v3.25.2
Unaudited Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents (Note 8) $ 66,322 $ 66,933
Amounts due from related parties (Note 13) $ 2,020 $ 2,230
Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration] Related Party Related Party
Inventories (Note 11) $ 3,598 $ 3,304
Derivative assets (Notes 7 and 8) 5,084 8,112
Other current assets (Note 17) 17,607 14,793
Total current assets 94,631 95,372
Long-term assets:    
Vessels, net of accumulated depreciation (Notes 10 and 19) 1,512,647 1,462,192
Right-of-use assets (Note 4) 3,860 1,269
Deferred tax assets (Note 9) 3,082 3,326
Derivative assets (Notes 7 and 8) 2,401 5,189
Accrued income (Notes 17) 7,531 4,817
Total long-term assets 1,529,521 1,476,793
Total assets 1,624,152 1,572,165
Current liabilities:    
Trade accounts payable (Note 17) 5,789 5,766
Accrued expenses (Note 18) 18,427 11,465
Current portion of long-term debt (Notes 8 and 12) 179,030 256,659
Current lease liabilities (Note 4) 1,004 1,172
Income taxes payable 54 60
Current portion of contract liabilities (Note 15) 5,529 2,889
Prepaid charter and deferred revenue 2,079 7,276
Amount due to related parties (Note 13) $ 7,202 $ 1,835
Other Liability, Current, Related Party, Type [Extensible Enumeration] Related Party Related Party
Total current liabilities $ 219,114 $ 287,122
Long-term liabilities:    
Long-term debt (Notes 8 and 12) 735,449 648,075
Lease liabilities (Note 4) 2,856 97
Derivative liabilities 1,317  
Contract liabilities (Note 15) 43,355 23,776
Deferred tax liabilities (Note 9) 103 91
Deferred revenues 1,635 1,869
Total long-term liabilities 784,715 673,908
Total liabilities 1,003,829 961,030
Commitments and contingencies (Note 14)
Series A Convertible Preferred Units 84,308 84,308
Partners' capital:    
General partner interest 9,523 9,353
Total partners' capital 536,015 526,827
Total liabilities and equity 1,624,152 1,572,165
Related Party    
Current assets:    
Amounts due from related parties (Note 13) 2,020 2,230
Other current assets (Note 17) 2,307 1,325
Current liabilities:    
Trade accounts payable (Note 17) 1,526 2,773
Common units    
Partners' capital:    
Common unitholders 522,621 513,603
Class B unit    
Partners' capital:    
Common unitholders [1] $ 3,871 $ 3,871
[1] On September 7, 2021, the Partnership entered into an exchange agreement with Knutsen NYK Offshore Tankers AS (“Knutsen NYK” or “KNOT”), and the Partnership’s general partner whereby Knutsen NYK contributed to the Partnership all of Knutsen NYK’s incentive distribution rights (“IDRs”), in exchange for the issuance by the Partnership to Knutsen NYK of 673,080 common units and 673,080 Class B Units, whereupon the IDRs were cancelled (the “IDR Exchange”). As of June 30, 2025, 420,675 of the Class B Units had been converted to common units.