The shuttle tanker market needs a certain amount of newbuilding ordering as vessel supply tightens and demand rises, a leading shipowner believes.

KNOT Offshore Partners of the UK noted that its sponsor Knutsen NYK Offshore Tankers (KNOT) contracted three suezmax shuttle units this month for delivery in 2026 and 2027.

It also said there were reports of another company signing for three more due by 2027.