Norway's Knutsen Group had a strong result last year thanks to the performance across its tanker and LNG carrier fleet.
TS Shipping Invest — the Haugesund-based group's key holding company — reported a pre-tax profit of NOK 369m ($44.3m) in 2020.
That is up from a NOK 202m profit in 2019.
The private shipowner attributed the profit improvement to its shuttle tankers, LNG carriers and product tankers, as well as its focus on long-term charters to blue-chip companies.
The Knutsen Group umbrella includes four companies: shuttle tanker owner Knutsen NYK Offshore Tanker (KNOT); LNG carrier owner Knutsen LNG; product tanker and ship management arm Knutsen OAS Shipping; and Knutsen Technology.
Group chief Trygve Seglem has 70% of the shares in the top company, Seglem Holding, which in turn controls TS Shipping Invest. His daughters, Synnove Seglem and Jorunn Seglem, hold the remaining shares.
KNOT is 50% controlled by Tokyo-based NYK Line.
NYK, Trond Mohn, Tom Erik Klaveness, Offshore Merchant Partners and Jakob Hatteland are co-owners of the LNG fleet, which consists of 15 ships and 10 newbuildings.
As TradeWinds reported, Mohn entered Knutsen’s LNG business earlier this year, buying Umoe’s stake in four LNG carriers that have long-term contracts with Shell — three of them until 2030.
Including options, Knutsen has contracts for the transport of LNG worth about $10bn.
On Tuesday, TradeWinds reported that Repsol of Spain had shortlisted Knutsen to provide an LNG carrier newbuilding for a 10-year charter, with a delivery date between the third quarter of 2023 and the first quarter of 2024.
Knutsen is expected to face competition from Hyundai LNG on the tender.
Sources said Knutsen historically has closer links with Spanish LNG business.
