SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* VALERIUS STEVEN P (Last) (First) (Middle) 55 WAUGH DRIVE, SUITE 1000 (Street) HOUSTON TX 77007 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol KIRBY CORP [ KEX ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner X Officer (give title below) Other (specify below) Pres. Kirby Inland Marine, LP
	3. Date of Earliest Transaction (Month/Day/Year) 09/18/2003
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $.10 per share								10,447	D
Common Stock, par value $.10 per share								695	I	401(k) Plan
Common Stock, par value $.10 per share								463	I	401(k) Plan(1)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option (Right to Buy)	$19.0625	09/18/2003		M(2)			1,500	10/19/2003(3)	10/19/2009	Common Stock	1,500	$19.0625	104,016	D
Employee Stock Option (Right to Buy)	$19.0625	09/19/2003		M(4)			3,500	10/19/2003(3)	10/19/2009	Common Stock	3,500	$19.0625	100,516	D
Employee Stock Option (Right to Buy)	$21.5313	09/19/2003		M(4)			5,000	01/15/2004(5)	01/15/2006	Common Stock	5,000	$21.5313	95,516(6)	D

Explanation of Responses:

1. Shares owned beneficially and of record by Mr. Valerius' wife, through the Kirby Corporation 401(k) Plan. Mr. Valerius disclaims ownership of the shares.

2. Mr. Valerius exercised an option for 1,500 shares on September 18, 2003 and, of the exercise, 1,500 shares were registered in the name of his ex-wife, Marcia Lynn Harris, pursuant to a domestic relations order.

3. Original option of 40,000 shares exercisable 25% after one year, 50% after two years, 75% after three years and 100% after four years from date of grant.

4. Mr. Valerius exercised options totaling 8,500 shares on September 19, 2003 and, of the exercise, 8,500 shares were registered in the name of his ex-wife, Marcia Lynn Harris, pursuant to a domestic relations order.

5. Original option of 30,000 shares exercisable 33% after one year, 67% after two years and 100% after three years from date of grant.

6. Also, options of 23,834 shares are owned by record by Mr. Valerius' wife through various Kirby Corporation Employee Stock Option Plans. Mr. Valerius disclaims beneficial ownership of the option shares.

Remarks:

	Steven P. Valerius	09/22/2003
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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