What are ‘shadow fleets,' the mysterious tankers used to transport illicit oil? [Yahoo! Finance Canada]
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Source: Yahoo! Finance Canada
Here, the Financial Post sheds light on shadow fleets and why they are a problem. What is a shadow fleet? The shadow fleet, also know as the dark fleet or the ghost fleet, is a term used to refer to oil tankers and vessels — largely from Venezuela, Russia and Iran — that operate outside international regulations with the goal of avoiding sanctions, price caps and other limitations. About a third of the vessels are more than 20 years old, making them more prone to accidents, which means they typically lack insurance. They can quickly be disguised as originating from another nation, either with a name change, new coat of paint or a flag swap. For example, Russian vessel Bella 1, which U.S. forces captured last week, was operating under the Guyanese flag when officials first tried to seize it in November, according to multiple reports. A Russian flag was then painted on its side and it began operating under the name “Marinera.” International maritime law requires vessels to be
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