• 2020 November 2 09:31

    KN increases its profitability

    Although 2020 has been a year of business challenges, even in these circumstances, KN has achieved higher operating profitability than in previous periods. During the first 9 months of this year, the KN Group earned 9,7 million adjusted net profit and this is 7,8% higher than in the corresponding period a year ago. The return on equity of the KN Group this year is 6 per cent – respectively, a year ago this indicator was 4,8 per cent, KN says in a press release.

    In January – September 2020, the KN Group earned 60,8 million Euros income (77,2 million Euros in respective period in 2019). Adjusted Group’s EBITDA for this period amounted to 36,8 million Euros.
     
    The net profit of the KN Group for the third quarter of this year was 2,9 million Euros and was 27 higher than in the second quarter of this year. In July – September, the KN Group earned 20,1 million Euro income (20,7 million Euros in 2019 Q3).
     
    “In April-June, full of challenges and uncertainties, which were strongly affected by the coronavirus pandemic and the correspondingly slow recovery of market participants’ expectations, we stabilized revenues and increased our profitability in the third quarter. We see that the biggest impact on the overall financial result of KN’s operations is made by the reduction of the LNG security component – by excluding this factor, we have been able to focus on operational efficiency and achieve higher adjusted net profit if compared to the same period last year,” says Darius Šilenskis,  CEO of KN.
     
    KN’s oil business is affected this year by oil refining margins still at historic lows, geopolitical circumstances, as well as the global coronavirus pandemic, which has reduced demand for oil products worldwide. Despite these difficult circumstances, KN managed to maintain close to last year‘s results in the oil business segment: KN earned 23,7 million Euros income (23,9 million Euros a year ago). The adjusted net profit from these activities was 6,7 million Euros (7 million Euros a year ago). Assessing the company’s and market analytics data, KN continues to be the most efficient company using the capacity of its oil terminals in the Baltic States.
     
    Global trends this year have also led to a significant increase in the demand for liquefied natural gas – LNG terminal users have also successfully used the opportunities provided by the infrastructure in Klaipėda to purchase energy resources at the most favorable market prices. This is reflected in the 27 per cent increase in regasification at the LNG terminal during the first 9 months of this year, reaching 16.4 TWh this year.
     
    KN earned 32,7 million Euros this year income from regulated activities. Since this year, the company has been implementing decisions related to the optimization of LNG operating costs and the reduction of the LNG security component for Lithuanian gas customers – by implementing this decision, KN’s revenue for the first nine months of this year is 20,1 million Euros lower.
     
    “This week, the LNG terminal has just started its seventh year of operation. We meet this symbolic time stamp with great optimism – the LNG terminal in Klaipėda is among the most efficient commercial LNG terminals in Europe, more than 70 per cent of the gas imported into the country this year was supplied through the infrastructure we manage. The potential is really great, both in terms of energy interconnection projects being developed in the region and in terms of small-scale LNG operations, which are being driven by the goals of a climate-neutral economy in the EU,” emphasizes the CEO of KN.

    KN’s commercial LNG segment, which consists of international LNG business development and LNG distribution station operations in Klaipėda, also already shows tangible results. During 2020, the KN Group earned 4,3 million Euros in revenue from these activities, which exceeded its expectations.

    “The rest of 2020 will also not be very easy for all business organizations. The new wave of COVID-19 is taking place around the world, which will continue to affect the expectations of the public and market participants, as well as the performance of individual segments of KN operations. The KN Group will continue to focus on ensuring a safe working environment for its employees and a correspondingly high quality of service for customers. Managing operational risks and ensuring business continuity in the context of the coronavirus pandemic will remain among the highest priorities of our activities,” emphasizes Darius Šilenskis, CEO of KN.




