• 2021 February 1 13:16

    KN group’s income in 2020 fell to 80.5 million EUR

    The activities of the oil and liquefied natural gas (LNG) terminal operator KN in 2020 were mostly affected by the slowdown in the global economy caused by the coronavirus pandemic, leading to a drop in demand for petroleum products and stabilizing oil refining margins in record lows. Despite these global challenges, according to unaudited data, the KN group managed to secure similar revenue as in previous years and earned 10.4 million EUR adjusted net profit.
    According to unaudited data, in 2020 the KN group earned 80.5 million EUR income, while in 2019 the revenue of the KN group amounted to 104.4 million EUR. However, the decisions made by the KN to reduce the security supplement of the LNG terminal, which amounted to 26.8 million EUR per year, had the largest impact on the decrease in revenue, which directly decreased KN revenue.
    Adjusted net profit of KN group in 2020 amounted to 10.4 million EUR while the KN's adjusted net profit a year ago was 12.7 million EUR. Adjusted EBITDA for 2020 was 50.3 million EUR (71 million EUR in 2019).
    Assessing only the Q4 of 2020, the KN group had 1.5 million EUR adjusted loss (adjusted profit of 5.4 million EUR a year ago). This result was mainly influenced by the reduced volumes of oil product handling due to the pandemic effect and, accordingly, revenues from this segment. The financial result was also affected by the effect of deferred income tax due to the application of IFRS 16 “Lease”. Adjusted EBITDA of KN group in October-December 2020 was 11.4 million EUR (20.5 million EUR for a comparative period a year ago). KN group’s revenue in 2020 amounted to 19.7 million EUR in the Q4.
    "Looking at the past year, firstly, we would like to emphasize those positive things that have been achieved in this complicated business environment. We ensured the continuity of our activities, avoided coronavirus outbreaks in the organization and at the same time achieved quite a good result in terms of business – each of the terminals we manage operated at a sufficiently high utilization level and contributed to a profitable result. Unfortunately, with the start of 2021, we still have to say that the coronavirus pandemic will continue to affect the refining segment and the energy sector as a whole. The likelihood of a rapid recovery will depend directly on the pace of vaccination in key consumer markets and the associated growth forecasts for demand. Therefore, 2021 will remain a challenging period not only for us, but also for a large part of other businesses,” says Darius Šilenskis, CEO of KN.
    KN CEO notes that the year is memorable not only for business results, but also for the company's internal achievements. "We started the year with important achievements – a new business strategy until 2030 was adopted, and we also became the operator of a terminal in Brazil and thus took a strong new step in international business. Even in the pandemic year, with part of the organization working remotely, we implemented several LEAN instruments, and ended the year with three ISO certificates confirming that quality, environmental, occupational health and safety management systems of KN meet international standards. The results of the annual survey of employees show that the implementation of LEAN has been assessed as one of the most positive organizational changes,” adds D. Šilenskis.
    However, the 2021 for the KN group will also be challenging. At the end of the last year, KN received a notification from the Belarusian company BNK (UK) about the temporary suspension of the export of oil products by concluding new contracts through the KN terminal in Klaipeda. The nature of the tenders announced by the Belarusian refineries in January shows that Klaipeda is not mentioned as a possible alternative to the export of products. Belarusian oil cargo in February or subsequent periods is not nominated through KN-operated oil terminals.
    "In 2021 we no longer expect for stable Belarusian product transhipment through KN oil terminals, which inevitably puts pressure on KN's business performance and, accordingly, our efforts to continue the process of streamlining and improving operations in order to further diversify operations and compensate for potential losses through alternatives to other services and cost savings. We will have to transform our activities faster than we expected in the initial strategic assumptions, so the challenge for the organization is really big. At the same time, this situation confirms that the long-term strategy we have adopted is the right one and that the main strategic goal remains the same - KN must have several equivalent activities that contribute to shareholder return, thus reducing the potential short-term negative impact on one or another business segment,” D. Šilenskis emphasizes.
    Depending on the circumstances, KN ​​will review its investment plans this year, deferring investments that are not related to business continuity, undertake other projects related to cost reduction and operational efficiency, and work on diversifying the portfolio of services and products.
    Main financial indicators of the Group comparing 12 months of 2020 and 2019: 


    Financial results for 12 months of 2020 

    Change, compared to 12 months of 2019 

    Adjusted results for 12 months of 2020

    Change, compared to12 months of 2019 


    80.5 million Eur 


    80.5 million Eur 


    Net profit 

    32.9 million Eur 

    4.3 times 

    10.4 million Eur 



    72.9 million Eur 


    50.3 million Eur 


2024 April 18

17:18 Cepsa and Evos join up for green methanol storage in Spain and the Netherlands
16:48 ClassNK commences joint research project with JAXA on material compatibility evaluation methods for liquefied oxygen
16:24 Panama Canal announces new measures regarding number of transits and maximum draft
15:50 Kongsberg Maritime secures contract to supply propeller systems to Damen Naval for four Anti-Submarine Warfare frigates
15:24 LR to class Torghatten Nord’s hydrogen-powered ferry duo for Arctic sailings
14:04 CMA CGM sells part of the foreign activities of Bolloré Logistics to the Balguerie Group
13:40 Methanol Institute and SEA-LNG unite against EU trade barriers to biomethane and biomethanol fuels
13:23 DP World launches a new Air Tracking feature to its SeaRates platform
12:31 Port of Los Angeles container volume increases 19% to 743,417 TEU in March 2024
12:16 MABUX: Bunker Outlook, Week 16, 2024
12:11 Coastal Sustainability Alliance boosts development and adoption of maritime biofuel in Singapore
11:43 Ocean Network Express launches reduced emissions shipping service
11:23 Wartsila cargo handling and fuel gas supply systems selected for three new Very Large Ethane Gas Carriers
10:45 Singapore plans production of biofuel blends up to B50 in grade
10:25 Maritime and Port Authority of Singapore and International Energy Agency сollaborate on maritime energy transition

