presented.  Management expects to liquidate Mariner in 1996.

      The  Company's portion of the property and casualty insurance  segment's
pretax  earnings for the first six months of 1995 totaled $3,971,000, up  265%
compared with $1,088,000 for the like 1994 period.  Second quarter 1995 pretax
earnings  totaled $2,212,000, up 113% compared with $1,038,000  for  the  1994
second  quarter.  Minority interest expense for the 1995 first half and second
quarter  totaled  $2,463,000  and  $1,290,000,  respectively,  based  on   the
Company's  58% voting ownership of Universal.  Minority interest  expense  for
the  1994  first  half  and  second quarter totaled $1,179,000  and  $532,000,
respectively.  Such expense was based on a 67% voting ownership  of  Universal
for the 1994 first quarter and 58% for the 1994 second quarter.

Corporate Expenses

      Interest  expense  for  the  1995 first six months  totaled  $5,956,000,
reflecting  a  58% increase over $3,766,000 reported for the  1994  first  six
months.  Second quarter 1995 interest expense equaled $3,046,000, up 56%  from
$1,957,000  reported  for the 1994 second quarter.  Such  increase  represents
interest  on  the  debt  incurred to finance  the  Dow  asset  acquisition  in
November,  1994, the four tankers acquired in July, 1994, the  $11,700,000  of
treasury  stock purchased during the 1995 second quarter and the  increase  in
short-term  interest rates from the first half of 1994 through the first  half
of 1995.

                KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
                                       
                    Management's Discussion and Analysis of
                 Financial Condition and Results of Operations
                                       
Financial Condition, Capital Resources and Liquidity

Stock Repurchase

      From  April  24,  1995  through July 31, 1995, the  Company  repurchased
836,800 shares of common stock at a total price of $11,986,000, for an average
price  of  $14.32.   The  Company has 1,163,200  shares  remaining  under  the
2,000,000  common  share repurchase authorization approved  by  the  Board  of
Directors  in August, 1994.  The Company is authorized to purchase the  common
stock on the American Stock Exchange and in privately negotiated transactions.
When  purchasing common stock, the Company is subject to price, trading volume
and   other  market  considerations.   Shares  repurchased  may  be  used  for
reissuance  upon  the  exercise of stock options, in future  acquisitions  for
stock or for other appropriate corporate purposes.

Long-Term Financing

      In  December, 1994, the Company established a $250,000,000  medium  term
note  program providing for the issuance of fixed rate or floating rate  notes
with  the maturities of nine months or longer. The shelf registration program,
registered  with  the  Securities and Exchange Commission,  was  activated  in
March,  1995  with the issuance of $34,000,000 of the authorized  notes.   The
issued medium term notes bear interest at an average fixed rate of 7.77%  with
a  maturity of March 10, 1997.  Proceeds from sale of the notes were  used  to
retire  the  Company's outstanding bank term loan in the amount of $10,286,000
due  June  1,  1997  and to reduce the Company's outstanding revolving  credit
loans  by $23,714,000.  The Company's outstanding bank term loan in the amount
of $10,666,000, due March 6, 1997, was retired on March 20, 1995 with proceeds
borrowed under the Company's revolving credit agreements.  In June, 1995,  the
Company issued $45,000,000 of authorized notes, bearing a fixed interest  rate
of  7.25%,  with a maturity of June 1, 2000.  Proceeds from the  sale  of  the
notes  were  used to reduce the Company's outstanding revolving credit  loans.
The  remaining $171,000,000 available under the medium term note program  will
provide  financing for future business and equipment acquisitions and  working
capital requirements.

Capital Expenditures

     In May, 1994, the Company entered into a contract for the construction of
12  double  skin  29,000 barrel capacity inland tank barges  for  use  in  the
movement of industrial chemicals and refined products.  In February, 1995, the
Company  exercised  the option under the contract to construct  12  additional
barges.  Since  January, 1995, the Company has received five  barges  and  the
remaining  19 barges are scheduled to be delivered one each month  thereafter.
The  new  construction  program  is consistent with  the  Company's  long-term
strategy of upgrading its equipment to service the needs of its customers  and
to enhance its market position.

                KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
                                       
                    Management's Discussion and Analysis of
                 Financial Condition and Results of Operations
                                       
Financial Condition, Capital Resources and Liquidity, Continued

Accounting Change

     In March, 1995, the Financial Accounting Standards Board issued Statement
of  Financial Accounting Standards No. 121, "Accounting for the Impairment  of
Long-Lived  Assets and for Long-Lived Assets to Be Disposed Of" ("SFAS  121").
SFAS 121 is effective for fiscal years beginning after December 15, 1995.  The
Company  has not completed the analysis required by SFAS 121 and, as a result,
the  impact that the adoption of SFAS 121 is expected to have on the Company's
financial  statements  is not known.  SFAS 121 must be adopted  prior  to  the
first quarter of 1996.

Liquidity

      The  Company  has  generated substantial cash flow  from  its  operating
segments  to  fund  its  capital  construction  project,  asset  acquisitions,
repayment  of  borrowings  associated with acquisitions  and  other  operation
requirements.  The Company generated net cash provided by operating activities
of $43,435,000 for the 1995 first six months compared with $26,660,000 for the
1994 first six months.

      During  each  year, inflation has had a relatively minor effect  on  the
financial results of the Company.  The marine transportation segment has long-
term contracts which generally contain cost escalation clauses whereby certain
costs,  including  fuel  can be passed through to  its  customers,  while  the
segment's  short-term,  or  spot business, is  based  principally  on  current
prices.   In addition, the marine transportation assets acquired and accounted
for  using  the purchase method of accounting were adjusted to a  fair  market
value  and,  therefore,  the  cumulative long-term  effect  on  inflation  was
reduced.   The  repair  portion  of the diesel  repair  segment  is  based  on
prevailing  current  market rates.  For the property  and  casualty  insurance
segment,  100%  of  its  investments  were  classified  as  available-for-sale
securities, which consist primarily of United States Governmental instruments.

      Universal  is  subject to dividend restrictions under  the  stockholders
agreement  between  the  Company, Universal and  Eastern  America  Group.   In
addition,  Universal  is subject to industry guidelines and  regulations  with
respect to the payment of dividends.

     The Company has no present plan to pay dividends on common stock.

                KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
                                       
                          PART II - OTHER INFORMATION
                                       
Item 1.     Legal Proceedings

      For  a  detailed  explanation of the material pending legal  proceedings
against the Company, please refer to the Form 10-K for the year ended December
31, 1994.

Item 6.     Exhibits and Reports on Form 8-K

(a)  Exhibits:

     11.0     Computation of Earnings per Common Share.

     27.0     Financial Data Schedule

(b)  Reports on Form 8-K:

     There were no reports on Form 8-K filed for the six months ended June 30,
     1995.




                                  SIGNATURES

      Pursuant to the requirements of the Securities and Exchange Act of 1934,
the  Registrant  has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                                     Kirby Corporation
                                                          (Registrant)



                                By:     /s/ G. Stephen Holcomb
                                        __________________________
                                         G. Stephen Holcomb
                                         Vice President and Controller

Dated:                                                  August 7, 1995