• Home
  • News
  • KN successfully overcame the challenges of 2017
  • 2018 January 10 10:29

    KN successfully overcame the challenges of 2017

    In 2017, the operator of oil and liquefied natural gas (LNG) terminals KN (AB Klaipėdos Nafta) reloaded 7.177 million tonnes of oil products, with 12.646 million MWh of natural gas regasified and reloaded at the LNG terminal. KN says the company faced challenges last year but managed to overcome them due to its ability to be aware of and respond to the needs of the market, improve the processes as well as seek possibilities to expand the range of services and adapt to changing conditions.

    According to the unaudited performance results of 2017, the amount of oil product and natural gas was almost the same as in 2016. December was a remarkable month for KN – the company loaded the highest volume of oil products, which significantly boosted the annual performance results of KN. As much 834,000 tonnes of oil products were reloaded in December, a growth of 46% compared with December 2016. August was especially productive for KN's LNG terminals – the company regasified and reloaded as much as 2.176 million MWh of natural gas.

    CEO of KN Mindaugas Jusius says that the main challenges were related to oil product load, especially in the first half of 2017, due to the geopolitical situation, when neighbouring countries experienced a tension and stagnation in the logistics of crude oil and oil products. However, KN determined to maintain the load level of 2016 and managed to restore the load volume in the second half of 2017 by using the current infrastructure and installing new ones for different cargoes. As CEO of KN pointed out, this achievement would not have been possible without the efforts of qualified and valuable employees of KN. The company’s staff accounted for nearly 382 employees last year.

    According to CEO of KN, last year the company especially concentrated on risk assessment and quality risk management.

    “The port activity is characterised by specificity, especially for such companies as KN, which reloads the production of such countries as Belarus. We are not only concerned about our own business but are also aware that our operations are affected by international relations. The latter was a source of great concern for us last year, and continues to disturb us this year. So, we try to assess all risks and seek to find the most reasonable solutions. Nevertheless, all our commercial decisions are based on business interests, rather than political ones,” said Mr Jusius, speaking about the risks in the oil product business.

    The operations of the LNG terminal during the last year also contributed to the high performance results of KN. In 2017, the capacity of the LNG terminal during some periods reached as much as 90%, nearly the highest level among all LNG terminals in Europe.

    “Lithuania has gained a reputation on the LNG market as a country of skilful specialists and the ability of implement projects within budget and in due time. Last year the LNG terminal supplied gas to seven countries, and gas to the terminal was shipped from four continents: Europe, South and North America, and Africa. Lithuania has a possibility to purchase gas from anywhere, at the cheapest price,” explained Mr Jusius, speaking about the benefit of the LNG to the state.

    Over 2017, the balanced turnover of cargoes generated a good profit for the company and its shareholders. The preliminary sale revenues of KN amounted to EUR 106.5 million in 2017, a growth of 2.6% compared with 2016. According to the preliminary data, Klaipėda and Subačius oil terminals last year earned EUR 38.3 million (EUR 4.5 million in December, 73% more than in 2016). In 2017, the LNG terminal generated EUR 68.2 million in preliminary revenues, the same as in 2016.

    “The good results of last year prove once again that teamwork and cooperation may bring the tangible benefit not only to the company but also its shareholders, society and the state. We are not only proud about the financial return. We are delighted that KN is considered an attractive employer in the region and creates stable jobs. We share our profit not only with non-profit organisations but also invest it in environmental solutions, such as recycling processes and air pollution prevention. The latter has become especially important for local communities. I want to say that a company, which conducts a socially responsible business, constantly seeks to invest in processes aimed at managing the risks of pollution.  According to the monitoring results, last year volatile organic compounds, or air pollution components, did not exceed the norms provided for in legal acts,” concluded Mr Jusius, speaking about the company’s activity in 2017.




