The shadow fleet of tankers threatens the world with a massive environmental disaster – Financial Times

More than half of the vessels in the “shadow fleet” that transport sanctioned oil are currently severely corroded, posing a high risk of a large-scale fuel spill into the world’s oceans. Due to the high profitability of this trade, the owners of these tankers are extending their service life as long as possible, despite the vessels’ critical technical condition. 

Anil Sharma, CEO of GMS Partnership, the world’s largest ship recycling company, stated this in an interview with the Financial Times.

According to estimates by the shipping broker Clarksons, the total number of vessels in the “shadow fleet” currently stands at around 1,800, of which approximately 1,500 are oil or product tankers. Most of these ships are well over 20 years old, which is a critical threshold beyond which cargo ships are typically sent for scrapping due to system wear and tear. However, current international sanctions have effectively blocked legal avenues for their official dismantling and safe recycling in specialized ports.

Representatives of the shipping industry warn that such sanctioned vessels often lack international insurance altogether, are poorly maintained, and are operated by crews with low professional qualifications. Experts compare the current situation at sea to a “time bomb,” as worn-out metal structures and outdated equipment, combined with the lack of legal maintenance, make a major accident only a matter of time.

The European Union is considering adding about 20 additional tankers from Russia’s shadow fleet to the upcoming 21st package of restrictive measures aimed at reducing Moscow’s oil revenues. The new sanctions are also planned to be extended to vessels transporting liquefied natural gas to prevent the Kremlin from creating a similar shadow fleet for LNG. 

Ukraine has introduced a new package of sanctions against Russian commanders who directed missile strikes on Ukrainian cities, as well as against vessels providing military logistics for Russia.