Shipping Market Roundup: Norway Crude Hits Records, Euro Trade Gap Widens

## Norway's Johan Sverdrup Crude Reaches New Highs According to Hellenic Shipping News, differentials for Norway's Johan Sverdrup crude oil have been on a 'historic bull run' in recent weeks, with the medium sour grade breaking record highs in every pricing session from March 11-19. The surge in prices is being driven by global refiners seeking replacements for Persian Gulf crudes amid ongoing geopolitical tensions in the Middle East. 'Differentials for Norway’s Johan Sverdrup continued on a historic bull run as global refiners seek replacements for Persian Gulf crudes, with values for the medium sour grade having broken record highs in every single pricing session across March 11-19,' the report states. ## Euro Area Trade Deficit Widens in January The Hellenic Shipping News also reported that the Eurozone's trade deficit widened to €1.9 billion in January 2026, missing market expectations for a €12.8 billion surplus. Exports declined 7.6% year-on-year to €215.3 billion while imports decreased 7.3% to €217.2 billion, increasing the overall deficit. 'Euro Area trade deficit widened to €1.9 billion in January 2026 from €1.4 billion a year earlier, missing market expectations for a €12.8 billion surplus,' the report said. ## Middle East Situation Updates In related news, GAC provided an update on the supply chain impact of ongoing developments in the Middle East region. The maritime services provider said it is 'constantly monitoring the situation to assess the operational options' for its customers. 'To support our customers in managing their supply chain, we are constantly monitoring the situation to assess the operational options,' GAC stated in its 'Hot Port News' update. The U.S. military has also reportedly requested more than $200 billion in additional funding for the Iran war, according to a Washington Post report cited by Hellenic Shipping News. However, the request has faced strong opposition from Democrats and some Republicans in Congress. 'The U.S. Department of Defense has requested more than $200 billion in additional funding for the Iran war, according to a Washington Post report on Thursday. The request has encountered strong opposition from Democrats and some Republicans in Congress,' the report said. Overall, these developments highlight the continued volatility and uncertainty in global energy and trade markets, with potential impacts on the maritime industry supply chain. Stakeholders will need to closely monitor the situation in the weeks and months ahead.