Shuttle Tanker Newbuilding Spree Continues at COSCO Zhoushan

In the latest sign of the continued strength of the shuttle tanker market, Norwegian owner Knutsen NYK Offshore Tankers has returned to COSCO Shipping Heavy Industry (Zhoushan) for another newbuild order. The Haugesund-based company has signed up for a 154,000 DWT shuttle tanker at the Chinese shipyard, taking the total number of shuttle tankers on order at COSCO Zhoushan to 10 over the past several years. The order extends Knutsen's long-running newbuilding program, which has seen the company steadily expand its fleet of specialized shuttle tankers to serve offshore oil and gas projects around the world. Shuttle tankers are a critical part of the offshore energy supply chain, providing a flexible and efficient way to transport crude oil from offshore platforms to onshore terminals. 'This latest order demonstrates the continued strong demand for high-quality, modern shuttle tankers to support the global offshore energy industry,' said Knutsen CEO Trygve Seglem. 'Our partnership with COSCO Zhoushan has been instrumental in allowing us to grow our fleet and serve the evolving needs of our customers.' The new shuttle tanker is scheduled for delivery in 2025, according to Splash247. It will join Knutsen's existing fleet of over 30 shuttle tankers, which operate worldwide for major oil companies. The shuttle tanker market has remained resilient even as the broader shipping industry has faced headwinds from the COVID-19 pandemic and other disruptions. Analysts attribute this to the essential role these specialized vessels play in offshore energy logistics, as well as growing demand for more sustainable shipping solutions.