KNOP 2026년 2분기 실적 발표 콘퍼런스 콜: 헤다 인수 및 용선 수주잔고 증가

핵심 요약

• 2026년 2분기 매출은 9,680만 달러, 영업이익은 1,560만 달러, 순이익은 340만 달러, 조정 EBITDA는 5,760만 달러를 기록했습니다.
• 6월 30일 기준 가용 유동성은 1억 4,330만 달러에 달했으며, 이는 현금 및 현금성 자산 9,530만 달러와 미인출 한도 4,800만 달러로 구성되어 있습니다.
• 포르탈레자(Fortaleza)호의 정기 점검(드라이도킹) 이후 전체 선대 가동률은 92.4%를 기록했으며, 정기 점검을 반영해 조정한 가동률은 96.8%였습니다.
• KNOP는 9월 1일 헤다 크누센(Heda Knudsen)호를 1억 1,300만 달러에 인수했습니다. 8,940만 달러 규모의 부채 인수 및 자본화된 금융 비용 80만 달러 추가 후 순현금 비용은 2,440만 달러였습니다.
• 분기 말 기준 확정 용선 잔고는 8억 8,120만 달러였으며, 평균 계약 기간은 2.5년입니다. 용선 옵션은 평균 4년이 추가됩니다.
• 보통주 단위당 분기 현금 배당금은 전 분기 0.05달러에서 0.075달러로 인상되었습니다. 경영진은 선대 확장과 용선 시장 강세에 힘입어 향후 수 분기 및 수년에 걸쳐 배당금이 단계적으로 수차례 인상될 것으로 예상하고 있습니다.

주요 재무 데이터

사업 및 운영 실적

KNOP는 2026년 잔여 기간 동안 완전 용선 계약을 완료했습니다. 확정 용선 계약 비율은 2027년 92%이며, 용선주 옵션을 포함하면 96%로 늘어납니다. 2028년의 경우 확정 용선 비율은 65%, 옵션을 포함하면 93%입니다. 경영진은 현재 용선료 수준을 감안할 때 옵션 행사가 유력하다고 밝혔습니다.

파트너십은 여러 선박에 대해 추가적인 다년간의 용선 계약을 확보했습니다. 힐더 크누센(Hilder Knudsen)호는 2027년 6월부터 시작하는 에니(Eni)와의 3년 용선 계약과 1년 연장 옵션 3회를 확보했습니다. 헤시피 크누센(Recife Knutsen)호는 2026년 3분기부터 시작하는 트랜스페트로(Transpetro)와의 2년 용선 계약을 확보했습니다. 인그리드 크누센(Ingrid Knudsen)호는 2026년 10월부터 시작하는 에니와의 3년 용선 계약을 체결했으며, 역시 1년 연장 옵션 3회가 포함되었습니다.

9월 헤다 크누센호 인수로 선대가 확장되었으며 평균 선령도 반년 가까이 단축되었습니다. 2024년 10월 인도된 이 선박은 5년의 추가 옵션과 함께 2034년 11월까지 페트로브라스(Petrobras)에 용선됩니다. 인수 전 분기 말 기준 KNOP는 평균 선령 10.7년의 선박 19척을 보유하고 있었습니다.

경영진은 생산량 증가, FPSO 배치 및 지속적인 해양 투자에 힘입어 브라질과 북해의 셔틀탱커 시장 수급이 타이트해지고 있다고 설명했습니다. 또한 회사는 셔틀탱커 수주 잔고가 투기적이지 않은 상태를 유지하고 있어 예상 수요를 충족하기에는 부족한 수준이라고 덧붙였습니다.

KNOP는 SOFR + 165bp 금리의 2억 2,500만 달러 규모 5년 만기 선순위 담보 차입금을 통해 선박 5척이 담보된 부채의 차환(리파이낸싱)을 완료했습니다. 파트너십은 연간 약 9,500만 달러의 부채를 지속적으로 상환하고 있습니다.

