Norwegian shipowners are expressing growing frustration over the unpredictability of US trade policies, as on-again, off-again tariffs disrupt decision-making across the industry.
Knut Arild Hareide, the chief executive of the Norwegian Shipowners’ Association, voiced concerns during a recent press briefing, highlighting how fluctuating US tariffs are creating uncertainty for members ahead of the Nor-Shipping exhibition. “It’s difficult for companies to plan investments or operations when the rules change from week to week,” Hareide said.
The timing of these concerns is notable, as the Norwegian shipping sector has seen remarkable growth. According to data from Clarksons, the Norwegian-owned fleet ranks among the world’s most valuable. Yet, even with this strong position, shipowners are feeling the pinch from shifting US policies, which they say hinder long-term planning and stability.
While the global shipping industry has faced plenty of disruptions over the past few years — from pandemic-driven supply chain snarls to geopolitical tensions in key trade lanes — the unpredictability of US trade tariffs has become a major talking point. Hareide emphasized that members of the association, which represents a significant portion of Norway’s maritime sector, are increasingly voicing their frustrations.
Norway’s shipping sector is diverse, with key players operating in everything from bulk carriers and tankers to project cargo and offshore services. This variety means that US policies impact different segments in different ways, but the common thread is uncertainty. For example, sudden tariff hikes can make Norwegian goods less competitive in the US market, while shipping contracts may have to be renegotiated on short notice.
Interestingly, these challenges come at a time when Norwegian shipowners are actively expanding their global presence. Just last month, Christen Sveaas’ Kistefos made headlines by acquiring a $3.6 billion Norwegian fund manager from DNB Carnegie, signaling strong investment interest in maritime and logistics assets.
As Nor-Shipping approaches, the mood among Norwegian shipowners is a mix of cautious optimism and frustration. On the one hand, the sector is riding high on strong fleet valuations and robust demand for energy and bulk transport. On the other, trade uncertainties—especially in major markets like the US—are a stark reminder that external policy shifts can upend even the most careful business plans.
Looking ahead, many shipowners are expected to use the Nor-Shipping event as a platform to discuss how to navigate this complex environment. Some are lobbying for more stable international trade frameworks, while others are diversifying routes and services to hedge against risk.
For now, the industry is left to adapt—one policy change at a time.
