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Shipping has long been one of the more opaque of global industries. Now many operations in the oil sector, which accounts for nearly a third of all seaborne trade, have become still more secretive.
A new "dark fleet" of ageing tankers with obscure ownership, flying flags of convenience, has emerged in response to Western sanctions to ship oil from Iran, Venezuela and Russia around the world.
4 million barrels of oil are being shipped daily through some of the world's busiest waterways on largely elderly, unregulated vessels exploiting gaps in maritime conventions and undermining the integrity of global trade, with little knowledge or understanding of the environmental and safety risks posed.
What exactly is a "dark" tanker? What are the characteristics and business models used by shipowners to obfuscate their involvement, and track the unprecedented impact this is having on crude shipping markets? What are the potential environmental consequences?
AIIA Victoria invites you to join energy commodities and shipping analyst Michelle Wiese Bockmann to discuss this issue and its implications.
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