The split in global shipping caused by Russia’s invasion of Ukraine could result in a permanent parallel fleet of substandard tankers with inadequate insurance, the head of a global oil compensation body has warned.
Gaute Sivertsen, the Norwegian director of the International Oil Pollution Compensation Funds (IOPC Funds), told TradeWinds the risk of spills from elderly tankers hauling sanctioned oil cargoes had grown despite concerted efforts to crack down on shadow fleet operations.
