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Strategic goals
We will aim to create shareholder value through:
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Making the best use possible of our assets – both physical and of personnel – to enable us to build ‘cost and service leadership’ position in all our market niches;
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Greater emphasis on the development and growth of our core business activities to enhance the future cash generating capability of the company;
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Capitalising on our commercial knowledge in China to develop long-term growth of our Chinese operations;
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Matching and exceeding the best we can in customer satisfaction, quality and operational efficiency;
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Being open and considerate to new projects which may lead to new products and services in our chosen territories;
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Successfully managing our newbuilds projects to realise their benefits as part of our long-term fleet renewal strategy.
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We will continue to develop the Group into a multi-cultural entity with a global presence and with a truly international profile. We will continue our policy of hiring the most capable people available that bring with them the highest degree of enthusiasm - wherever we can find them in the world. Our recruitment policy is always considered with the aim of further enhancing our strategic and financial goals.
IT will remain at the heart of our operations. We will utilise leading-edge information technology to improve co-operation and co-ordination within the global Group to enhance our business models and systems. By using state-of-the art solutions, we develop communications processes that simplify our contact with our customers - using
these close relationships to our mutual advantage.
We take seriously our responsibilities to our employees, the community and the environment. We will strive to uphold the highest standards in dealing with social, ethical and health & safety issues. At every level, we are committed to the safe operation of our vessels and facilities, the welfare of those working for and with us and the protection of the environment.
Operational goals
Our major objective in operating our business successfully is to make our major alliances operate to their full potential. We will work to build a common culture and brand identity for the businesses, helping to further strength our market leadership positions and provide even greater levels of quality and value to our customers.
As well as our overall strategic goals, we have a number of targets we will be working hard to meet during 2006 in relation to the two sides of our business.
Norgas, including China
Over the coming year we have defined following two MWBs - must win battles - that are firm commitments and goals for Norgas:
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Through service leadership we shall achieve a high market share and high service level for our customers
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Through cost leadership, we will continue to have sustainable EBIT/EBT result
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In order to achieve these goals, we need to have our fundament operations working effectively, which will only happen if we retain our strong commitment to SHE&Q and excellent performance. We will always strive for a better quality and continuously improve the safety culture across the organisation. This means a continued focus and an even higher attention on safety, health, environment and quality.
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We will strive to further develop our Chinese operations in line with the country’s economic growth. Specifically, we will endeavour to:
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Build our team of industry professionals from both the international and Chinese community, who can take advantage of our first decade of operation in the country to devise and direct our Chinese newbuilding programme during our next stage of development;
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Determine the best approach to providing new impetus to our operation, which transports LPG and other petrochemical gases on the Yangtze River. We will also continue to monitor the market with a view to expanding our geographic coverage – particularly the possibility for on-shore distribution of LPG.
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SPT
Our lightering business will focus on three key areas during 2006, namely to:
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Continue our emphasis of developing as a ‘highly reliable organisation’ (HRO), characterised by superior customer services, a ‘can do’ attitude and very high internal expectations with regard to safety, punctuality and dependability;
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Further develop our team of skilled and motivated professionals as we adapt our culture from one that has historically been cautious to one that is less risk-averse. This will be a core requirement of the company as we seek to become more flexible and dynamic and take advantage of changing market conditions;
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Leverage the knowledge of 25-plus years as an industry leader in North America to seek out new opportunities in other territories.
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