Geopolitical turbulence hits Norwegian Shipowners
Norwegian shipowners continue to deliver strong growth despite significant global uncertainty. At the same time, an increasing number of companies are experiencing how geopolitics directly affects operations, market choices, and investments.
In 2025, revenues among members of the Norwegian Shipowners’ Association increased by 2 percent, reaching NOK 348 billion. This is shown in the Norwegian Shipowners' Association’s Maritime Outlook Report 2026.
– Norwegian shipowners remain strong and activity is high, but unrest in international waters and global markets has become part of everyday life. Shipowners must increasingly adapt routes and investments to a more unpredictable world, says Knut Arild Hareide, CEO of the Norwegian Shipowners’ Association.
The report shows that seven out of ten shipowners say geopolitics has had direct consequences for their operations. This includes increased risk, changing trade patterns, more uncertain market access, and a more complex digital threat landscape.
The report also highlights that the United States is becoming a less important market for Norwegian shipowners. The U.S. has dropped from third place in 2025 to sixth place in 2026 among the most important markets.
Measured by value, Norway is the world’s fifth-largest shipping nation. The maritime industry is one of Norway’s most important sectors and plays a key role in value creation and employment. Shipowners are at the center of the maritime cluster, accounting for 40 percent of employment and 60 percent of export revenues.
At the same time, the Norwegian flag is weakening. The Norwegian International Ship Register (NIS) saw a net decline of around 50 vessels in 2025, totaling 694 ships as of 1 March 2026. The decline is largely due to reflagging to foreign registers.
