For several years, Iran, Venezuela, and Russia have relied on a sprawling network of aging tankers—known as the shadow fleet—to keep their oil flowing despite Western sanctions. Now, the EU is proposing its most aggressive move yet: a sweeping ban on maritime services that could cut off insurance, brokerage, and port access for vessels carrying Russian crude.

This comes at a time when the Venezuelan shadow fleet has largely been replaced by mainstream tanker operators, while the US continues to impose new restrictions on Iranian vessels. Both developments raise fresh questions about the future of these rogue tankers.

In this episode of Energy Evolution, host Eklavya Gupte explores whether the shadow fleet can survive tighter sanctions and what the consequences might be for global energy security, trade flows, and environmental safety.

Joining the conversation are Kelly Norways and Max Lin, two journalists from Platts, part of S&P Global Energy, who have been tracking the shadow fleet's evolution over the past few years. They break down the mechanics of this shipping network, explain how the EU's proposed ban differs from the price cap system, and reveal the growing risks posed by a fleet of vessels operating outside international safety standards.

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The European Hydrogen Bank is meant to be Europe’s big enabler for large-scale renewable hydrogen production, so why did the EU’s second auction fail to deliver on its promise?

In this episode of Energy Evolution, host Eklavya Gupte speaks with James Burgess, senior reporter at S&P Global Energy Platts, and Matthew Hodgkinson, senior principal analyst at S&P Global Energy Horizons, who explain why so many projects withdrew from the auction process and explore what’s next for the EU’s flagship model for kick-starting the green hydrogen sector.

Our experts assess the challenges facing the nascent market and take a look at other recent developments across the region, including the latest from the H2Global import auctions and how the EU’s Carbon Border Adjustment Mechanism is affecting hydrogen trade.

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News feature: European hydrogen industry digests failure of second EU auction

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Offshore wind once looked like a natural play for oil majors: big offshore projects, complex engineering, and familiar operating conditions. But as costs and interest rates have risen, the sector’s economics have started to clash with the companies’ return expectations. This has revealed a business model where capital is invested upfront, payback is slow, and the competitive advantage often lies in power market and contracting expertise, rather than just offshore execution.

In this episode, host Eklavya Gupte is joined by Alex Blackburne, senior reporter at S&P Global Energy, to unpack the shifting strategies of European oil majors in offshore wind.

We also hear from Julio Dal Poz, managing director in the energy transition practice at FTI Consulting, who explains why offshore wind has proven to be a challenging fit for companies accustomed to quicker returns and greater upside potential.