2024 April 17

18:03 Australia and Singapore partner in a $20 million initiative to help reduce emissions in the maritime sector
17:38 EPS strengthens green collaboration with MPA with six Singapore-registered ammonia dual-fuel newbuilds
17:03 HD Hyundai, Scottish firms to cooperate on offshore wind power
16:16 Hanwha Ocean wins 176.4 bln-won order for 1 LPG carrier
15:46 Maritime Book and Claim System advances pilot study to support first movers in zero-emissions shipping
15:00 Port of Antwerp-Bruges cargo volumes up 2.4% to 70.4 million tonnes in Q1 2023
14:47 DOF Rederi AS sells PSV Skandi Gamma
14:24 PIL, CCS partner on alternative fuels and onboard carbon capture and storage
13:44 Total volume of bunker fuel sales at the port of Fujairah increases by 25.2% to 700,918 m3 in March 2023
12:11 Eureka Shipping announces construction of new cement carrier for Great Lakes trade
11:32 MOL to adopt new system to increase capacity and improve operational efficiency of car carriers
11:12 GTT receives an order for the tank design of eight new LNG carriers
10:43 Thailand's Department of Marine and Coastal Resources takes delivery of a new research vessel
10:27 The United States exported a record volume of natural gas in 2023
09:58 TECO 2030 raises NOK 43 million and partners up with Advait in India

2024 April 16

18:04 HD KSOE attains 73% of annual order target in 100 days
17:31 Anglo-Eastern buys Euronav ship manager
17:06 Navig8 takes delivery of the second of six newbuild MRs with emission reducing technology
16:38 IMO’s Facilitation Committee tackles digitalization and autonomous shipping
16:12 World’s largest car carriers ordered with MAN Energy Solutions propulsion package
15:46 Hapag-Lloyd and Seaspan to retrofit five vessels to methanol propulsion
14:13 Asyad Shipping and OQ8 successfully complete first-of-its-kind blended crude oil delivery from Mina Al Fahal to Duqm Refinery
13:54 Hapag-Lloyd unveils its new Strategy 2030
13:14 Singapore aims for over 1 mln tons of low-carbon methanol bunker supply by 2030
12:43 Trafigura to commercially deploy Daphne Technology’s PureMetrics on LNG carrier for precise MRV and optimisation of GHG emissions
12:15 All 12 people rescued from fire on board Tanzanian-flagged cargo ship in Singapore waters
11:49 Drydocks World steel cutting ceremony marks start of UK Norfolk Vanguard Offshore Wind Platforms project
11:23 North Pacific Green Corridor Consortium aims to decarbonize transportation corridor between Canada, Japan and South Korea
10:48 Wartsila offers new high-performance thruster and propulsion control solution package
10:25 Port of Long Beach container volume up 8.3% to 654,082 TEUs in March 2024
09:58 Kalypso Offshore Energy signs LOI with Royal IHC

2024 April 15

18:04 Container shipping costs of S. Korea-EU route surge 40 pct amid Red Sea crisis
17:21 HMM to expand container ship fleet by 2030
17:09 Singapore retains its position as the world's leading maritime city
16:47 Iran says MSC Aries vessel seized for 'violating maritime laws'
16:24 ICTSI gets PPA OK to operate Iloilo Port
15:21 DEME’s offshore installation vessel ‘Orion’ successfully completes the near 15 MW turbine foundation installation project in Scotland and heads to US
14:55 Meriaura orders two biofuel powered 6750 DWT cargo vessels from Royal Bodewes shipyard
14:35 Methanol-fuelled MAN 21/31DF-M GenSet secures first propulsion order
13:32 Port of Valencia export freights grow by 2.13% in March 2024
12:48 Seatrium and Shell inks MOU to further collaborate on floating production systems
12:24 Seaspan launches second LNG bunkering vessel to deliver low-carbon energy solutions to the West Coast
11:57 Japan's 1st coastal module carrier to transport offshore wind turbine foundation components
10:36 EST-Floattech to provide the battery system for the purpose-built electric-landing utility vessel

2024 April 14

16:02 Shanghai's ship exports see considerable growth in Jan-Feb
14:13 Stena Drilling secures 1-well firm programme with Energean for Stena Forth in Morocco
12:07 GSBN: Lack of digital processes in shipping complicates decarbonization game
10:22 Panama Canal expects return to normal transit capacity by 2025

2024 April 13

15:04 Subsea7 awarded contract in the Gulf of Mexico
13:51 Shanghai Electric’s 'ZHI ZHEN 100' excels thorough offshore equipment test
11:18 WSC: Updated version released of “Prevention of Pest Contamination of Containers: Joint Industry Guidelines for the Cleaning of Containers”
09:43 Financiers and insurers ready to support electrification of the domestic harbour craft sector

2024 April 12

18:02 The first LNG bunkering operation performed at Klaipeda Port
17:32 Nexans announces keel laying ceremony for the CLV vessel
17:19 Arctia to map offshore wind farm area in Norway