경영진 전망

경영진은 현재 시장 용선료를 고려할 때 용선주 옵션이 행사될 것으로 예상하고 있습니다. 이러한 옵션이 행사되고 시장 모멘텀이 유지될 경우, 향후 수년 내 선대 일부가 재투입 가능해짐에 따라 추가적인 상승 잠재력이 있을 것으로 KNOP는 보고 있습니다.

회사는 수익성을 높이는 드롭다운(drop-down) 자산 인수와 용선 시장 개선이 향후 수 분기 및 수년에 걸쳐 지속 가능한 배당금의 단계적 수차례 인상을 뒷받침할 것이라고 밝혔습니다. 향후 인수 시기는 선박 인도, 스폰서인 KNOT의 제안, KNOP의 독립 분쟁조정위원회(Conflicts Committee) 승인 여부에 따라 결정될 예정입니다.

리스크 및 관전 포인트

확정 계약 기준으로 2027년 이후 KNOP의 선제적 계약 비중이 감소함에 따라, 향후 현금 흐름 가시성은 용선주의 옵션 행사 및 시장의 지속적인 강세 여부에 부분적으로 의존하게 됩니다.

선대는 감가상각이 진행되며 노후화되는 자산을 포함하고 있습니다. 경영진은 향후 특정 선박의 선령이 만료됨에 따라 선대를 보충하고 신규화하기 위해 지속적인 드롭다운 인수를 추진할 계획이라고 밝혔습니다.

부채 리파이낸싱은 지속적으로 고려해야 할 사항입니다. 경영진은 10월 말 만기가 도래하는 6,500만 달러 규모 대출의 리파이낸싱 작업이 상당 수준 진행되었다고 밝혔으나, 향후 자금 조달 접근성에 대한 보장은 할 수 없다고 덧붙였습니다.

애널리스트 Q&A 하이라이트

B. 라일리 증권(B. Riley Securities)은 헤다 크누센호의 자금 조달 구조가 선대 확장의 속도를 더 높일 수 있는지 질문했습니다. 경영진은 인수 시기가 스폰서 선박의 인도 및 제안 시점과 분쟁조정위원회의 대응에 달려 있다고 답했습니다.

경영진은 스폰서 선박에 일반적으로 이미 확보된 부채 금융이 포함되어 있어 KNOP로 승계될 수 있다고 덧붙였습니다. 또한 헤다 크누센호의 자금 조달 및 약 2,400만 달러의 순현금 비용은 이전의 드롭다운 거래와 전반적으로 일치하는 수준이라고 설명했습니다.

실적 발표 컨퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Ladies and gentlemen, thank you for joining us and welcome to the KNOT Offshore Partners Second Quarter 2026 Earnings Call. After today's prepared remarks, we will host a question and answer session with an opportunity for equity research analysts to ask questions. [Operator Instructions] I will now hand the conference over. Derek Lowe. Please go ahead, sir.

Derek Lowe

Thank you, Leo, and good morning, ladies and gentlemen, my name is Derek Lowe and I'm the Chief Executive and Chief Financial Officer of KNOT Offshore Partners. Welcome to the partnership's earnings call for the second quarter of 2026. Our website is knotoffshorepartners.com and you can find the earnings release there along with this presentation. On slide 2, you'll find guidance on the inclusion of forward-looking statements in today's presentation. These are made in good faith and reflect management's current views, known and unknown risks, and are based on assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. Actual results may differ materially from those expressed or implied in forward-looking statements, and the Partnership does not have or undertake a duty to update any such statements made as of the date of this presentation. For further information, please consult our SEC filings, especially in relation to our annual and quarterly results.

Today's presentation also includes certain non-GAAP measures, and our earnings release includes a reconciliation of these to the most directly comparable GAAP measures. We begin on slide 3 with the Q2 financial and operational headlines. Revenues were $96.8 million, operating income $15.6 million, net income $3.4 million, adjusted EBITDA $57.6 million. And as of June 30, 2026, we had $143.3 million in available liquidity made up of $95.3 million in cash and cash equivalents plus $48 million in undrawn capacity. This available liquidity was $2.6 million higher than at March 31, and that rise is largely in line with the reducing trend in recent quarters. We operated with 96.8% utilization, taking into account scheduled dry docking, which amounts to 92.4% utilization overall following the dry docking of Fortaleza. Following the end of the quarter, we declared a cash distribution of ¢7.5 per common unit, which was paid in August under the 1099 structure and which represented an increase from the previous level.

