Maritime Industry Briefing: Shadow Fleet Crackdown, Cocaine Seizures, and Shipping Market Trends

## Coast Guard Seizes Over 100 Tons of Cocaine in Eastern Pacific In a major counter-drug operation, the U.S. Coast Guard has seized more than 200,000 pounds (over 100 tons) of cocaine in the Eastern Pacific since launching 'Operation Pacific Viper' in August, according to reporting from gCaptain. This marks one of the largest maritime drug interdiction efforts in recent years, as U.S. forces work to disrupt trafficking routes at sea. "The amount of cocaine seized in this operation is staggering," said Coast Guard Vice Admiral Michael McAllister. "It represents a significant blow to the drug trafficking organizations that are fueling violence and instability in Central America." The Coast Guard worked alongside U.S. Navy and partner nation assets to conduct the operation, which targeted suspected drug smuggling vessels. ## Singapore Warns of 'Shadow Fleet' Risks in Strategic Straits Singapore has issued a strong warning over the growing presence of 'shadow fleet' tankers near the critical Straits of Malacca and Singapore, calling for greater international cooperation to address the issue. According to gCaptain, these sanctioned vessels are exploiting legal grey zones just outside of territorial waters, putting pressure on one of the world's most strategic maritime chokepoints. "The scale and sophistication of these evasive shipping practices is deeply concerning," said Singapore's Senior Minister of State for Transport and Foreign Affairs Chee Hong Tat. "We need a coordinated global response to combat this threat to the integrity of the international maritime system." Singapore has urged flag states and maritime authorities to take action against the shadow fleet's activities. ## EU Expands Crackdown on Russia's Sanction-Evading Tanker Fleet The European Union has rolled out its toughest Russia sanctions package yet, imposing a full ban on maritime services for Russian crude oil exports and expanding its crackdown on the 'shadow fleet' of tankers used to evade Western restrictions, as reported by gCaptain. The new measures cut the price cap on Russian oil again and aim to further disrupt Moscow's ability to sell its energy resources globally. "This latest sanctions package is a significant escalation in the EU's efforts to cut off Russia's access to global maritime trade," said sanctions expert Maria Shagina. "By banning all related services, the EU is closing loopholes that have allowed the Kremlin to continue profiting from oil sales." The sanctions are part of the West's broader strategy to economically isolate Russia over its invasion of Ukraine. ## Shipping Markets Show Mixed Trends In other industry news, the Baltic Dry Index - a key indicator of commodity shipping rates - has fallen for five consecutive days, reaching a fresh low since January 23 at 1,923 points, according to Hellenic Shipping News. The capesize segment, which transports large iron ore and coal cargoes, has been particularly weak. Meanwhile, the ship recycling market has shown a mixed performance, the news outlet reports. While the Indian market remained positive, supported by a weakening U.S. dollar, other regional markets like Bangladesh and Pakistan have seen more volatility. "The ship recycling markets have shown mixed behaviour over the course of the past week," said cash buyer Best Oasis. These divergent trends highlight the complex dynamics currently at play in global shipping and freight markets, as macroeconomic headwinds and geopolitical factors continue to impact different sectors unevenly.