Greenpeace
To unwind the shadow fleet of tankers too quickly could cause a severe global economic shock, a new report has warned.
The grey tanker fleet – as tracked by brokers BRS – has grown in size by 17% this year to number 787 units, equivalent to 8.5% of total tanker capacity. With more large ships classed as grey, the amount of tanker tonnage by dwt stands at a “staggering” 93.7m dwt, BRS stated in its latest tanker report, representing 13.7% of total tanker tonnage. One of the reasons for the growth in the shadow fleet this year has been the reimposition of sanctions on Venezuela.
“Although regulators and governments are evidently keeping an eye on the grey fleet, its enormous size now arguably makes it harder to regulate since potentially excluding 13.7% of global tonnage would send tanker markets into an upward spiral, potentially causing an unwanted economic shock,” BRS warned.
BRS suggested further regulation needs to be gradual and targeted so as not to inject “undue volatility” into the markets.
Splash has reported recently how littoral states around the Baltic, led by new NATO member Sweden, are waging a diplomatic campaign to get other countries to back a greater crackdown on Russia’s shadow fleet passing through the region, concerned about the potential for environmental catastrophe with a number of near disasters reported among the ageing fleet of tankers over the past year.
“The dark fleet of sanction-busting, uninsured tankers remains an environmental and political cause of anxiety but is surely responsible in part for the improved conditions in the legitimate tanker freight markets,” stated the most recent tanker market report from sister publication, Splash Extra.
