Sanction Evasion at Sea: the evolving role of the grey fleet

The grey has become a critical enabler of sanctioned trade, allowing Russian and Iranian oil to continue flowing to international markets despite extensive restrictions.
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The grey fleet has expanded 2,800% since 2022, now comprising 10% of the global tanker market for ships over 5,000 DWT. This surge is driven by geopolitical pressures and sanctions, particularly on Russia and Iran, which rely on these fleets to sustain energy exports.
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Looking ahead, the grey fleet is projected to exceed 13% of the global tanker market in 2025, with operators adopting more sophisticated evasion tactics to counter enhanced enforcement efforts.
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Read the full analysis and future outlook in our latest whitepaper.