"Shipping in 2026 is going to get darker." - Michelle Wiese Bockmann, Senior Maritime Intelligence Analyst, Windward

Right now, somewhere between 900 and 2,000 aging oil tankers are operating in the shadows.

They are carrying sanctioned crude from Russia, Iran, and Venezuela. This so-called "shadow fleet" often sails under false flags, spoofs its locations, turns off monitoring systems, transfers their cargo at sea, and sometimes operates without insurance.

These dangerous vessels are increasingly being boarded, seized, escorted into port, and tied up in court, but enforcement at sea is messy, expensive, and legally complex.

One company… GMS… thinks they have an answer. They believe they can scrap about 100 of these seized, sanctioned ships annually - if (and it is a big IF) they are given permission by the U.S. Treasury to acquire them.

In this episode of the Art of Supply podcast, Kelly Barner explores three interconnected questions:

• What is actually being done to get shadow fleet tankers off the water?
• What happens to the ships — and the oil, and the crew — after they are seized?
• And what are the second- and third-order effects for global shipping markets, risk, and supply chains?

Links:

• Kelly Barner on LinkedIn
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• Art of Supply on AOP
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