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Energy companies use KNOT Offshore Partners LP’s vessels to load crude oil from offshore production facilities, transport it and discharge it. Most revenue comes from contracts under which the partnership provides and operates a vessel for an agreed period, generally charging a daily hire rate. These are time charters. It also hires out vessels for customers to operate and crew themselves under bareboat charters. Its charters with major energy companies typically begin as long-term, fixed-rate contracts.
Revenue is concentrated among a small group of oil companies. Shell subsidiary Brazil Shipping I Limited is the largest customer; Equinor and Eni Trading and Shipping are also important customers. The partnership relies heavily on KNOT affiliates for crewing, vessel management, maintenance and securing or renewing contracts.
The business depends on offshore oil production creating demand for its vessels and on replacing expiring charters at workable rates. Required drydock inspections take vessels out of service and interrupt hire income. The fleet must also meet environmental, safety and security rules to maintain required certificates and port access.
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Beyond this list, KNOP depends on Shell, its largest customer at 22% of 2025 revenue, and KNOT, which supplies fleet acquisitions and guarantees hire on two vessels.
Tsakos Energy Navigation Ltd. competes with KNOP for oil companies’ contracts to carry offshore crude. In September 2025, it had six shuttle tankers and ten on order, making its fleet expansion a key watchpoint for competing vessel supply.
Petrobras pays for KNOP’s offshore crude transport through Fronape, a Transpetro subsidiary, which accounted for 10% of KNOP’s 2025 revenue, and extensively charters shuttle tankers in Brazil. As Brazil’s largest oil producer, its production in the offshore Santos and Campos basins is a watchpoint for shuttle-tanker demand.
KNOP relies on Equinor’s payments for hiring its shuttle tankers: Equinor accounted for 15% of KNOP’s 2025 revenue, making its vessel-chartering decisions directly relevant to KNOP’s income.
TotalEnergies pays to hire KNOP’s vessels through its subsidiary Chartering and Shipping Service, which supplied 11% of KNOP’s 2025 revenue. Revenue from that customer rose to $38.433 million from $24.127 million in 2024, making its vessel hires a concrete source of revenue growth to follow.
Tidewater, Inc. and KNOP both depend on offshore field activity: energy operators pay Tidewater for marine and transportation services, while KNOP carries their offshore crude. Demand for Tidewater’s services offers another view of the offshore activity that supports KNOP’s tanker demand.
EIA Crude Oil Stocks Change (Oct/16)
For KNOT Offshore Partners, the EIA’s weekly US crude-oil and gasoline stocks show how much oil and fuel is held in storage; changes can signal shifts in supply and demand that influence oil prices, production and demand for its shuttle-tanker charters.
Rising stocks point to looser supply and could foreshadow weaker oil prices or production, which may reduce charter demand; falling stocks point to tighter supply and could support prices or production and vessel demand.
Equinor ASA earningsEQNR
Equinor’s report will show how business and vessel-chartering demand are shaping up at a customer that provides an important share of KNOP’s hire revenue.
Look for whether Equinor’s business and chartering demand support continued use of KNOP’s vessels. Steady demand and ongoing charters would support this important customer income; weaker demand or fewer hires would put future renewals and vessel utilization at risk.
Fed Interest Rate Decision
For KNOT Offshore Partners, the Fed’s policy rate—the benchmark that influences borrowing costs—matters because changes in rates can raise or ease the cost of its floating-rate debt and affect cash left for running its shuttle tankers and distributions.
Expected4.0%Last release4.0%
If it comes in above expectations
Higher-than-expected rates could increase the interest KNOT Offshore Partners pays on debt that resets with rates, leaving less cash for vessel operations and distributions.
If it comes in below expectations
Lower-than-expected rates could reduce interest on debt that resets with rates, easing the cash burden on vessel operations and distributions.
Tidewater, Inc. earningsTDW
Tidewater’s report will show offshore operators’ demand for marine services, offering an indirect read on the field activity that supports KNOP’s shuttle-tanker demand.
See whether demand for Tidewater’s marine services is strengthening or weakening. Stronger demand points to more offshore activity, a supportive backdrop for KNOP’s crude transport; weaker demand means less support from this signal, though it does not directly establish KNOP’s charter revenue.
PETROLEO BRASILEIRO S.A.-PETROBRAS earningsPBR
Petrobras’s report will show Brazilian offshore production and chartering needs, which matter to KNOP’s Brazil transport business and revenue from Petrobras’s transport subsidiary.
Read Brazilian offshore production alongside vessel-chartering demand tied to Transpetro. Stable or rising production and hiring would support KNOP’s Brazil transport activity and this customer revenue; weakness in both would erode that support.
Tsakos Energy Navigation Ltd. earningsTEN
Tsakos Energy Navigation’s report will show how its shuttle-tanker fleet is expanding, helping indicate whether oil companies have more competing vessels to choose from when hiring KNOP’s ships.
Look at Tsakos’s shuttle-tanker fleet and the number and delivery timing of vessels on order. Faster fleet growth gives oil companies more alternatives and could pressure KNOP’s utilization or hire rates; limited expansion means less added competitive supply.
KNOT OFFSHORE PARTNERS LP earningsThis company
KNOP hires out shuttle tankers and provides transport services, and this report will show whether vessel use and charter revenue can outpace operating costs and support debt service.
Read charter revenue alongside vessel operating costs, then see whether operating cash flow can cover debt service. Revenue rising on better utilization or hire rates without costs accelerating as fast would show the fleet generating more cash; weaker revenue with rising costs would leave less for debt and vessel upkeep.
