Small registries grow at record pace as flag-hopping tankers play regulatory game of ‘whack-a-mole’
Minor registries’ business model pivots from flagging ships for last voyages to breakers yards to taking on tankers in sanctioned oil trades
Antigua and Barbuda, Barbados, Guyana, Honduras, Sierra Leone, San Marino and Sierra Leone among registries taking on business from dark fleet* tankers seeking third or fourth flag in past two years