US targets shadow fleet with new sanctions on tankers and shipping firms

The US Department of the Treasury has imposed sanctions on 13 companies and 8 vessels linked to the illicit export of Iranian crude, according to Iran International. Among those blacklisted is Greek shipowner Antonios Margaritis and his network of shipping firms.

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24 august 2025   |   09:19   |   Source: Gazeta Morska / PAP   |   Prepared by: Michał Iwański   |   Print

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Treasury Secretary Scott Bessent stated that the measures are designed to curb Tehran’s ability to fund advanced weapons programs, support terrorist groups, and threaten the security of US forces and allies.

Expanding shadow fleet network

The sanctioned entities include firms registered in Hong Kong, mainland China, the UAE, and the Marshall Islands. These companies operate within the so-called “shadow fleet” — tankers deployed to move oil from sanctioned producers including Iran, Russia, and Venezuela.

To conceal cargo origin, shadow fleet operators frequently:

• switch vessel names, flags, and ownership,
• disable or falsify AIS signals,
• conduct ship-to-ship transfers at sea.

Rising safety and environmental concerns

Allianz estimates that the shadow fleet now accounts for more than 17% of the global tanker market. Elisabeth Braw of the Atlantic Council notes the fleet has doubled in size since Russia’s invasion of Ukraine.

Analysts warn that many of the vessels involved are ageing and poorly maintained.

- The environmental risk of a major spill is extremely high, said Tomer Raanan, a risk specialist advising Lloyd’s.

Sanctions’ effectiveness in doubt

Being added to the US blacklist prohibits all commercial dealings with designated entities. Violations may trigger secondary sanctions, including loss of access to US markets and financial systems.

Yet experts stress that sanctions have so far failed to dismantle the shadow fleet. “No sanctions have eliminated either the Russian or Iranian shadow fleet to date,” said Ian Ralby, head of consultancy Consilium.

Industry observers estimate that the fleet continues to expand by roughly 30 vessels each month, challenging regulators’ ability to contain the trade.

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