10.4.2.3Vertical

Inland River Shipping

Operators transporting cargo on inland river systems.

Market snapshot

These figures describe Coastal & Short Sea Shipping (10.4.2), the segment that Inland River Shipping sits within. They are not figures for Inland River Shipping on its own.

Market size
~$10B
Growth
~5.8%CAGR (2017–22, nominal)
Companies
~340 firms
Firms by employee count

67.6% of firms have fewer than 20 employees: 230 micro-businesses, below most mandates.

The investable universe110 firms with 20+ employees
20–99
5348%
100–499
3229%
500+
2523%

Protected coastwise trade, and the growth is steady because the market is effectively closed. Vessel replacement is the strategic issue: US-built tonnage costs several times the world price, so fleet age is the constraint on capacity rather than demand.

NAICS 483113. U.S. Census Bureau, 2022 Statistics of U.S. Businesses; U.S. Census Bureau, 2022 Economic Census.

Business model & economics

Revenue model

Domestic coastal/island freight rates

Key economics

Revenue per firm
$29,465,862
Revenue per employee
$519,653
Employees per firm
56.9
Recurring revenue
Moderate–High

recurring domestic trade lanes

EBITDA margin
Protected but high-cost Jones Act economics
Capex intensity
High

Characteristics

  • Scale-driven: payroll is only 18% of revenue, so the cost base is assets, not headcount
  • Thin strategic-buyer pool: only 25 firms exceed 500 employees, so exits skew sponsor-to-sponsor
  • Jones Act trades (Hawaii, Alaska, Puerto Rico, Great Lakes).
  • Protected from foreign competition.
  • U.S.-built vessels far more expensive.

NAICS 483113. U.S. Census Bureau, 2022 Statistics of U.S. Businesses; U.S. Census Bureau, 2022 Economic Census.

Geographic concentration

AlabamaArizonaColoradoFloridaGeorgiaIndianaKansasMaineMassachusettsMinnesotaNew JerseyNorth CarolinaNorth DakotaOklahomaPennsylvaniaSouth DakotaTexasWyomingConnecticutMissouriWest VirginiaIllinoisNew MexicoArkansasCaliforniaDelawareDistrict of ColumbiaHawaiiIowaKentuckyMarylandMichiganMississippiMontanaNew HampshireNew YorkOhioOregonTennesseeUtahVirginiaWashingtonWisconsinNebraskaSouth CarolinaIdahoNevadaVermontRhode IslandAlaskaLouisiana

Alaska's concentration is the highest measured anywhere on this site, at fifty-five times the national rate. Coastal shipping is not a transport choice there but the supply line for communities with no road access. Louisiana follows on Gulf coastwise trade.

AlaskaLouisiana

U.S. Census Bureau, 2022 Statistics of U.S. Businesses (firms by state), NAICS 483113. Concentration shown by location quotient.

M&A deal context

Deal activityModerate

Who’s acquiring

  • Jones-Act carriers (Matson, TOTE, Crowley)
  • Great Lakes operators
  • Maritime investors

What’s driving deals

  • Jones-Act fleet renewal.
  • Island/territory trade demand.
  • Jones-Act policy dynamics.

Find Inland River Shipping acquisition targets

Search Acquisera’s index for companies classified under Inland River Shipping (10.4.2.3) and build a targeted deal pipeline.

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