KNOT firms up shuttle tanker newbuild in China

Knutsen NYK Offshore Tankers (KNOT) has announced a significant expansion of its fleet by finalizing a contract with Cosco Shipping Heavy Industry (Zhoushan) for an additional suezmax shuttle tanker. This latest order marks a strategic move for the Haugesund-based joint venture, which was established in 2010 by Knutsen and Nippon Yusen Kaisha (NYK). The new vessel, with a deadweight tonnage of 154,000, follows a previous agreement for up to four ships made last year.

Details of the New Contract

The recent contract solidifies KNOT’s commitment to enhancing its operations, bringing its total newbuild orders at COSCO Zhoushan to twelve. The Chinese shipyard has already delivered six vessels, with six more scheduled for delivery in 2026 and 2027. This includes the latest optional newbuild, which is estimated to cost around $130 million. The decision to exercise the option for this additional tanker underscores KNOT’s confidence in the growing demand for shuttle tankers in the maritime industry.

World’s First Electric Flying Passenger Ship Takes Off, Enters Production

Knutsen NYK Offshore Tankers has been actively expanding its fleet to meet the evolving needs of the oil and gas sector. The company’s partnership with COSCO Zhoushan has proven fruitful, allowing for the construction of high-capacity vessels that are essential for transporting crude oil and other liquids. As the global energy landscape continues to shift, KNOT’s strategic investments position it well for future opportunities in the market.