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    Home»Markets»How the shadow fleet is capitalising on the chaos of war
    Markets

    How the shadow fleet is capitalising on the chaos of war

    Money MechanicsBy Money MechanicsMarch 25, 2026No Comments1 Min Read
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    How the shadow fleet is capitalising on the chaos of war
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    December 2022

    The Strateg, originally named Melodia and sailing under the Marshall Islands flag, is part of a fleet exporting crude oil from Russia

    June 2023

    The ship is renamed Li Bai and changes its flag to Panama

    2024

    It makes calls to Russian ports where oil consistently breaches the $60 price cap

    January 2025

    The vessel is placed under sanctions by the US

    February 2025

    Renamed Azuron and registered under a false Guyana flag

    April 2025

    Renamed Danshui and registered under a false Comoros flag

    May 2025

    Sanctions imposed by the EU

    July 2025

    Sanctions imposed by the UK

    Registered under a false Benin flag

    December 2025

    The vessel, now in effect stateless, is reportedly sold to Russian buyers. Photographs show it entering the Bosphorus Strait with a freshly painted Cyrillic name, Strateg, and flying the Russian flag

    February 2026

    FT analysis of ship tracking data and satellite imagery analysis shows the Strateg engaging in ship-to-ship transfers with other vessels under sanctions near the Suez Canal

    March 2026

    The vessel is en route to deliver crude to the Vadinar refinery on India’s west coast, a facility backed by Russia’s state oil company



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