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Regulationsshould target the evaders, not make things harder for those already acting responsiblyHow has the rise of the so-called %u201cshadow fleet%u201d affected market transparency and safety standards?The shadow fleet is a genuine safety threat, and we are very clear and concerned about that. These are vessels operating without credible liability insurance and outside the normal inspection and vetting systems that the rest of us submit to as a matter of course. There is no SIRE, no P&I Club with teeth (i.e., real enforcement capacity), and no effective flag State oversight. When one of these ships has an incident, the consequences fall on coastal States, the environment, seafarers, and the reputation of the entire tanker industry.What concerns us particularly is how poorly designed sanctions regulations have created the conditions for the shadow fleet to thrive. When the rules are complex and inconsistent across the US, EU and UK, the quality fleet carries a disproportionate compliance burden, while shadow operators exploit the gaps. That is the wrong way around. The regulations should target the evaders, not make things harder for those already acting responsibly.Our position is straightforward: we need a clear delineation between the quality fleet and the shadow fleet, and that requires sanctions frameworks that identify and target the individuals, ships, and networks actually behind these operations. States are getting better at this %u2014 the seizure of shadow-fleet vessels is an effective deterrent %u2014 and we support such escalated enforcement when exercised within the bounds of international law.We have also been working on this at the IMO level for some time, going back to issues around fraudulent ship registration. And we have recently updated our guidance on GNSS jamming and spoofing, which is closely connected. Shadow In an era marked by geopolitical uncertainty, accelerating decarbonisation efforts, and growing concerns over maritime safety, the global tanker industry is entering a decisive phase of change. In his interview, Rolf Westfal-Larsen Jr. shares his insights on the evolving shipping landscape, highlighting the need for smarter regulation, stronger global coordination, and a pragmatic approach to the energy transition. INTERTANKO%u2019s Chairman addresses the risks shaping the industry today and outlines what must be done to ensure safety, transparency, and sustainability in the years ahead.Rolf Westfal-Larsen Jr.,Chairman of INTERTANKO,in discussion with Giannis TheodoropoulosMay 2026 47