Financial Performance - Generated total revenues of $76.3 million in Q3 2024, an increase from $74.4 million in Q2 2024, driven by higher charter and bareboat revenues[10] - Adjusted EBITDA for Q3 2024 was $45.1 million, with a net loss of $3.8 million compared to a net loss of $12.9 million in Q2 2024[4][10] - Total revenues for Q3 2024 reached $76.292 million, compared to $72.683 million in Q3 2023, marking a year-over-year increase of 4.5%[27] - Net income for the three months ended September 30, 2024, was a loss of $3,773,000 compared to a profit of $12,641,000 for the same period in 2023[39] - Net income for the nine months ended September 30, 2024, was a loss of $9,185 thousand, compared to a loss of $29,046 thousand for the same period in 2023, indicating an improvement in performance[36] - Adjusted EBITDA for the nine months ended September 30, 2024, was $138,025,000, slightly down from $139,992,000 in the same period of 2023[39] Operational Performance - Fleet utilization was 98.8% for scheduled operations in Q3 2024, maintaining strong operational performance[5] - The average margin paid on outstanding debt during Q3 2024 was approximately 2.26% over SOFR, with total interest-bearing obligations of $947.3 million[12] - Vessel operating expenses increased to $29.453 million in Q3 2024 from $23.164 million in Q3 2023, reflecting a rise of 27.1% year-over-year[27] - Depreciation expenses remained stable at approximately $27,902,000 for the three months ended September 30, 2024, compared to $27,472,000 in 2023[39] Liquidity and Capital Structure - As of September 30, 2024, the Partnership had $77.2 million in available liquidity, including $67.2 million in cash and cash equivalents[11] - Cash and cash equivalents increased from $63,921 thousand at the beginning of the period to $67,225 thousand at the end, reflecting a growth of approximately 3.8%[36] - Long-term debt decreased from $857,829 thousand to $766,895 thousand, a reduction of approximately 10.6%[33] - Current liabilities increased significantly from $127,577 thousand to $209,889 thousand, marking an increase of approximately 64.4%[33] - The total partners' capital decreased from $523,169 thousand at December 31, 2023, to $506,178 thousand at September 30, 2024, a decline of approximately 3.2%[34] Market Outlook - The outlook for the offshore oil market in Brazil is improving, with robust demand and increasing charter rates driven by Petrobras' high production levels[7] - The medium and long-term outlook for the shuttle tanker market remains favorable, supported by committed capital from industry participants and supply-demand factors[22] - Shuttle tanker demand in the North Sea has been subdued due to COVID-19-related project delays, with expectations for improvement as new oil production projects come online[21] Charter Contracts and Fleet Management - The Partnership has secured just under 96% of charter coverage for the whole of 2024, indicating strong demand in the market[6] - The charters for Tordis Knutsen and Lena Knutsen were extended by one year, with options to extend for up to three additional years, now running until 2028[4] - The Partnership has entered into multiple long-term charter contracts with Petrobras, including a new fifteen-year contract for a vessel to be delivered in late 2025 and three ten-year contracts for vessels expected to be delivered between 2026 and 2027[25] - The Partnership plans to build liquidity and maintain long-term visibility from its charter contracts to capitalize on an improving shuttle tanker market[22] Impairment and Expenses - The company recorded an impairment of $16,384 thousand for the nine months ended September 30, 2024, compared to $49,649 thousand for the same period in 2023, indicating a significant reduction in impairment losses[36] - Interest expense decreased to $16,857,000 for the three months ended September 30, 2024, from $18,493,000 in the same period of 2023[39] - Impairment charges for the nine months ended September 30, 2024, were $16,384,000, down from $49,649,000 in the same period of 2023[39] Future Strategies - The company anticipates growth strategies focused on expanding its market presence and enhancing operational efficiencies[43] - KNOT Offshore Partners is exploring opportunities for long-term charters of five years or more to stabilize revenue streams[43] - Future capital expenditures are planned to enhance fleet capabilities and operational capacity[44] - KNOT Offshore Partners is committed to maintaining long-term relationships with major users of shuttle tonnage to ensure consistent demand[44]

