• 2018 October 19 16:04

    KN will motivate its employees with the company's shares

    KN (AB “Klaipėdos nafta”) – the operator of oil products and liquefied natural gas (LNG) terminals, says it will be the first state-owned company to part of rewards to its employees via the shares of the company. This change in the company’s employee motivation policy must also be approved by the company’s shareholders at the general shareholders’ meeting, which will take place on November 8.
     
    The rules of the company’s share granting submitted to the shareholders for approval specify that in 2019, up to 50% of the annual reward for the 2018 results paid by the company to its employees may consist from the company’s shares. Ordinary shares of the company will be gifted to employees.
    According to Mindaugas Jusius, KN CEO, with this decision the company seeks to enhance the employees’ motivation for achievement of long-term goals of the company, enhance the employee involvement and promote the responsibility for common operational results.
     
    “KN focuses on operation in Lithuania as well as on the international scale. Therefore, it is very important for us to unite and preserve a team of ambitious, competent, motivated and loyal employees concerned with the long-term growth of the company. By granting the company’s shares to our employees we give them the possibility to become co-owners of the company and acquire the right to participate in the company management irrespective of their position or status in the organisation,” the head of KN emphasised.
     
    According to Mindaugas Jusius, it is rather difficult for a state-owned company to use only wages to compete for talents with private capital companies, therefore, the organisational philosophy and culture become very important. The planned changes in the motivational system are a part of consistent modification of the KN organisational culture.
     
    With the new generation of employees joining the labour market, we have to show that state-owned companies can be progressive organisations following the recommendations of good governance, which have ambitious aims and provide wide possibilities for employees to grow and improve professionally. That is why we included our team into the process of renewal of the company’s virtues in the end of the last year, and we have been intensively working in pursuance of a business strategy by 2030, revising employees’ wages and measurement system for it to meet the current requirements while enhancing the employees’ personal involvement and motivation,” said Mindaugas Jusius.
     
    After the decision offered by KN is approved by the shareholders, the reserve for own shares from the undistributed profit, which may not exceed 1.5% of the company capitalisation, must be formed. The size of the reserve will be closely related with the internal and long-term aims of the company and its human resources policy.
     
    According to the company’s remuneration guide, the annual reward to the company’s employees will be granted when the company achieves its business goals, and the size of the reward will be established with regard to the employees’ personal achievements within the company.
     
    At the annual awards “Best employer of the year” organised by the daily “Verslo žinios” KN was elected as the best employer of 2018 in the sectors of transport and logistics. Best employers of the year were awarded based on the assessment of 3 groups of indicators: company stability, wages and reputation.
     
    The state owns 72% of KN shares, 10% of shares belong to the concern “Achema”, and 18% of the company’s shares currently belong to minority shareholders and dealing takes place in “Nasdaq Vilnius” stock-exchange.




2019 April 19

18:07 Keppel posts net profit of S$203M in 1Q 2019
17:28 Passenger Port of Saint-Petersburg to complete Phase 1 of Berth No7 reconstruction in summer 2019
17:04 Saudi Aramco partners with the Saudi Contractors Authority fostering collaboration at ‘Future Projects Forum’
16:57 BAE Systems Jacksonville secures Navy's conntract mod for DDG 117
15:04 Hyundai LNG Shipping announces order for one VLGC at HHI
14:55 Marina for 100 yachts to be built in Feodosia by Firm “TES” LLC
14:10 C-Fenna successfully completes Fugro 1200 jackup towing operations
13:32 ESPO congratulates Port of Huelva for renewing EcoPorts’ environmental management standard
13:07 Spirit of Vancouver Island vessel returns to service after mid-life upgrade including conversion to natural gas
12:44 New High Bay Container Storage system launched as “BOXBAY”
12:10 ABS teams with industry leaders to improve container vessel safety
11:39 Port Arthur LNG receives FERC authorization for export project in Texas
11:08 Dual-fuel AET tankers conduct maiden LNG bunkering
10:43 Largest barge of Azerbaijan Caspian Shipping Company undergone overhaul
10:19 Brent Crude futures price is down 0.04% to $71.95, Light Sweet Crude – up 0.38% to $64
09:56 Bunker prices are sable at the port of Saint-Petersburg, Russia (graph)
09:35 TransContainer’s transportation volumes in Q1’2019 increased by 7.7% Y-o-Y to 492,000 TEUs
09:17 Baltic Dry Index is up to 790 points
07:42 GTT receives an order from DSME for the tank design of a new LNG carrier