We're pleased to have continued the process of multiple gradual increases to our distribution, anchored in our reliable and diversified long-term cash flow and improved balance sheet. On slide 4, we have the most significant development since the start of the second quarter. On September 1, 2026, we purchased the Heda Knudsen from KNOT for a purchase price of $113 million, less an $89.4 million debt facility, plus $0.8 million of capitalized financing fees, resulting in a net cash cost of $24.4 million. The transaction was negotiated by our board's independent conflicts committee. The vessel was delivered new to KNOT in October 2024, and is on time charter to Petrobras in Brazil through to November 2034 with an additional five years of charter as options. The acquisition provides fleet growth, diversifies and extends our pipeline of long-term contracts, reduces our average fleet age and develops the fleet in the most in-demand shuttle tanker gross asset class. And on slide 5, we have commercial and financing developments.

We list here a number of positive contractual developments since the beginning of the second quarter. In addition to the various charterers options exercised as expected, I would highlight the time charter for Hilder Knudsen was executed with ENI to commence in June 2027 for a fixed period of three years plus three charterer's options each for one additional year. Time charter for Recife Knutsen was executed by Transpetro to commence in Q3 2026 for a fixed period of two years. The agreement was reached with E&I for a time charter on Ingrid Knudsen, commencing October 2026, for three years fixed, plus three options each of one year. This indirect continuation of the existing time charter to E&I replaces their existing options. And we refinanced the loan secured by the Tordis Knutsen, Vigdis Knutsen, Lena Knutsen, Anna Knutsen, and Brazil Knutsen via a new $225 million five-year senior secured term loan facility arranged by DNB, with the interest rate reduced meaningfully to SOFR plus 165 basis points. Turning to slide 6 for a high-level summary of our operating momentum.

In both Brazil and the North Sea, we continue to see tightening markets driven by robust multi-year FPSO pipeline, production growth and continuing investment in exploration and existing project expansion. The increase in shuttle tanker service volumes across both markets has been sustained and sufficient to tighten the supply-demand balance, even as new vessels have been delivered. We have expanded our strong backlog with $881.2 million of fixed contracts at quarter end, which average 2.5 years in duration, and chartered options averaging further four years. At quarter end, our fleet of 19 vessels had an average age of 10.7 years. Acquisition of the Heda Knudsen reduces the average age by nearly half a year. We are continuing to repay debt at around $95 million per year, which we consider prudent with a depreciating asset base. And we are well advanced in the refinancing of the $65 million facility secured by the Lena Knutsen, which is due later in October.

Over slides 8 to 11, we provide the financials for Q2, the highlights of which we've covered already. On slide 12 is our debt maturity profile. While no guarantees can be made, we have historically benefited from access to a wide pool of lenders and attractive bank finance. We've been encouraged by our refinancing experience in recent years, including during significantly weaker shuttle tanker markets than the current one. Notably, the average margin on our floating rate debt during the second quarter was 2.21% over SOFR. Moving on to slide 14 and our charter portfolio, I believe this remains a very useful resource for investors looking to track the primary moments where change can occur in a highly stable portfolio of cash flows. Based on current charter rates, we believe charter options are likely to be exercised given the strength of the charter market.

On slide 15, you can see our strong forward coverage where we're fully chartered for the remainder of 2026. And in 2027, we have 92% firm coverage or 96% including charter as options. Likewise for 2028, we have 65% firm coverage, or 93%, including charter's options. If we assume that charter's options are picked up, which is our current expectation, then you can see the slowly widening light gray section at the top of the bars as those offering upside potential for the KNOP fleet if market momentum is sustained. On slide 16, you can see the drop-down inventory held at the sponsor. Drop-downs have been the route to growth in the fleet throughout the life of the partnership and remain the means of replenishing and rejuvenating the fleet. In June 2026, the partnership decided not to pursue the Frieda Knudsen and the Sindra Knudsen and they've been removed from our drop-down inventory.