Group 1: Company Overview - KNOT Offshore Partners LP (KNOP) is experiencing positive momentum due to the bullish tanker market and a shareholder-friendly approach, leading to impressive share performance [1] - KNOP's shares have appreciated significantly, gaining 27.6% over the past six months, outperforming the industry growth of 9.7% [2] Group 2: Financial Performance - The Zacks Consensus Estimate for KNOP's current-quarter earnings has increased by 50% in the last 60 days, with a 75% upward revision for the December quarter, indicating strong broker confidence [4] - KNOP currently holds a Zacks Rank 1 (Strong Buy), reflecting its solid market position [4] Group 3: Industry Context - The tanker industry, to which KNOP belongs, has a Zacks Industry Rank of 91 out of 252, placing it in the top 36% of industries, which is crucial for stock performance [5] - The performance of the industry group significantly influences stock price movements, with strong groups likely to elevate mediocre stocks [5] Group 4: Growth Drivers - KNOP is benefiting from healthy product tanker rates and the normalization of economic activities post-COVID-19, which is enhancing its top-line performance [6] - Disruptions in maritime trade due to attacks by Yemen's Houthi militants have led KNOP to adopt longer shipping routes, resulting in increased freight rates and improved bottom line due to lower capacity [7]

KNOT Offshore Partners LP (NYSE:KNOP) Q2 2024 Results Conference Call September 4, 2024 9:30 AM ET Company Participants Derek Lowe - CEO and CFO Conference Call Participants Liam Burke - B. Riley Poe Fratt - AGP Jim Altschul - Aviation Advisory Service Operator Good morning, everyone. Welcome to KNOP Second Quarter 2024 Earnings Call. My name is Kiki and I will be your conference operator today [Operator Instructions]. I will now hand you over to your host, Derek Lowe, Chief Executive Officer and Chief Fin ...

Exhibit 99.1 KNOT OFFSHORE PARTNERS LP EARNINGS RELEASE—INTERIM RESULTS FOR THE PERIOD ENDED JUNE 30, 2024 Financial Highlights For the three months ended June 30, 2024 ("Q2 2024"), KNOT Offshore Partners LP ("KNOT Offshore Partners" or the "Partnership"): ● Generated total revenues of $74.4 million, operating income of $1.3 million and net loss of $12.9 million, after recording a combined $16.4 million non-cash impairment in respect of the vessels Dan Cisne and Dan Sabia. When adjusted to remove the impact ...

KNOT Offshore Partners LP (KNOP) is scheduled to report its second-quarter 2024 results on Sep. 4 before market open. KNOP beat the Zacks Consensus Estimate for earnings in three of the last four quarters (missing the mark once). The average beat is 324.3%. The Zacks Consensus Estimate for loss per unit in the to-be-reported quarter has remained stable at 13 cents in the past 30 days. The Zacks Consensus Estimate for revenues in the to-bereported quarter has declined 5.4% year over year to $69.8 million. Ag ...

The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks. Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at ...

While "the trend is your friend" when it comes to short-term investing or trading, timing entries into the trend is a key determinant of success. And increasing the odds of success by making sure the sustainability of a trend isn't easy. Often, the direction of a stock's price movement reverses quickly after taking a position in it, making investors incur a short-term capital loss. So, it's important to ensure that there are enough factors -- such as sound fundamentals, positive earnings estimate revisions, ...

It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. Knot Offshore currently has a Zacks Rank of #1 (Strong Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of A or B outperform the market over the following one-month period. Given these factors, it shouldn't be surprising that KNOP is a #1 (Strong Buy) stock and boasts a Momentum Score of A. If y ...

Most of us have heard the dictum "the trend is your friend." And this is undeniably the key to success when it comes to short-term investing or trading. But it isn't easy to ensure the sustainability of a trend and profit from it. The trend often reverses before exiting the trade, leading to a short-term capital loss for investors. So, for a profitable trade, one should confirm factors such as sound fundamentals, positive earnings estimate revisions, etc. that could keep the momentum in the stock alive. Our ...

These are only a few of the key metrics included in KNOT Offshore Partners's strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, KNOP looks like an impressive value stock at the moment. One company value investors might notice is KNOT Offshore Partners (KNOP) . KNOP is currently sporting a Zacks Rank of #1 (Strong Buy) and an A for Value. Value investors also frequently use the P/S ratio. This metric is found by divid ...