Thousands of new tankers operate without insurance by members of the International Group of Mutual Insurance Clubs.
Russia’s use of a “shadow fleet” of oil tankers could lead to a serious environmental disaster, writes the Financial Times.
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Rolf Tore Roppestad, executive director of Norwegian company Gard, said Russia’s “shadow fleet” of old tankers with insurance problems poses the risk of large-scale oil spills.
The publication notes that since the beginning of the war in Ukraine, several thousand new tankers have appeared on the market. They operate without insurance for members of the International Group of Mutual Insurance Clubs.
According to ship records and insurance experts, such traders turned to insurers from Russia and the Middle East. The tankers used by these traders are usually more than 25 years old.
“This is a social and environmental disaster waiting to happen and should be of great concern to all of us,” Roppestad said.
According to him, with the growth of the “shadow fleet” the risk of natural disasters will increase, because small insurers may not be able to withstand the consequences of oil spills.
Often, Russian oil tankers bound for India and China pass through the straits between Denmark and Sweden at the mouth of the Baltic Sea.
Recall that the EU embargo on Russian oil delivered by sea began on December 5, 2022. At the same time, the EU, the G7 countries and Australia set a ceiling on Russian oil supplies at $60 per barrel.
In addition, the EU has set two price ceilings for oil products from Russia. Oil products traded at a discount to crude oil have a cap price of $45 per barrel. This category includes, for example, fuel oil.
The second price ceiling at $100 per barrel is set for highly refined petroleum products traded at a premium to crude oil. This group includes gasoline and diesel fuel.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.