WHEN an oil tanker can trade internationally and switch between fictional flags and take on digital identities of ghost ships that were scrapped years ago, there is a problem.

Not a fictional problem. A real life, tangible problem that relates to a real ship performing really dangerous operations with zero accountability and, apparently, no means to stop it.

In the first edition of this podcast, we detailed how a growing black market of fraudulent ship registers, created by linked networks of international scammers have sprung up.

This edition will focus on why these fake flags are just a symptom of a much wider problem.

The system is broken.

Fixing that system, however, is going to require a root-and-branch reappraisal of how we ensure compliance and oversight in global trade, and it’s going to require governments to be genuinely accountable for the ships they flag.

Let’s start with the basics. We know what a fraudulent ship register looks like and what it doesn’t do, but what should a flag be doing? Why does the flag a ship is flying matter?

Joining Richard this week are:

• Bridget Diakun, senior risk and compliance analyst, Lloyd’s List

• Christian Panto, independent open-source intelligence analyst

• Alfonso Castillero, chief executive, Liberian International Ship and Corporate Registry