2021 December 2

18:36 NRP buys handysize drybulk carrier
18:06 2M Alliance’s Far East liner service „AE 7/Condor“ calls at Hamburg again
17:54 Icebreaker assistance season starts in Big Port St. Petersburg on December 7
17:36 Vitol is first customer to approve completely digital inspection of cargo tanks
17:15 BIMCO launches new contract for employment of security escort vessels
16:45 GTT will design the tanks of four new LNG carriers ordered by Daewoo Shipbuilding & Marine Engineering to operate in Arctic waters
16:25 MOL announces delivery of next-generation coal carrier 'EeneX' series
16:05 PSA & ONE launch environmentally friendly barge service at Jurong Island Terminal
15:42 “K” Line conducts trial use of marine biofuel for decarbonization on car carrier
15:38 Wärtsilä wins order to supply cargo handling system for second LNG bunker vessel being built by Fincantieri Bay Shipbuilding
15:23 Verifavia launches industry’s first real-time carbon intensity indicator dashboard
14:55 Two more LK-60 icebreakers needed for regular year-round navigation on Northern Sea Route
14:28 Equinor and SSE reach financial close on the third phase of the world's biggest offshore wind farm
14:04 Nuclear-powered icebreaker Sibir to commence operation in Kara Sea in early January 2022 – Vyacheslav Ruksha
13:42 MABUX: Bunker Weekly Outlook, Week 48, 2021
13:02 European shipowners call for further action in the Gulf of Guinea
12:40 Rolls-Royce to supply eight mtu engines for new Svitzer tugs in Brazil
12:01 Throughput of Azov port in 11M’2021 climbed by 1% YoY
12:00 NORDEN simplifies business unit structure
11:36 Norway’s Eksfin tops NOK 10bn in offshore wind financing as Dogger Bank C reaches financial close
11:34 Annual throughput of Severnaya Zvezda project on Taimyr peninsula to exceed 7 million tonnes from 2026
11:10 MABUX: Uncertainty on Global bunker market to continue on Dec 02
10:00 Digital Twin Conference 2022 to be held virtually on 11-12 May 2022
09:33 Crude oil prices are rising in expectation of OPEC+ meeting
09:19 Baltic Dry Index as of December 1

2021 December 1

19:15 PortNews to hold Ship Repair, Modernization and Components Conference on 20 September 2022 in Saint-Petersburg
18:31 DP World celebrates 2,000 members of the Digital Freight Alliance
18:07 CMA CGM and Shell perform first Bio-LNG bunkering operation in Rotterdam
17:42 8 new fuel-efficient ships to join the X-Press Feeders fleet
17:26 Danish Smyril Lines Cargo starts second service between Iceland, the Faroe Islands and Rotterdam
17:06 Port of Antwerp invests in digitalisation of radar infrastructure
16:47 Western Australia and Port of Rotterdam to collaborate on renewable hydrogen
16:05 IMO moves ahead on GHG emissions, Black Carbon and marine litter
15:50 Diana Shipping announces completion of OceanPal spin-off
15:41 RF Federation Council approves Federal Law on Ratification of Nairobi Convention
15:04 Yang Ming adds the latest of its 9th 11,000 TEU ship to the Trans-Pacific service
14:07 SEA-LNG backs Europe’s goal-based, technology-neutral regulation for cleaner shipping
13:50 Liepaja SEZ Board appointed Uldis Hmieļevskis, Deputy CEO, as Acting Manager
13:14 Rolls-Royce extends TBO intervals of mtu Series 4000 engines for commercial marine application
13:03 Oil shipments via CPC Marine Terminal in 11M’21 climbed by 0.7% YoY
12:56 Valenciaport tenders the drafting of the urban development project for areas 2 and 5 of the Special Plan for zone 1 south of the Port of València
12:06 Mostotrest conducted 2,177 operations on raising bridges in Saint-Petersburg over navigation season of 2021
11:45 MABUX: Bunker prices may continue to decline on Dec 1
10:49 Russian Railways' network loading climbed by 3.3% in 11M’2021
10:15 Maersk Customs Services USA highlights trends and opportunities for U.S. importers
09:51 Port of Kiel receives funding for digital test field
09:30 Crude oil prices start rising
09:16 Baltic Dry Index as of November 30

2021 November 30

18:35 ICS urges WTO Director General to prioritise maritime transport in multilateral trade negotiations
18:14 First phase of Tuas Port reclamation works completes
17:53 Finnlines announces bunker surcharge for Malmö-Travemünde-Malmö
17:35 HDB, JTC and MPA, which issue over two-thirds of government invoices, offer e-invoicing through IMDA’s InvoiceNow
17:04 DNV supports world first large-scale testing of submerged CO2 pipelines
16:48 RF Navy’s large anti-submarine ship Vice Admiral Kulakov enters Barents Sea
16:34 Brittany Ferries takes delivery of Salamanca
16:04 Port of Oakland total cargo volume down 20 percent in October 2021
15:50 RF Navy's corvette Gremyashchy and two submarines of Varshavyanka project welcomed in Vladivostok
15:39 Abbey Heimensen appointed to VP of Marketing, MarineMax
15:34 The Port of Barcelona validates its Innovation Plan
15:19 Icebreaker Sibir of Project 22220 completed main part of shipbuilder’s sea trials