Norway to demand insurance disclosure from foreign tankers
Norway Mandates Insurance Disclosure for Tankers
Starting August 11, foreign-flagged tankers operating in Norway’s economic zone will be required to disclose their insurance arrangements. This new regulation, announced by Norway’s coastal administration, aims to bolster maritime safety and environmental protection amid rising concerns over shadow tankers in northern European waters. Non-compliance could lead to denied access or detention of vessels.
Strengthening Maritime Safety and Transparency
Norway’s latest regulation reflects a growing trend among Western maritime nations to enhance transparency in the shipping industry, particularly in light of increased tanker movements associated with sanctioned oil trades, especially from Russia. The new rule mandates that tanker operators provide proof of valid insurance coverage, including Protection and Indemnity (P&I) arrangements, before entering Norway’s exclusive economic zone (EEZ).
Authorities have expressed serious concerns regarding the shadow fleet, which poses heightened risks to both maritime safety and environmental integrity. Marianne Sivertsen Næss, Norway’s Minister of Fisheries and Ocean Policy, emphasized the government’s commitment to addressing the challenges posed by these vessels. She noted that the shadow fleet not only threatens safety at sea but also indirectly finances illegal activities, including Russia’s military operations.
The urgency of this regulation is underscored by recent incidents, including the arrest of four individuals—two Norwegians, a Bulgarian, and a Russian—charged with forging documents and operating an unauthorized insurance scheme in Oslo. Investigations revealed that RO Marine had been issuing counterfeit insurance documents to facilitate the operations of vessels within the shadow fleet.
Concerns Over the Shadow Fleet’s Age and Legitimacy
The shadow fleet, which includes approximately 1,900 vessels, has raised alarms due to its ageing profile and questionable legitimacy. Data from maritime analytics firm Windward indicates that around 40% of tankers trading with Iran and 30% trading with Russia are using fraudulent registries, often operating under false flags. The average age of these shadow tankers is 20.2 years, significantly older than the mainstream fleet’s average of 15 years.
Moreover, a report from S&P Global Market Intelligence revealed that over 80% of the shadow fleet lacks confirmed insurance, raising further safety concerns. As Norway implements this new regulation, it joins other littoral states along the North and Baltic Seas that have recently introduced similar insurance checks to mitigate risks associated with the ageing shadow fleet and to enhance maritime safety in their waters.
