Russia Absorbs Shadow Fleet Tankers at Record Pace as EU Seizures Reshape Sanctions Battle
Russia has accelerated the transfer of shadow fleet tankers into its national ship register as European authorities intensify efforts to board, detain, and seize vessels involved in Russian oil trades. According to Lloyd’s List Intelligence data, 86 ships have reflagged to Russia since the beginning of July, all of them linked to the shadow fleet.
This surge marks the fastest period of Russian reflagging activity since Moscow began increasingly bringing sanctioned vessels into its register in late 2025. The move is seen as a response to European efforts to disrupt Russian oil exports and circumvent international sanctions.
Caspian Sea Trade between Iran and Russia Gathers Pace
Caspian Sea trade between Iran and Russia is gathering pace as conflicts in both the Black Sea and Middle East Gulf reshape regional cargo flows. According to Lloyd’s List Intelligence data, the number of active Iranian- and Russian-flagged vessels operating in the Caspian Sea rose 21% year on year in August 2026.
Activity has been increasing since March, when US and Israeli strikes on Iran disrupted traffic through the Strait of Hormuz and prompted a shift towards alternative trade routes. The number of Russian- and Iranian-flagged vessels in the Caspian jumped from 127 in February to 211 in March, up 24% on the same month in 2025.
Deferred Scrapping Leaves Container Sector with Growing Pool of Elderly Boxships
The global containership fleet is ageing rapidly, with carriers keeping older vessels in service for longer as strong demand, Cape of Good Hope diversions, and port congestion sustain the need for tonnage. Only eight containerships, representing 18,000 teu, have been sold for recycling since the beginning of 2026, according to Lloyd’s List Intelligence data.
That is broadly in line with the historically low demolition levels recorded in the first nine months of 2025. Since 2021, containership recycling has made little impact on the overall fleet. With the exception of 2023, annual removals have averaged just 0.1% of fleet capacity.
As a result, a significant pool of ageing tonnage has been slowly building. The trend is expected to continue as carriers prioritize revenue generation over vessel retirement in the face of strong demand and limited newbuilding capacity.
Malaysia Rejects Responsibility for Shadow Fleet STS Transfers Beyond Port Limits
Malaysia’s transport minister Anthony Loke has rejected suggestions that Kuala Lumpur is responsible for tackling shadow fleet ship-to-ship transfers taking place beyond the country’s eastern Off-Port Limits. Responding to a question from Lloyd’s List at Malaysia Maritime Week 2026, Loke said Malaysia strictly regulates STS transfers within port limits but faces significant constraints when operations take place outside its jurisdiction.
“Anything off port limits, of course, we cannot enforce beyond our jurisdiction,” he said. “If anything happens within our borders, within our boundaries, every action will be taken.”
Guinea Bauxite Boom Lifts Capesize Earnings and Values
Capesize earnings and secondhand values have surged this year as booming bauxite exports from Guinea to China boost tonne-mile demand and tighten vessel supply. Guinean capesize exports rose 36.9% year on year to 149.9m tonnes between January 1 and September 25, the fastest growth among all loading regions, according to Xclusiv Shipbrokers, citing Signal Ocean data.
China remained the dominant destination, importing 855m tonnes, up 5.1% from the same period in 2025. “The rapid expansion of long-haul Guinean bauxite exports towards China has been particularly supportive,” Xclusiv said, noting that longer voyages increased vessel utilisation.
Original Article: The Week in Charts: Russia absorbs shadow fleet tankers at record pace as EU seizures reshape sanctions battle | Conflict pushes Russia-Iran trade deeper into the Caspian — Lloyd’s List