KNOP Q2 2026 Earnings Call: Heda Acquisition and Charter Backlog Growth
Source Tradingkey
Key Takeaways
- Q2 2026 revenue was $96.8 million, with operating income of $15.6 million, net income of $3.4 million and adjusted EBITDA of $57.6 million.
- Available liquidity reached $143.3 million at June 30, comprising $95.3 million of cash and cash equivalents and $48.0 million of undrawn capacity.
- Overall fleet utilization was 92.4% following the drydocking of Fortaleza, while utilization adjusted for scheduled drydocking was 96.8%.
- KNOP acquired Heda Knudsen on September 1 for $113 million. After assuming an $89.4 million debt facility and adding $0.8 million of capitalized financing fees, the net cash cost was $24.4 million.
- Fixed charter backlog stood at $881.2 million at quarter-end, with an average duration of 2.5 years. Charter options averaged a further four years.
- The quarterly cash distribution increased to $0.075 per common unit from $0.05 in the prior quarter. Management expects fleet growth and a stronger charter market to support multiple gradual distribution increases over coming quarters and years.
Key Financial Data
| Metric | Q2 2026 / June 30, 2026 | Commentary |
|---|---|---|
| Revenue | $96.8 million | Q2 reported result |
| Operating income | $15.6 million | Q2 reported result |
| Net income | $3.4 million | Q2 reported result |
| Adjusted EBITDA | $57.6 million | Non-GAAP measure |
| Available liquidity | $143.3 million | $95.3 million in cash and equivalents plus $48.0 million undrawn |
| Adjusted utilization | 96.8% | Takes scheduled drydocking into account |
| Overall utilization | 92.4% | Reflects Fortaleza drydocking |
| Fixed charter backlog | $881.2 million | Average fixed duration of 2.5 years |
| Quarterly distribution | $0.075 per common unit | Up from $0.05 in the previous quarter |
Business and Operating Performance
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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