KNOT expands shuttle tanker orderbook in China

Chinese shipbuilder COSCO Shipping Heavy Industry (Zhoushan) has been contracted to build a 154,000-dwt DP2 Suezmax shuttle tanker, with the agreement signed in late April. While the delivery schedule has not been officially disclosed, shipbroking sources estimate the vessel will enter service between Q4 2027 and Q1 2028.

According to Chinese industry sources, this marks the 12th shuttle tanker ordered by KNOT at COSCO. KNOT – a joint venture established in 2010 between TS Shipping Invest and Nippon Yusen Kaisha – is currently pursuing a four-vessel newbuilding programme at COSCO, with deliveries scheduled through the first half of 2027, according to details on the company’s website. The Knutsen Group currently operates an active fleet of 28 shuttle tankers.

Market sources have indicated the newly ordered vessel is expected to be chartered to Norwegian energy major Equinor. KNOT has been approached for comment.

Shuttle tanker orders gain momentum

The Suezmax shuttle tanker segment has experienced a surge in ordering activity in recent months. Greek owner Tsakos Energy Navigation recently signed a landmark deal with South Korea’s Samsung Heavy Industries (SHI) for nine shuttle tankers, which are slated to be chartered to Petrobras’ multimodal logistics subsidiary, Transpetro.

Meanwhile, major Greek shipping groups are reportedly in the running for a Repsol tender covering the construction of up to two shuttle tankers for delivery in 2028. South Korean builders are expected to lead the competition, with Hanwha Ocean emerging as a strong contender, according to shipbrokers’ projections.

Additionally, the Angelicoussis Group, led by Maria Angelicoussis, has drawn attention with its acquisition of Altera Shuttle Tankers from Altera Infrastructure and its rebranding as Maran Shuttle Tankers. The entity now owns and operates 18 shuttle tankers across Brazil, Canada, and the North Sea.

According to Intermodal head of research Yiannis Parganas, who spoke to Riviera in February, the current shuttle tanker orderbook-to-fleet ratio stands at 10.5% by vessel count and around 13.5% by dwt. Presently, shuttle tankers in service total 12.3M dwt, with a further 1.7M dwt under construction.