Marine insurance markets face significant risk from the growth of a shadow fleet of ships hauling oil from sanctioned producers like Russian and Iran, an industry group said.
The opaque nature of the ownership of those vessels makes it hard to identify who would be at fault in the event of a collision, Ilias Tsakiris, chair of the hull committee of the International Union of Maritime Insurers.
“This so-called ‘dark fleet’ presents significant risks for marine insurers,” he said at the organization’s annual conference on Wednesday. “These ships are often operated by questionable entities and