Photo: EPA
Owners of sanctioned oil tankers are reportedly extending the lifespan of aging vessels to capitalize on soaring profits linked to geopolitical tensions and disruptions in global energy markets.
According to the Financial Times, more than half of the so-called “shadow fleet” may be operating beyond a safe service life. Anil Sharma, CEO of ship recycling company GMS Partnership, warned that many of these vessels are deteriorating rapidly and could trigger a major environmental disaster.
“At least a third should be scrapped — possibly more. Honestly, I believe it’s over half,” Sharma said.
Shipping broker Clarksons estimates that the shadow fleet consists of around 1,800 vessels, including roughly 1,500 oil and product tankers. Many are more than 20 years old — an age at which commercial ships are typically retired due to increasing corrosion, outdated systems, and higher operational risks.
Industry experts warn that these poorly maintained ships, often operating without adequate insurance and under opaque ownership structures, pose a serious threat to maritime safety.
“It’s a ticking time bomb, and everyone in shipping knows it,” said Alexander Saverys, CEO of CMB Tech. “These vessels are uninsured, poorly maintained, often crewed by underqualified personnel, and are essentially accidents waiting to happen.”
Russia’s shadow fleet has become a crucial tool for maintaining oil exports despite Western sanctions, carrying a significant share of the country’s crude shipments. However, analysts argue that as the fleet continues to age, the risk of oil spills and other maritime incidents is increasing.
Experts say tougher restrictions on maritime services and enforcement measures by Western countries may be required to curb the fleet’s operations and reduce the environmental risks associated with its continued use.
