KNOT Shuttle Tankers signs long-term charter

KNOT Offshore Partners (KNOP) owned company, KNOT Shuttle Tankers has announced a new charter for a DP2 shutter tanker newbuild
KNOT Shuttle Tankers signs long-term charter

KNOT Shuttle Tankers has made a deal for the long-term time charter of a new DP2 suezmax shutter tanker.

The vessel, expected to be delivered in the first quarter of 2017, has been ordered at Cosco Zhoushan in China, and will be the sister vessel of MT Raquel Knutsen. It is to be deployed in Brazil to transport crude oil from offshore oil fields to terminals onshore.

"We are pleased that we are off to a good start in 2015 with the further growth of our business,” says Trygve Seglem, president and CEO of KNOT.

"In 2014, KNOT significantly expanded its operated fleet by the acquisition of three shuttle tankers from J. Lauritzen and one from Mowinckel in addition in addition to placing an order for two newbuildings and two optional vessels against long-term charters. Shuttle tankers are a flexible, capital efficient and economically sound transport solution so we are optimistic that we will see further growth going forward. We currently operate 26 shuttle tankers and have four newbuildings under construction. Thirty years after we got our two first shuttle tanker contracts, we now operate thirty shuttle tankers which have a total deadweight capacity of more than 3.5m. In my view, this gives us a competitive scale in the market place."

KNOT will offer the shutter tanker to its sponsor, KNOT Offshore Partners (KNOP) under the terms of the omnibus agreement, which says all shuttle tankers with a charter of five years or longer will be offered by KNOT to KNOP.

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by Laura Stackhouse

readmt.com Editor

Laura Stackhouse is the Web Editor of readmt.com, an official publication of the International Marine Purchasing Association (IMPA). To discuss news, features or contributing to readmt.com please get in touch.

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