- Shadow Fleet Faces Rising Pressure After Enforcement Move.
- Over 80 Vessels Stalled Near Coast Amid Sanctions Fear.
- Sanctioned Oil Exports Risk Major Disruptions.
The recent seizure of a large crude carrier carrying restricted oil has sent shockwaves through the maritime industry, putting over 30 sanctioned vessels operating in a Latin American country in jeopardy of facing punitive measures. This incident marks the first known confiscation of crude oil intended for export since the sanctions were put in place back in 2019. Industry insiders are reporting that many operators are now rethinking their planned departures as the pressure mounts, reports Reuters.
Export Delays and Market Uncertainty on the Rise
With Washington now actively targeting restricted cargoes, analysts predict short-term export delays and a possible withdrawal of cautious vessel owners. Until now, shipments had been continuing through intermediaries without any direct intervention.
Nation Denounces Action as ‘International Piracy’
Authorities from the affected nation have condemned the seizure, labelling it as “blatant theft” and “an act of international piracy.” The detained vessel was part of a secretive fleet known for transporting sanctioned oil while operating under false identities and irregular tracking practices.
Shadow Fleet Crowds Regional Waters
Currently, more than 80 tankers are waiting in or near the coastal waters of the country, including over 30 that are under foreign sanctions. These vessels are part of a vast global shadow fleet that exceeds 1,400 tankers, many of which operate without full insurance and frequently transport sanctioned oil to buyers in Asia.
Opaque Operations and Lengthy Delays
Tankers involved in this trade often load at state-run terminals using false identities and hide their locations while making long ocean voyages. Previous sanctions have led to waiting periods of weeks or even months as captains try to evade enforcement actions.
Significant Portion of Global Fleet Under Sanctions
Industry estimates indicate that around 15% of the world’s largest crude carriers are currently restricted. The sanctioned fleet includes vessels transporting oil from heavily sanctioned countries, often shifting between various origins, including supplies from the Middle East, South America, and Eastern Europe.
Despite the challenges, export levels are on the rise
Exports from the sanctioned nation have recently surged past 900,000 barrels per day. Additionally, imports of essential diluents used for blending heavy crude have doubled, which is boosting local production capacity. The collaboration between certain sanctioned countries has played a significant role in maintaining these active flows.
Key Operator Reports Normal Activity
A major international partner involved in authorised crude shipments to the U.S. has reported that operations are running smoothly and continue without any disruptions.
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Source: Reuters