2021 August 4

18:27 CTRL Marine Solutions announce their acquisition by Campbell Johnston Clark
18:07 IMCA signs Gulf of Guinea Declaration on the Suppression of Piracy
17:46 Shipyard OKA launches the Alexander Ivanov, ninth dry cargo ship of RSD59 series
17:36 PSA & Samudera strengthen strategic partnership in cargo solutions and logistics
17:16 KMZ supplied water jet ejectors for a new small sea tanker of project 03182
17:15 Iridium announces partnership with Canadian Coast Guard
16:20 Port of Tanjung Pelepas jumps to 15th in world ranking
16:05 DNV and Nakilat JDP works to improve vessel software reliability and quality
15:41 Kawasaki Heavy Industries, Yanmar Power Technology and Japan Engine Corporation establish a new company HyEng Corporation
15:36 Akhtarskaya Shipyard launches RS "Chernomorets"
15:27 Registration to Development of Icebreaking and Support Fleet Int'l Conference still underway
14:43 KhMAO-Yugra to take delivery of Meteor 120R hydrofoil duo in 2021-2022
14:11 ClassNK grants its first DSS notation for 211,000DWT bulk carrier “DREAM CLOVER”
13:59 ”K” LINE and Chubu Electric Power commence joint development agreement for tidal energy project in Canada
13:40 Vostochnaya Verf completed shipyard's sea trials of the Okhotsk
12:06 LORP fleet carried 670 000 tonnes of cargo since the start of this year shipping season
11:09 Western Australia looks to implementing stricter controls
10:09 Konecranes adds Wire Rope Monitoring to TRUCONNECT portfolio
09:59 Crude oil prices edging down on coronavirus-related restrictions
09:53 Baltic Dry Index as of Aug 3
09:29 Inland waterways Azov-Don basin’s seven-month cargo volume edges up 1%
09:21 ICTSI Honduras, Big Creek Terminals ink mutual benefit pact
08:21 MABUX: Global bunker prices may continue slight downward trend on Aug 04

2021 August 3

18:17 Iridium Connected® Viettel S-Tracking Vessel Monitoring System wins Top 10 Sao Khuê Award
17:59 Lead passenger ship Meteor 120R of new generation launched in the Nizhny Novgorod Region
17:25 A subsidiary of KCC has signed a new Contract of Affreightment for its CLEANBU fleet with a major international charterer in the tanker market
16:47 Petersburg Oil Terminal obtains permit for construction of its new handling facility
16:24 Nigerian Chamber of Shipping becomes full ICS member
15:22 Vard delivers “Le Commandant Charcot” to Ponant
15:00 Bunker sales at Vladivostok port in 7M’2021 fell by 30% YoY
14:41 Construction of new facilities to commence at Onezhsky Shipyard in autumn 2021 года
14:23 CMA CGM announces PSS for cargo bound for East Russia
13:42 The Panama Canal resumes seasonal measures to protect migrating marine life
13:12 CMA CGM announces THC for Novorossiysk, Russia import/export
12:57 ABP’s Ports of Ipswich and Ayr enable wheat cargo to be shipped more sustainably
12:22 Wärtsilä to provide efficient service support for Brazilian river tugs despite challenging operating conditions
11:59 MOL to build series of 4 LNG-fueled car carriers
11:58 FESCO starts seasonal delivery of cargo from ports of China and the United States to Chukotka
11:36 Finnlines announces adjustment of bunker surcharge in its own container traffic
10:54 Baltiysky Zavod shipyard casts third one-piece propeller for Project MR-50 product tankers
10:30 Tallink Grupp published its statistics for July 2021
10:09 Maersk raises full-year guidance
09:57 Oil prices decrease amid coronavirus related restrictions
09:41 Baltic Dry Index as of August 2
09:23 Yaroslavsky Shipyard launches non-self-propelled dredging ship of Project RDB 66.42М
09:08 Japan’s Ministry of Internal Affairs and Communications gives the green light to Iridium services
08:58 MABUX: Global bunker prices may drop on Aug 03 following sharp decline on crude market yesterday
08:09 The largest water-rail intermodal terminal of the Yangtze River starts operations

2021 August 2

19:09 Seven dredging ships deployed for operation on Sea Canal in the Gulf of Ob
18:35 LR unveils key appointment for its Maritime Performance Services business
17:54 CMA CGM announces PSS for cargo from the Middle East Gulf to North Europe, Scandinavia, Poland, Baltic, West Med & Adriatic, East Med, Black Sea, North Africa & Morocco
17:46 LUKOIL announces new oil finding in Sayulita prospecting area of Block 10 offshore Mexico
17:30 CMA CGM has announced PSS for cargo from India to North Europe & the Mediterranean
17:28 CMA CGM announces PSS for cargo from North Europe, UK, Scandinavia, Poland & North Spain to Colombia Atlantic & Dominican Republic
17:27 Large hydrographic survey vessel of Project 23370G, Grigory Shadrin, launched in Murmansk
17:23 CMA CGM to launch a new Express Shuttle service linking East Asia to Russian Far East
17:05 Sri Lanka Ports Authority successfully reworks leaked chemical container on board
16:54 Rhenus Group plans to acquire the Polish freight forwarding and logistics company C. Hartwig
16:30 Sea Port of Saint-Petersburg enhanced its environmental safety
16:03 Maersk’s digital logistics platform Twill increases its presence in Gdansk