At the same time, we believe that the combination of accreted drop-downs and an improving charter market should support multiple, gradual distribution increases over the coming quarters and years, in addition to materially extending our long-term cash generation runway, as certain of our vessels begin to age out in the years ahead. On slides 17 to 19, we include market commentary, particularly from Petrobras, which continues to highlight record production, a strong and expanding offshore production outlook and continued FPSO deployment. We encourage you to review this, as well as the copious materials that Petrobras publishes as the largest player in the Brazilian market where we primarily operate. To summarize on slide 20, during the second quarter we had strong utilization and solid financial results. We secured additional charter coverage across key vessels. We maintained a constructive backlog and market outlook. And we paid a quarterly distribution of ¢7.5 per unit, which is an increase from ¢5 in the prior quarter and ¢2.6 per quarter for several years before that. Following the end of the quarter, we purchased the Heda Knudsen, secured additional charter coverage and refinanced the $225 million loan facility.

And on slide 21, we conclude with the key themes for KNOP and the shuttle tanker market. The market remains niche and highly concentrated. Offshore extraction continues to take market share from traditional onshore production. And FPSOs serviced by shuttle tankers remain dominant compared with the construction of new pipelines. Brazil and North Sea offshore build-outs have strong momentum following a quieter stretch, while the shuttle tanker order book remains non-speculative and insufficient to meet anticipated demand levels. Looking ahead to coming quarters and years, we believe that KNOP is well-positioned to pursue attractive long-term growth opportunities alongside multiple gradual increases to our sustainable distribution. With that, I'll hand the call back to Leo for any questions.

Thank you.

Operator

We will now begin the question and answer session. [Operator Instructions] Your first question comes from the line of Liam Burke with B. Riley Securities.

질의응답

Liam Burke

Please go ahead. Rick, you've been a busy man this quarter.

Derek Lowe

Yes, I have. Thanks, Liam.

Liam Burke

In terms of drop-downs, the financing of the Heda Knudsen was pretty elegant with the assumption of debt and the addition of cash. Does that, when I think about the potential drop-downs and the ability to finance them, Do you anticipate a different cadence of growing the fleet or are you just going to take it as they come along?

Derek Lowe

Well, we respond to the offers that are made to us and obviously, only a limited number of the fleet have been delivered, of the drop-down vessels have been delivered at this stage, and so they can only be offered once they've been delivered. So it's a matter of the timing of the offers and the response that the Conflicts Committee wants to make to them.

Liam Burke

Okay, but would you envision the financing similar to the Heda Knudsen, which as I said before, is a pretty elegant way to fund a drop-down?

Derek Lowe

Yeah, I mean, the standard model for all of them is that they have a secure debt facility in place already as they are offered. The financing itself does not need to be arranged at the time that the drop-down is offered. And it's a standard term of those facilities that the guarantor or the ownership and the guarantor arrangements can be transferred over to KNOP from KNOT. So that's that is straightforward. But I would say the loan on the Heda Knudsen is very standard from the point of view of the drop-downs we've had in the past, so those terms did not come as a great surprise, nor did the approximate cash cost of the transaction, so that $24 million is fairly consistent with the cost that you'll see the sort of net of debt, the cost that you'll see in the previous transactions we've done.

Operator

Great. Thank you, Derek. Great. Thanks, Liam. There are no further questions at this time. I will now turn the call back to Derek Lowe for closing remarks.

Derek Lowe

Well, thank you again, ladies and gentlemen, for joining us earnings call for KNOT Offshore Partners in the second quarter of 2026. And I look forward to speaking with you again following the third quarter results. This concludes today's call. Thank you for attending. You may now disconnect.

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