Marine shipping and logistics company KNOT Offshore Partners LP reported revenues, operating income, and net income of $87.1 million, $22.2 million, and $6.8 million, respectively, for the three months ended June 30, 2025.
The company noted that for the first three months of the year, it recorded revenues of $84 million, $23.4 million in operating net income, and $7.6 million in net income. Year-on-year, Q2 operating income increased $20.9 million. The company noted Q2 2024 recorded a net loss of $12.9 million.
KNOT said that its fleet operated with 100 percent utilization for scheduled operations in Q2 2025, and 96.8 percent utilization when taking into account the drydockings of the Raquel Knutsen and the Windsor Knutsen.
“We are pleased to report another strong performance in Q2 2025, marked by safe operation at full utilization from scheduled operations, close to 97 percent utilization when including drydockings, consistent revenue and operating income generation, and material progress in securing additional charter coverage for our fleet”, Derek Lowe, Chief Executive Officer and Chief Financial Officer of KNOT, stated.
“As of the date of this release and including contractual updates since June 30, 2025, we have now secured 100 percent of charter coverage for the second half of 2025 after allowing for scheduled dry dockings, and approximately 89 percent for 2026”, Lowe said.
Lowe said the global market for shuttle tankers is growing and materially tightening, driven by aggressive production start-ups in Brazil’s pre-salt fields and positive momentum in the North Sea, although not as dynamic as the Brazilian market.
Lowe anticipates that demand will outpace the growth of vessel supply over the coming years, noting that newbuild orders, including seven for Knutsen NYK, will be readily absorbed due to an ageing global fleet and yard capacity constraints, which will tighten new orders until at least 2028.
As the market leader, the company remains focused on maximizing stable cash flows through long-term charters, KNOT said.
To contact the author, email andreson.n.paul@gmail.com
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