The evolution of the shadow fleet

OVER the past few months, our team of analysts has been quietly at work, giving our shadow fleet* watchlist a huge revamp. For those not in the know, the list identifies vessels that fit a specified set of criteria making them likely candidates for the shadow fleets serving Russia, Iran and Venezuela. As the sanction campaigns from the UK, US and EU intensify, the behaviour and identifying characteristics of these vessels has changed — telltale giveaways in 2023 are not the same in 2025 at all. With that in mind, we thought we’d bring on our two in-house shadow fleet experts to explain what’s changed and why you should take notice. Lloyd’s List reporter Joshua Minchin sat down with Lloyd’s List senior risk and compliance analyst Bridget Diakun and maritime risk analyst Tomer Raanan to understand how things have changed. Subscribe to Lloyd’s List here, or learn more about Lloyd’s List Intelligence.