Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
JOHNSON WALTER E
   2. Issuer Name and Ticker or Trading Symbol
KIRBY CORP [KEX] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
4400 POST OAK PARKWAY, 4TH FLOOR		 3. Date of Earliest Transaction (Month/Day/Year)
05/11/2006
(Street)

HOUSTON, TX 77027		 4. If Amendment, Date 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
(City)
(State)
(Zip)
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 05/12/2006   M   5,951 A $ 24.135 15,071 D  
Common Stock, par value $.10 per share 05/12/2006   M   2,649 A $ 31.475 17,720 D  
Common Stock, par value $.10 per share 05/11/2006   S   8,600 D $ 80.2835 9,120 D  
Common Stock, par value $.10 per share 05/15/2006   M   2,258 A $ 31.475 11,378 D  
Common Stock, par value $.10 per share 05/15/2006   M   2,642 A $ 25.385 14,020 D  
Common Stock, par value $.10 per share 05/12/2006   S   4,900 D $ 80.1876 9,120 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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 Underlying Securities
(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 of Derivative Security: 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
Director Stock Option (Right to Buy) $ 24.135 05/12/2006   M     4,086 07/17/2001 07/17/2011 Common Stock 4,086 $ 24.135 22,814 D  
Director Stock Option (Right to Buy) $ 24.135 05/12/2006   M     1,865 03/31/2002(1) 07/17/2011 Common Stock 1,865 $ 24.135 20,949 D  
Director Stock Option (Right to Buy) $ 31.475 05/12/2006   M     2,649 10/16/2002 04/16/2012 Common Stock 2,649 $ 31.475 18,300 D  
Director Stock Option (Right to Buy) $ 31.475 05/15/2006   M     351 10/16/2002 04/16/2012 Common Stock 351 $ 31.475 17,949 D  
Director Stock Option (Right to Buy) $ 31.475 05/15/2006   M     1,907 03/31/2003(2) 04/16/2012 Common Stock 1,907 $ 31.475 16,042 D  
Director Stock Option (Right to Buy) $ 25.385 05/15/2006   M     2,642 10/22/2003 04/22/2013 Common Stock 2,642 $ 25.385 13,400 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
JOHNSON WALTER E
4400 POST OAK PARKWAY, 4TH FLOOR
HOUSTON, TX 77027		   X      

Signatures

 G. Stephen Holcomb, Agent and Attorney-in-Fact   05/15/2006
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(1) Option exercisable 33% at 9/30/01, 67% at 12/31/01 and 100% at 3/31/02.
(2) Option exercisable 25% at 6/30/02, 50% at 9/30/02, 75% at 12/31/02 and 100% at 3/31/03.

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