Klaipėda and Subačius terminals of KN (AB Klaipėdos nafta), the oil and liquefied natural gas (LNG) terminal operator, reloaded 18.4% more cargo in February 2018 compared with the same period last year, and, as of the beginning of the year, cargo turnover increased by 21.5%.

In February this year, Klaipėdos Nafta terminal and Subačius Fuel Base, where state fuel reserve is stored, reloaded 664 thousand tonnes of oil products, i.e. a growth of 18.4% compared with the same month last year with a total of 561 thousand of tonnes of cargo.

As of the beginning of the year, a total of 1.44 million tonnes of oil products was reloaded. That is 21.5% more than the last year’s results, when nearly 1.2 million tonnes were reloaded over two months.

It should be noted that in early 2017 the cargo turnover was lower because of a significant decrease in oil product flows from Belarusian oil processing plants.

“At the beginning of the last year, the company’s operations were affected by extremely unfavourable external factors. This year, operations of Belarusian factories are stable, therefore, over these two months, we have been observing a consistent growth in the cargo turnover and positive tendencies, related to increased flows of heavy fuel oil,” commented KN CEO Mindaugas Jusius.

The increased load of oil products resulted in higher revenues: Subačius and Klaipėda oil terminals generated €7.8m in preliminary revenues in January and February, whereas in 2017, this indicator reached €5.4m. The company’s total preliminary revenues of these two months reach €19.8m, a growth of 7% compared with the same months last year.

According to Mindaugas Jusius, although, on an overall basis, the first two months of this year were successful, the uncertainty in the global market of oil products and fierce competition with terminals of other Baltic states and Ukraine make the goal to maintain high profitability of the terminal this year’s challenge.

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9th Mar 2018

9th March 2018