Norway has issued 57 offshore oil and gas exploration licenses to 19 companies under in its latest annual licensing round and indicated that it will drill more acreage in the next year. This marks an increase in licenses awarded in mature areas, rising from 53 last year, while the total number of companies receiving permits decreased from 20, Energy Minister Terje Aasland announced at a recent energy conference.
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Canada and China are preparing to revive bilateral trade talks after years of diplomatic and economic strain, as shifting global trade dynamics and renewed US tariffs under President Donald Trump push both countries to reassess their reliance on Washington. Canadian Prime Minister Mark Carney’s first official visit to Beijing this week has signaled a possible reset in China–Canada trade relations, particularly in key sectors such as energy, agriculture, and raw materials.
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The United Kingdom is reportedly examining legal options to use oil seized from vessels linked to Russia’s so-called “shadow fleet” to help fund military assistance for Ukraine, according to The Times, citing a UK government source.
Russia has relied on a network of aging tankers, commonly referred to as the shadow fleet,to bypass Western sanctions imposed on its energy sector following the full-scale invasion of Ukraine in 2022. British officials are now assessing whether proceeds from sanctioned oil cargoes could be redirected away from Moscow and toward supporting Ukraine’s defense efforts.
Unidentified drones struck two Greek-owned oil tankers in the Black Sea on Tuesday, including a vessel scheduled to load Kazakh crude at Russia’s coast, according to officials. The incidents did not cause major damage and no injuries were reported among the crews.
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South Korea has reiterated its intention to join the trans-Pacific trade pact during high-level summit talks between President Lee Jae Myung and Japanese Prime Minister Sanae Takaichi, according to an official statement released. The discussions highlighted Seoul’s interest in acceding to the 12-member Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a major regional free trade agreement.
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Iran has reportedly released the Greek-owned oil tanker St. Nikolas, which had been detained since January 2024, according to maritime intelligence firm Tanker Trackers. The move appears to conclude the prolonged detention linked to previous U.S. sanctions enforcement involving the same vessel.
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Türkiye, a leading player in the global armed unmanned aerial vehicle (UAV/UCAV) market, is now leveraging its expertise in the maritime domain. As part of its strategy to protect maritime interests, Ankara has advanced the development of armed Unmanned Surface Vehicles (USVs) within its modern naval force structure.
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WASHINGTON– President Donald Trump announced on Monday that any country conducting business with Iran will face a 25% tariff on all trade with the United States, as Washington evaluates its response to Iran’s largest anti-government protests in years.“Effective immediately, any country doing business with the Islamic Republic of Iran will pay a25% tariff on all trade with the United States,” Trump stated on Truth Social, emphasizing the order as “final and conclusive.”
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Türkiye and Malaysia have agreed to establish a major joint shipyard in Malaysia’s southern state of Malacca, strengthening bilateral cooperation in the maritime and shipbuilding sectors.
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Nova Marine Carriers, in partnership with Germany’s Aug. Bolten and Spain-based Ership Group, has finalized the acquisition of 100% ownership of VCK Port Logistics along with its port infrastructure at the Port of Amsterdam. The deal was completed through the Dutch subsidiary Maja Stuwadoorsgroep B.V., strengthening the consortium’s operational footprint in one of Europe’s key maritime hubs.
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Beijing/Geneva/Washington– Li Chenggang, China’s lead trade negotiator with the U.S., has been at the center of global attention after U.S. Treasury Secretary Scott Bessent described him as “unhinged” for breaking diplomatic norms ahead of a major summit last October. While the remark painted Li as a rebellious junior official, insiders say he is far from loose cannon.
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Two China-flagged supertankers bound for Venezuela to pick up crude oil as part of longstanding oil-for-debt arrangements have abruptly turned back and are now sailing back toward Asia, according to the latest LSEG shipping data, highlighting fresh uncertainty in global energy flows amid tight U.S. sanctions and political turmoil.
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Taiwan’s exports recorded a strong performance in December, reaching the second-highest monthly level on record as overseas shipments surged 43.4% year-on-year to USD 62.48 billion. Although the growth rate eased from a revised 56.0% increase in November, it still reflected solid external demand, even as it came in below market expectations of a 46% rise.
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UK ministers believe existing legislation gives the government legal authority to stop, board and detain oil tankers linked to so-called “shadow fleets” operating in and around UK waters, according to information understood by BBC News. These fleets are associated with countries such as Russia, Iran and Venezuela and are accused of using ships without valid national flags to evade international oil sanctions.
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The global shipbuilding market experienced a notable slowdown in 2025, with new ship orders declining sharply amid economic uncertainty and geopolitical pressures. Despite these challenges, China’s shipbuilding industry retained its position as the world’s largest by order volume, even as its market share recorded its first decline in five years.
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