Sanctions aimed at curbing shadow fleets could unintentionally threaten navigational safety, a British maritime publication reports Lloyd.
Experts from Britain’s oldest shipping journal note that the quarantine measures are producing unforeseen results, especially for older and poorly maintained tankers.
According to the publication, the shadow fleet accounts for more than 10 percent of the world’s tankers and often dodges sanctions by manipulating AIS data, using false flags and questionable insurance arrangements. The fleet has been connected to more than 50 accidents and raises serious concerns about the reliability of maritime transport and the health of the marine environment.
“The possibility that these ships could reenter the mainstream shipping sector remains uncertain as high profits from shadow trading continue to attract attention,” say Lloyd’s List experts.
Experts emphasize that policymakers seeking to curb illicit financial flows have not yet built effective tools to prevent the environmental consequences tied to the operation of these vessels. The main impact of the sanctions has been to sustain a risky business model with low costs and limited oversight.
Recently, Western insurers discreetly continued to insure tankers carrying Russian oil despite fears of violating G7 price caps. Reuters data indicates that the American Club, Gard and other insurers in the West of England have covered at least ten such vessels in 2023–24. The carriers rely on assurances from contracting parties that the price remains below the sixty dollar per barrel ceiling. [Source: Lloyd’s List]
Earlier reports showed shipments from Arctic LNG-2 continuing, highlighting the broader dynamics of energy supply and sanctions enforcement across maritime routes.