Robert Subban, the Maritime Risk and Compliance Manager at Pole Star Global, has analyzed the changes in maritime financial risks and highlights the importance of the shadow fleet. This fleet includes over 230 aging tankers that have been sold to Russian owners for approximately £5 billion since 2022. These developments have led to ambiguous ownership practices and frequent flag changes, creating serious challenges for banks, insurers, and financial institutions.
Challenges of Ambiguous Ownership
Unclear ownership has become a vulnerability in compliance, and complex corporate structures along with frequent flag changes have necessitated closer scrutiny. For example, a tanker may pass through several jurisdictions and holding companies in a short period and change flags multiple times in the process. Each change can reduce transparency and raise questions about the true owner and operational control. This issue becomes particularly significant in high-risk transactions such as the export of Russian crude oil, which is subject to price caps.
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Impact of Voyage Behavior on Risk
The risk of sanctions is no longer confined to the financing or insurance stage but can also emerge mid-voyage. Ship-to-ship transfers in restricted waters may transfer illegal goods from one vessel to another. Unexplained deviations in routes and prolonged stops at ports can significantly alter a vessel's risk profile after a deal is made. These patterns are often associated with the efforts of bad actors to conceal the source of their cargo.
The development of maritime financial risks indicates that these risks are not static and can change during a voyage. With increased scrutiny from authorities in the UK, US, and Europe, compliance issues have become board-level discussions and a tangible financial risk. Financial institutions must be more aware of vessel behavior and utilize maritime intelligence tools to analyze all data seamlessly.
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