Over 5,000 vessels, or 14.5% of the global merchant fleet, operate under registries with minimal ratification of international maritime conventions, increasing compliance risks, according to Kpler. The use of high-risk flags for evasion tactics like flag-hopping and shadow fleet operations has surged, with over 600 sanctioned vessels now under such registries. Non-traditional classification societies and insurers are gaining traction, reflecting a shift away from established industry bodies amid rising regulatory scrutiny.
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Source: Splash 247
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