Max Lin, S&P Global/Platts reporter who analyzes tanker markets, and Kelly Norways, S&P Global/Platts journalist tracking shipping risks, discuss the shadow tanker network. They unpack its scale and logistics, the EU’s proposed maritime services ban and how it differs from the price cap, enforcement and industry reactions, and the environmental and safety dangers posed by aging, noncompliant vessels.
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Shadow Fleet Emerged As Sanctions Workaround
The shadow fleet grew rapidly after 2022 as Russia and sanctions evaded the G7 price cap by using aging tankers off the official system.
Kelly Norways says thousands of old vessels (18–20+ years) avoid AIS tracking and handle much of sanctioned oil, creating opaque trade flows.
insights INSIGHT
Scale Of The Shadow Fleet Is Substantial
About 600 vessels over 27,000 dwt were identified supporting Russian shipments, and roughly a thousand globally operate across Iran, Venezuela and Russia trades.
Kelly Norways estimates ~70% of recent Russian oil flows rely on non-G7 or shadow tankers.
insights INSIGHT
EU Maritime Services Ban Is Far More Restrictive
The EU proposal would ban maritime services for Russian crude, cutting insurance, brokerage and port support regardless of price.
Kelly Norways notes this is more restrictive than the G7 price cap and needs unanimous EU approval and G7 buy-in.
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For several years, Iran, Venezuela, and Russia have relied on a sprawling network of aging tankers—known as the shadow fleet—to keep their oil flowing despite Western sanctions. Now, the EU is proposing its most aggressive move yet: a sweeping ban on maritime services that could cut off insurance, brokerage, and port access for vessels carrying Russian crude.
This comes at a time when the Venezuelan shadow fleet has largely been replaced by mainstream tanker operators, while the US continues to impose new restrictions on Iranian vessels. Both developments raise fresh questions about the future of these rogue tankers.
In this episode of Energy Evolution, host Eklavya Gupte explores whether the shadow fleet can survive tighter sanctions and what the consequences might be for global energy security, trade flows, and environmental safety.
Joining the conversation are Kelly Norways and Max Lin, two journalists from Platts, part of S&P Global Energy, who have been tracking the shadow fleet's evolution over the past few years. They break down the mechanics of this shipping network, explain how the EU's proposed ban differs from the price cap system, and reveal the growing risks posed by a fleet of vessels operating outside international safety standards.
Energy Evolution 
