Dark fleet definition must be "clear and quantified", Insurwave founder warns

By George Abbott

Feb 18 - (The Insurer) - Insurwave co-founder Stefan Schrijnen has called for a "clear and quantified" definition of the dark fleet to help better understand the risk these vessels pose to the insurance sector.

Schrijnen, who also serves as chief commercial officer at the insurance data platform, told The Insurer TV there is now a need to "clearly articulate what it is, how it’s measured, and defined."

“It's been battered around as a vague concept, and it needs to be properly described,” he said.

Schrijnen's comments come after the European Parliament also recognised a lack of clarity in a briefing titled “Russia’s 'shadow fleet': Bringing the threat to light”.

The briefing describes "dark fleet" vessels as those lacking Western insurance, owned by non-EU/G7+ companies and used to transport crude oil for sanctioned nations, but notes that the definition remains inconsistent among different parties

Joshua Hutchinson, risk management leader at Ambrey, a global maritime risk management company, spoke alongside Schrijnen during the interview.

Hutchinson said the growing size of the dark fleet increases the need for a robust definition. He estimated the fleet now encompasses up to 3,000 vessels capable of transporting up to 30% of the world’s oil reserves.

“Analysis suggests there are about 750 declared vessels in this 'dark sanctioned fleet.' However, in reality, it’s probably three to four times larger; it is a growing market,” he said.

He likened the risks posed by this fleet to insurers and insureds as those of encountering an uninsured driver: “You don’t want to hit an uninsured driver, as you’re the one picking up the tab.”

Hutchinson suggested any definition of the dark fleet should use the key characteristics of vessels and technology.

“With age, where a ship operates, and the types of vessels, there are three clear metrics... that cover 95% of the dark fleet profiling.”

“With satellite imagery and readily available technology, it’s becoming more accessible to understand who is doing what and where in real-time. So the ability to operate in the dark has almost ceased to exist within 2024 and 2025,” he said.