2019 April 18

18:36 South Stream Transport B.V. and Saipem announce the amicable settlement of mutual differences
18:06 Seaway 7 selected as partner to develop Hollandse Kust Zuid Offshore Wind Farm
17:36 WinGD reports strong first quarter 2019
17:11 Launching ceremony held for eighth shallow-draft barge of Project ROB20
17:05 SOFEC completes engineering, supply and delivery of mooring system
16:26 Port of Murmansk to welcome eight cruise liners in summer season of 2019
16:05 Cooperation agreement between Eimskip and Royal Arctic line approved by the Icelandic Competition Authority
15:44 Navios Acquisition announces $103.2 million sale and leaseback transaction for three MR2 product tankers and two LR1 product tankers
15:12 Nefteflot laid down two barges of Project RDB12 ordered by STLC
15:10 MOL to acquire strategic stake in six group companies, each owning a Very Large Ethane Carrier
14:40 Port of Rotterdam freight throughput grows by 5.1% in first quarter of 2019
13:44 Bunker prices are slightly up at the Far East ports of Russia (graph)
13:03 Biggest European shipbuilders collaborate on vessel connectivity in project Code Kilo
12:49 NOVATEK reports preliminary operating data for the first quarter 2019
12:13 Frontex, EMSA and EFCA open second annual European Coast Guard Event
11:51 RF Navy’s Northern Fleet takes part in combat training missions as part of final check for winter training season
11:27 ASCO took part in TransRussia-2019
11:00 ZIM joins to blockchain shipping solution TradeLens
10:44 Shareholders agreement on construction of Lavna terminal signed under Murmansk Transport Hub project
10:28 Brent Crude futures price is up 0.1% to $71.69, Light Sweet Crude – up 0.09% to $63.82
10:09 ABS teams with industry leaders to improve container vessel safety
09:53 Keppel secures integration and upgrading contracts worth around S$160 million
09:37 Tri-City ports take part in Seatrade Cruise Global
09:36 Bunker Market this morning, April 18
09:15 Baltic Dry Index is up to 767 points

2019 April 17

19:00 SMS Towage’s Humber fleet adds new tug
18:36 CMA CGM has announced FAK rates from Asia to North Africa
18:06 DESMI's CompactClean Ballast Water Management System receives US Coast Guard Type Approval
17:36 Denmark's first new-build hybrid ferry on key passenger route
17:06 CMA CGM announces FAK rates from Asia to the Mediterranean
16:38 Matson receives new cranes at its Honolulu hub terminal
16:17 Stena Europe undergoes refit upgrades in Turkey
16:11 Kuehne + Nagel launches first online seafreight service solution with guaranteed lead time in container shipping
15:40 HELCOM addressed nutrients, stormwater and microlitter issues at PRESSURE 10-2019
15:04 Murmansk Commercial Seaport commissions dust and wind shields
14:39 Port of Riga and Port of Qingdao sign Cooperation Agreement
14:02 Damen launches two road ferries for Canadian operator BC Ferries
13:22 DNV GL awards CMHI AIPs for two new offshore designs
12:53 Pacific Fleet warships and Royal Thai Navy hold joint trainings in the Sea of Japan
12:31 Port of Cardiff prepares for start of 2019 cruise season
12:22 Tristar Group signs second major deal with Shell for 6 chemical tankers