The Grey or Sadow fleet grows faster than enforcement can keep up

Tankers

The growth in the number of sanctioned ships has accelerated over the past year.

Analysts at Kpler have been tracking the sanctioned fleet over the past five years. The count of vessels under sanction rose from about 370 in July 2020 to roughly 1,650 by July 2025, while the number of affected companies increased from around 60 to nearly 500, with the fastest growth coming after mid-2024.

The scale of falsely flagged ships is a threat to the regulatory integrity of seaborne trade

BRS has similar statistics on the sharp growth in the so-called grey tanker fleet this year, with the broker suggesting the grey fleet has been growing by around 30 tankers a month in 2025, even as Western authorities unleash the most aggressive sanctions seen for many years.

Of particular note: 886 tankers — 78% of the grey fleet — are now considered sanctioned, up dramatically from just 191 last year, according to BRS.

“Screening systems must be retooled to fuse vessel identity, flag legitimacy and regional security alerts; exposure along the China/India route should be stress-tested; and opaque chains should be identified and either isolated or exited before enforcement actions expose them,” Dimitris Ampatzidis, a risk and compliance analyst at Kpler, wrote in a new report.

TankerTrackers also has published a list of sanctioned tankers – made publicly available via this link. The list features the names and details of 1,202 tankers today. It is updated automatically on a daily basis.

For its part, Windward, an Israeli maritime analytics platform, has identified around 1,900 ships as part of the dark fleet. Windward data shows that 40% of Iran-trading tankers and 30% of Russia-trading tankers in the dark fleet are now using fraudulent registries, signalling false flags or whose flag status is unknown.

Fraudulent registries linked to these trades by the International Maritime Organization include Aruba, Benin, Curaçao, Guinea, Guyana, Eswatini, Malawi, Timor-Leste, and St Maarten. Other ships falsely transmit they are flagged with legitimate registries.

“The unprecedented scale and prevalence of falsely flagged ships – numbers have doubled in less than 12 months – is now a significant threat to the regulatory integrity of global seaborne trade and undermines the foundations of the world’s maritime economic system,” Windward stated in a recent report.

The second quarter of this year saw a sharp rise in the number of vessels registered under newly emerging false flag registries. Eswatini (formerly Swaziland) recorded a 260% surge in false-flag vessel registrations in Q2, according to Windward.  Vessel registrations under false flags in the Netherlands Caribbean — covering Curaçao, St. Maarten, and Saint Barthélemy — rose by 98%, while Guyana saw a 105% increase in false flag vessel registrations.

About Stu Turley 4801 Articles
Stuart Turley is President and CEO of Sandstone Group, a top energy data, and finance consultancy working with companies all throughout the energy value chain. Sandstone helps both small and large-cap energy companies to develop customized applications and manage data workflows/integration throughout the entire business. With experience implementing enterprise networks, supercomputers, and cellular tower solutions, Sandstone has become a trusted source and advisor.   He is also the Executive Publisher of www.energynewsbeat.com, the best source for 24/7 energy news coverage, and is the Co-Host of the energy news video and Podcast Energy News Beat. Energy should be used to elevate humanity out of poverty. Let's use all forms of energy with the least impact on the environment while being sustainable without printing money. Stu is also a co-host on the 3 Podcasters Walk into A Bar podcast with David Blackmon, and Rey Trevino. Stuart is guided by over 30 years of business management experience, having successfully built and help sell multiple small and medium businesses while consulting for numerous Fortune 500 companies. He holds a B.A in Business Administration from Oklahoma State and an MBA from Oklahoma City University.