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ABERDEEN - KNOT Offshore Partners LP (NYSE:KNOP), a global player in the offshore shuttle tanker services industry, has announced a change in its board of directors. The company’s general partner has appointed Mr. Masami Okubo, an experienced executive from Nippon Yusen Kabushiki Kaisha (NYK), to its Board of Directors, effective as of Monday. The appointment comes as KNOP demonstrates strong financial performance, with InvestingPro data showing a notable 30% year-to-date return and maintaining a "GOOD" overall financial health score.
Mr. Okubo, currently the Managing Director of NYK Energy Transport (Atlantic) Ltd. in London, brings a wealth of experience to the role. Prior to his current position, he served as Senior General Manager of NYK’s LNG Group from April 2024 to March 2025 and has held various management roles within the company since joining in 1999. His extensive background in the industry includes a stint as Manager of NYK’s Offshore Business Group from 2016 to 2022. Mr. Okubo is a graduate of the University of Kyoto, where he studied at the Faculty of Education.
He will be replacing Mr. Yasuhiro Fukuda, who has also been affiliated with NYK, reflecting the ongoing relationship between KNOT Offshore Partners and the Japanese shipping company.
KNOT Offshore Partners operates shuttle tankers primarily under long-term charters, focusing on offshore oil production regions such as Brazil and the North Sea. The company, with a market capitalization of $247 million and annual revenue of $313 million, is structured as a publicly traded master limited partnership and trades on the New York Stock Exchange under the ticker KNOP. The company currently offers a 1.47% dividend yield and appears undervalued according to InvestingPro analysis.
The information presented in this article is based on a press release statement from KNOT Offshore Partners LP. For comprehensive analysis and additional insights, including 7 key ProTips and detailed financial metrics, visit InvestingPro.
In other recent news, KNOT Offshore Partners LP reported its fourth-quarter 2024 earnings, surpassing expectations with an earnings per share of $0.6829 and revenue of $91.3 million, significantly above the forecasted $75.75 million. The company achieved a high vessel utilization rate of 98.3%, contributing to an operating income of $34.7 million and a net income of $23.3 million. KNOT Offshore has also declared a cash distribution of $0.26 per common unit. The company has been active in strategic market positioning, with successful acquisitions and new charter agreements in the Brazilian and North Sea markets. Analysts from B. Riley Securities and Alliance Global Partners discussed the company’s financial resilience and future chartering strategies during a recent earnings call. The company plans to address four debt refinancings in 2025 and is exploring potential vessel acquisitions. Additionally, KNOT Offshore closed out an insurance claim related to the Toroknotsson vessel, totaling nearly $6 million. The company continues to focus on expanding its long-term charter visibility and fleet investments, with promising growth anticipated in the Brazilian offshore sector.
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