Sanctions aimed at combating shadow fleets could pose a threat to navigational safety, a British magazine reports Lloyd.
Experts from Britain’s oldest shipping magazine say the quarantine is having unexpected consequences, particularly for old and poorly maintained tankers.
According to the publication, the shadow fleet, which accounts for more than 10% of the total number of tankers in the world, often evades sanctions by using AIS tracking fraud, false flags and dubious insurance agreements. The fleet has been linked to more than 50 accidents and poses a serious threat to the reliability of maritime transport and the environment.
“The potential for these ships to reintegrate into the mainstream shipping industry remains uncertain as the high profits in shadow trading continue to attract attention,” Lloyd’s List experts said.
Experts stress that politicians who want to stop illicit financial flows have not yet developed effective measures to prevent the environmental consequences associated with the operation of these vessels. The main effect of the sanctions was to maintain a risky operating model with lower costs and minimal oversight.
Last week, Western insurance companies secretly to continue Insure tankers carrying Russian oil despite fears of breaching G7 price caps. Reuters data shows that the American Club, Gard and others in the West of England have insured at least 10 such vessels in 2023-24. The insurers rely on assurances from parties to the transaction that the price is below the $60 per barrel ceiling.
Previously Russia continued Shipments from Arctic LNG-2.
What are you thinking?
Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.