Shuttle tanker player KNOT Offshore Partners has firmed up its backlog with Equinor after agreeing to extend the charter of one of its vessels to March 2029. The deal covers the 2011-built Bodil Knutsen and also includes two further one-year options.
The New York-listed company said the extension forms part of a broader effort to lock in coverage in a buoyant shuttle tanker market. Including the new agreement and other recent updates, KNOT now has 100% of its fleet fixed for the second half of 2025, after scheduled dry dockings, and about 89% covered for 2026.
“We remain focused on further strengthening our fleetwide charter coverage and seizing those periodic opportunities that exist to re-charter vessels in the current tight market environment,” said Derek Lowe, CEO and CFO of KNOT Offshore Partners.
The company operates a fleet of nearly 20 shuttle tankers, mainly deployed under long-term contracts in Brazil and the North Sea. The fleet had an average age of 10.1 years at the end of June, which was further reduced to 9.7 years following the July acquisition of the 2022-built Daqing Knutsen. That addition also lifted the number of KNOT vessels in Brazil to 15.
Chartering momentum has been strong in recent months. In August, parent company Knutsen NYK secured a seven-year deal with Repsol for a newbuilding shuttle tanker, with an option for a second vessel. The firm unit will be built in China and is scheduled for delivery in early 2028, with the charterer holding options to extend for up to five additional years.
In March 2025, Knutsen NYK also landed a new seven-year charter contract with Equinor for a vessel to be
constructed and which will operate in Brazil, where the charterer has an option to extend the charter by up to thirteen further years. The vessel will be built in China and is expected to be delivered early in 2028.
