European and US shipowners have apparently sold at least 230 old tankers to the so-called Russian shadow fleet in recent years. This is the result of the international research project Shadow Fleet Secrets, in which German reporters from NDR, WDR and the “Süddeutsche Zeitung” were involved.
In total, Western shipowners and shipowners have reportedly earned at least six billion US dollars from such sales between 2022 and 2024. Several German shipping companies and shipowners also profited from such deals, according to the report.
Most of the ships in the shadow fleet are allegedly being used to circumvent Western sanctions against Russia. Experts also see the shadow fleet as a major environmental risk, as the ships are often old and in poor condition and usually do not have sufficient insurance coverage.
Following the Russian attack on Ukraine, the prices for used tankers have more than doubled. Experts attribute this to the enormous demand for ships triggered by the buildup of the shadow fleet. The research shows that of the 665 ships attributed to the Russian shadow fleet, 230 come from European and US shipowners. These ships were sold by Western shipping companies after the Russian war of aggression against Ukraine began. Most of the questionable tankers come from Greek shipping companies, according to the research project.
The sale of tankers to the Russian shadow fleet is not prohibited as long as the new owners are not Russian or sanctioned companies. However, it is often difficult to identify the ultimate buyers of the ship, as they often hide behind complex corporate structures or because buyers are registered in jurisdictions with no transparent corporate registers.
Several German shipping companies and shipowners have also sold 11 tankers in recent years, which now sail in the shadow fleet. The Association of German Shipowners (VDR) stated that it views the development with concern. It should not be that “economic gain (..) is achieved at the expense of security, compliance, or ethical principles.” The VDR called on its members to take their due diligence seriously and to check transactions for potential risks in the future.
The offer of tankers that could be of interest to the shadow fleet remains high. An analysis of data from the Institute for Maritime Economics and Logistics (ISL) shows that there are currently 89 tankers in the German fleet that are 15 years or older. At this age, tankers are often sold by Western companies. Theoretically, there is the risk that these ships could also end up in the Russian shadow fleet.
The research project Shadow Fleet Secrets was led by the journalism organization Follow the Money and is based on data from the Kyiv School of Economics. In addition to NDR, WDR and SZ, journalists from De Tijd (Belgium), DanWatch (Denmark), Solomon and Inside Story (Greece), OCCRP (international), IRPI (Italy) and NRK (Norway) were involved in the project.