On 8 August, Windward published a post recalling that a previous post had posited that a quarter of older tankers are at high sanctions risk.  To understand why, it was explained the involvement of these 15-year-old tankers in carrying sanctioned Venezuelan or Iranian crude – cheap vessels and cheap cargo making for good business.  It is said that instead of scrapping old vessels, shipping companies are selling retired vessels in growing numbers to bring in cash. The effect is said to be that bad actors have increasingly taken advantage of this to turn a profit.  This post takes a deep dive into this phenomenon to understand exactly how vessel age impacts risk.

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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