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American Focus > Blog > Economy > How the shadow fleet is capitalising on the chaos of war
Economy

How the shadow fleet is capitalising on the chaos of war

Last updated: March 25, 2026 1:30 am
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How the shadow fleet is capitalising on the chaos of war
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In December 2022, the ship known as Melodia was part of a fleet exporting crude oil from Russia under the Marshall Islands flag. Fast forward to June 2023, the vessel was renamed Li Bai and changed its flag to Panama.

In 2024, the ship made calls to Russian ports where oil prices consistently breached the $60 price cap. By January 2025, the vessel was placed under sanctions by the US. In February 2025, the ship was renamed Azuron and registered under a false Guyana flag.

As the timeline progressed, the ship underwent several name changes and flag registrations to evade sanctions. By May 2025, the EU imposed sanctions on the vessel, followed by the UK in July 2025. The ship was registered under a false Benin flag during this time.

In December 2025, the vessel, now stateless, was reportedly sold to Russian buyers. It was seen entering the Bosphorus Strait with a freshly painted Cyrillic name, Strateg, and flying the Russian flag.

As of February 2026, FT analysis revealed that the Strateg was engaging in ship-to-ship transfers with other vessels under sanctions near the Suez Canal. The vessel was en route to deliver crude to the Vadinar refinery on India’s west coast, a facility backed by Russia’s state oil company.

The journey of this ship, now known as Strateg, showcases the complexities of international maritime trade and the challenges of enforcing sanctions on rogue vessels. It serves as a reminder of the importance of monitoring and regulating the activities of ships involved in global commerce.

See also  'Big Short' investor Michael Burry bet half of his portfolio on Chinese stocks. It's finally starting to pay off.
TAGGED:capitalisingChaosFleetShadowWar
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