• 2018 February 1 10:02

    KN posts net profit of EUR 17 million in 2017

    KN (AB “Klaipėdos nafta”), the oil and liquefied natural gas (LNG) terminal operator, says it is proud of having overcome last year’s challenges and achieved high income and profitability indicators despite the tense and dynamic situation in the market. KN last year’s income amounted to EUR 106,5 million, and the company earned a net profit of EUR 17 million. As a comparison, in 2016, the income amounted to EUR 103,8 million and the net profit amounted to EUR 13,8 million respectively. In accordance with the non-audited financial statements, the return on equity during the reference period amounts to 8.7%, EBITDA margin – 29.4%, and the net profit margin – 16.0%.
    This aim was achieved through proper management of cargo flow risks, rational planning as well as flexible and time-intensive decision making.

    According to KN CEO Mindaugas Jusius, last year’s financial indicators are optimistic indeed, since the company’s operations were affected by extremely unfavourable external circumstances determining a considerably lower oil product loading in the first six months of the year. Nevertheless, the company managed to stabilise the cargo flow and ensure sound annual indicators – almost 7.2 million tonnes of oil products were reloaded to the company’s containers in Klaipėda and Subačius oil terminals.
    Over 2017, the LNG terminal accepted 15 LNG carriers, which brought 839,8 thousand tonnes of LNG. The gas was supplied to Lithuania from 4 states. 6 small-scale LNG reloading operations were carried out in 2017 as well. The demand for services of the LNG terminal maintained its high level, and in certain months the terminal’s operations exceeded 90% of its capacity.
    “KN is a public liability company, therefore, one of our main goals is to ensure profitable operations and return to our shareholders, including to the state. That is why every year we pursue ambitious value enhancement goals. Last year we exceeded our goals because we put much effort and many of our internal resources to risk management, creation of competitive conditions in oil terminals and speedy implementation of technological decisions. We also gained additional profit by rendering consulting services in international markets and by realising the oil products we have accumulated during the production process,” notes Mindaugas Jusius in his overview of the results.
    The head of the company highlights that last year the company demonstrated financial growth as well as focused its human and other resources on the implementation of investment projects. Last year, the major share of the company’s investments was focused on the development of the “Klaipėda nafta” terminal, i.e. construction of new tanks for oil product storage and a LNG reloading station. In 2017, a total of EUR 32.9 million were invested, the first stage envisaged in the company’s strategy was implemented and the works of the second stage were launched.
    “It is essential for any company to invest into technologies and infrastructure meeting market demands, if it seeks not only to stay competitive but also to progress further and to be the leader in its field. As we work with European Union states, Eastern states and other markets, we have to feel the pulse and to take active participation in this ever-changing process. The LNG market is the most changing market in terms of growth, therefore, we are constantly in search of possibilities for developing this field of activities so essential for the company. Last year, the LNG terminal ensured almost half of Lithuania’s gas demands, and, as of the beginning of the last year, we have been persistently making our path to small-scale LNG reloading operations thus not only ensuring energetic independence but also creating added value for the state to develop new activities,” – says Mr. Jusius.
    For 2018, KN is planning a more conservative budget, yet it will pursue a profit not lower than EUR 10.2 million. The company claims that the key risks are related to the intense geopolitical situation. A one-off technical effect of regulated activities and investments into newly developed activities, which will generate profit in the future, will have direct negative influence on the results.
    “In Klaipėda, we will try to ensure that the amount of the oil product reloads is not lower than the amount recorded in 2017. However, higher indeterminacy is being observed in the market, and fierce competition with terminals of other Baltic states and Ukraine will be a huge challenge on our way towards high profitability. In addition, new activities developed by the company, i.e. small-scale LNG loading operations and international projects, are at their early-life stage and require additional resources. Therefore, we are more cautious in assessing the forecasts of financial results of 2018,” Mr. Jusius highlights.
    The CEO claims that the company will focus on the strengthening of its team. “I consider the KN team to be a strong team, which is ready to withstand and cope with any challenges arising on its path. However, I believe that long-term success first depends on employees’ involvement, therefore, this year, we will pay more attention to the enhancement of the organisational culture: we are introducing a project of the company’s virtues and we intend to maintain a closer relationship with companies surrounding us, to seek for solutions aimed at improving the quality of the environment."

