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The shadow fleet — and all its risks — will persist, no matter what happens in 2026

  • The shadow fleet will not be fully dismantled if there is peace in Ukraine
  • Iran and Venezuela are today’s top recruiters of ‘clean’ tonnage
  • Shadow fleet risks are not limited to the oil sector

The events of the past four years have exposed systemic weaknesses in the maritime governance order, and there’s no going back from this

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