ÃÛÌÒTV

Earlier this year, shipbrokers reported Repsol was seeking to charter one firm plus one optional shuttle tanker, attracting interest from major owners and shipyards. Now, shipbroking and market sources indicate KNOT is leading the race, with COSCO Shipping Heavy Industry (Zhoushan) – a preferred yard for the owner – tipped as the likely builder. Both Repsol and KNOT declined to comment.

In late May, Riviera reported KNOT and COSCO had agreed to a newbuilding project for a 154,000-dwt DP2 Suezmax shuttle tanker, marking what Chinese sources claim is the 12th shuttle tanker KNOT has ordered at the Zhoushan-based yard.

Shipbrokers also note KNOT’s longstanding relationship with Repsol. Notably, KNOT Offshore Partners LP – the company’s NYSE-listed spin-off – has chartered 2013-built Suezmax Carmen Knutsen to the Spanish energy group.

Formed in 2010 as a joint venture between TS Shipping Invest and Nippon Yusen Kaisha, KNOT is currently executing a four-vessel newbuilding programme at COSCO, with deliveries scheduled through the first half of 2027, according to the company’s website. The broader Knutsen Group operates a fleet of 28 active shuttle tankers.

Orderbook builds momentum

Riviera reported, citing Clarksons, that around 80 vessels are currently engaged in shuttle tanker operations, with Brazil and the North Sea remaining the core markets.

ÃÛÌÒTV Strategies International reports fleet growth slowed to approximately 2% annually in 2024 and 2025, following two years of 6% annual expansion.

Still, the orderbook-to-fleet ratio now stands near 25% – a significant increase driven in large part by Tsakos Energy Navigation’s landmark deal with Samsung Heavy Industries  for nine shuttle tankers, all of which are set to be chartered to Petrobras’ logistics arm, Transpetro.