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Why Knot Offshore Partners Stock Is Plunging Today

Why Knot Offshore Partners Stock Is Plunging Today

Units of Knot Offshore Partners (NYSE: KNOP) had sunk by more than 18% by 10:30 a.m. ET on Wednesday. Weighing on the master limited partnership (MLP) was an oversupply of shuttle tankers in the North Sea. Knot Offshore Partners issued its third-quarter report, and CEO Gary Chapman said in the accompanying release that its financial results, liquidity, and distributable cash flow "reflect our heavy scheduled drydocking program."