2020 February 26

10:21 3rd Hydraulic Engineering Structures and Dredging Congress kicks off in Moscow
10:17 MABUX: Bunker market this morning, Feb 26
10:06 GTT receives an order from Hudong-Zhonghua Shipbuilding (Group) Co. Ltd. for the tank design of two new LNG Carriers
09:59 First dredger with ultra-low emissions has arrived in Belgium
09:54 Novorossiysk Commercial Sea Port to invest RUB 108.4 billion in development till 2029
09:35 Brent Crude futures price is up 0.65% to $54.61, Light Sweet Crude – up 0.8% to $50.3
09:17 Baltic Dry Index is up to 508 points

2020 February 25

18:06 Maritime world players gather in Antwerp for World Ports Conference 2020
17:51 Four new IBIA board members announced at AGM
17:30 ClassNK develops its Digital Grand Design 2030
17:18 Piraeus Bank enters into a strategic collaboration with ORIX Corporation to provide financing solutions to the Greek maritime sector
17:02 DNV GL awards MSC new container ship fire safety notation
16:36 Foreship scrubber enquiries surge as owners clear the air
15:59 Trust Management sells crude oil tanker FSL Shanghai
15:49 RF Navy’s Baltic Fleet starts preparing for "Sea Cup" competition
14:58 Gazprom Neft’s net profit exceeds RUB400 billion in 2019
14:33 World Bank presents results of its study on prospects for strengthening Ukraine’s port sector governance
14:05 Marakeb Technologies and Fincantieri sign MOU for unmanned technology collaboration
13:27 THE Alliance announces details of 2020 Middle East service network
12:42 Container Terminal Saint-Petersburg upgrades its fleet of production equipment
12:17 COSCO SHIPPING Lines maintains logistics chain for international trade
12:01 KSS Line adds one new VLGC model after four vessels in 2019
11:25 DP World acquires the largest multi-purpose deep-sea marine terminal on the West Coast of North America
11:16 PPA scores big in latest survey, continues to veer away from 'corruption' tag
10:43 World Maritime University signs MoU with Maritime Academy of Asia and the Pacific
10:15 Logistics specialist leases Newport Docks warehouse
10:14 CMA CGM announces PSS from Europe, Scandinavia, Black Sea & West Med to Reunion, Mauritius, Mayotte, Comoros, Seychelles & Madagascar
10:09 MABUX: Bunker market this morning, Feb 25
09:51 Throughput of port Shanghai (China) in Jan’20 fell by 13.2% to 41.75 million tonnes
09:30 Brent Crude futures price is up 0.3% to $55.94, Light Sweet Crude – up 0.39% to $51.63
09:12 Baltic Dry Index is up to 506 points

2020 February 24

16:43 MOL and DSME sign joint development agreement for environmental friendly FSRU technology
15:06 Wilhelmsen Group's fourth-generation owner Wilhelm Wilhelmsen dies
14:53 MABUX Digest: Top events on global bunker market. Week 08
12:54 Milaha participates in ‘Made in Qatar 2020’ Exhibition as a Gold Sponsor
10:45 MABUX: Bunker market this morning, Feb 24
10:11 DOF Subsea posts Q4 operating income of NOK 1,349 million

2020 February 23

15:01 Great Lakes reports record full year results
14:32 AAM completes 80’ patrol vessel for the Texas Parks and Wildlife Dep't
13:37 EDS HV Group completes scope of work at Vattenfall’s HR3 wind farm
12:23 Ingeteam signs the contract with Yantai CIMC Raffles Offshore for hybrid electric propulsion system delivery of two Ro-Ro vessels
11:21 USCG, other agencies to conduct search and rescue exercise near Perdido Bay

2020 February 22

17:14 First Subsea provide Cable Protection Systems for NnG
14:48 Med Marine: Turkish-built tug equipped with SCHOTTEL bestseller
13:41 CSBA study finds U.S. dredging industry a critical component of national security
11:39 USCG Cutter Legare returns home after interdicting over 3,300 pounds of drugs
10:47 Ray Fitzgerald to rejoin Crowley as COO

2020 February 21

18:12 Digitization of KN: paper is no longer used in the operation of Klaipėda LNG terminal
17:48 NIBULON Shipyard is about to launch second non-self-propelled open type vessel
17:17 CMA CGM announces Emergency Space Surcharge from North Europe, Scandinavia & Poland to West Med, East Med, Adriatic & North Africa
16:59 New roll trailers put into operation at Bronka port
16:04 AS Tallink Grupp’s wholly-owned subsidiary AS Hansatee Cargo merged with Group’s wholly-owned subsidiary AS Tallink
15:25 Russia's Main Department of State Expertise approved adjusted design documentation under Nord Stream 2 project
15:02 OCEAN Industries orders MAN Propulsion Packages for Royal Canadian Navy tugs
14:13 Diana Shipping announces time charter contract for m/v Coronis with Koch and cancellation of the sale of a Capesize dry bulk vessel
13:01 COSCO SHIPPING Lines provides water and rail transport services
12:40 Wärtsilä LPG Fuel Supply System the first ever to undergo engine testing
12:12 ABS to class world’s largest B-Tank VLECs by Jiangnan
11:30 Coronavirus disease 2019 – IMO urges no unnecessary delays to ships
11:09 World’s first LPG-retrofit order exercises option for four additional engines