Bad news: the Regia Nautica, which sailed in the Atlantic during the Winter, was heavily hit by Allied warplanes. A real massacre. At least no German factories were hurt. The Soviets are being retrained in Vladivostok...
The good news: U-boots dominate the Atlantic, Britain has been isolated. Portugal was invaded by our Fallschirmjagers to persuade Spain to shift towards the Axis. We did capture Portugal, but Spain wasn't impressed....
Allied carriers close in on the Mediterranean, so the Luftwaffe counters them by deploying in Alexandria. Guess it will remain in Axis hands...
Norway has been retaken by the Kriegsmarine: still some potential left. This way it'll be much harder to reinforce the Murmansk beachhead.
Japan simply vegetates.
