Knot Offshore Partners Says Shuttle-Tanker Market Outlook Favorable -- Energy Comment

Dow Jones09-04

By Matt Walker

Knot Offshore Partners says the outlook for the shuttle-tanker market remains favorable.

On shuttle-tanker demand:

"Looking ahead, based on supply-and-demand factors with significant forward visibility and committed capital from industry participants, we believe that the overall medium and long-term outlook for the shuttle tanker market remains favorable," Knot Offshore Partners said.

On Brazil outlook and order book:

"The market for shuttle tankers in Brazil, where 13 of our vessels operated during Q2 2024, has continued to tighten, driven by a significant pipeline of new production growth over the coming years, a limited newbuild order book, and typical long-term project viability requiring a Brent oil price of only $35 per barrel," Knot Offshore Partners said.

On North Sea shuttle-tanker demand:

Shuttle-tanker demand in the North Sea has remained subdued, driven by the effect of Covid 19-related project delays, according to the company. "We expect these conditions to persist for several more quarters until new oil production projects that are anticipated come on stream, most notably the long-anticipated Johan Castberg field in the Barents Sea, which is scheduled to come online later this year," the company said.

Write to Matt Walker at matthew.walker@dowjones.com

(END) Dow Jones Newswires

September 03, 2024 18:52 ET (22:52 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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supply-and-demand ...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"KNOP","symbol_name":"KNOT Offshore Partners LP Common","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2464536878","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2464536878","pubTimestamp":1725403920,"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Knot Offshore Partners says the outlook for the shuttle-tanker market remains favorable.\"Looking ahead, based on supply-and-demand factors with significant forward visibility and 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$35 per barrel,\" Knot Offshore Partners said. \n\n\n \n\n\n  On North Sea shuttle-tanker demand: \n\n\n  Shuttle-tanker demand in the North Sea has remained subdued, driven by the effect of Covid 19-related project delays, according to the company. \"We expect these conditions to persist for several more quarters until new oil production projects that are anticipated come on stream, most notably the long-anticipated Johan Castberg field in the Barents Sea, which is scheduled to come online later this year,\" the company said. \n\n\n \n\n\n  Write to Matt Walker at matthew.walker@dowjones.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  September 03, 2024 18:52 ET (22:52 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, 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