'Dark fleet' under spotlight in latest US move to ease rising energy costs

The US government is focusing on an unconventional solution to alleviate the escalating energy costs: the "dark fleet," previously sanctioned. During a recent New York event, US Energy Secretary Chris Wright announced plans to repurpose some of these vessels from the "bad-guy fleet" to the "good-guy fleet." The dark fleet, also known as the shadow fleet, consists of ships that evade conventional shipping regulations to transport cargo under sanctions or high risk, concealing it to avoid detection.

The exact size of the fleet is uncertain, with estimates ranging from 1,100 to 1,600 vessels. The dark fleet has expanded recently due to sanctions on Russian oil following Moscow's invasion of Ukraine. Many of these aging ships may pose environmental and safety risks. The administration aims to refurbish these idle vessels and utilize them for legitimate oil transport without carrying sanctioned oil.

However, experts argue that this move does not address the security concerns surrounding seafarers in the Strait of Hormuz, where recent attacks have surged. The high war risk insurance premiums and the limited number of sanctioned vessels that could be repurposed further undermine the effectiveness of this strategy.