Maritime Industry Briefing: Shadow Fleets, Tanker Deals, and Iron Ore Exports

## Shadow Tanker Departs France After Weeks of Detention French authorities have allowed the oil tanker Grinch, suspected of links to Russia's 'shadow fleet', to depart Marseille after being immobilized for three weeks. The 2005-built aframax tanker, falsely flagged to Comoros, had loaded crude at a Russian port before being detained off the Marseille-Fos oil terminal. 'The French let shadow aframax depart from Marseille,' reports Splash247, noting that the move highlights the challenges in enforcing sanctions on Russian maritime trade. The use of false flags and 'shadow fleets' has become an 'evolution of the business model' according to David Heindel of the International Transport Workers' Federation, who warns of the security and environmental risks posed by these practices. ## Thenamaris Expands Tanker Portfolio In other tanker news, Greek owner Thenamaris has made its first reported move in the sale-and-purchase market this year, acquiring a pair of 2022-built 158,000 DWT suezmax tankers. Broking sources cited by Splash247 indicate the $176 million deal marks Thenamaris' return to the tanker segment after a period of focus on other vessel types. The acquisition of the Shanghai Waigaoqiao-built 'Emerald' and 'Jade' tankers represents a strategic play by the Nikolas Martinos-led company to capitalize on the current strength of the tanker market. Thenamaris' diversification back into the tanker space comes as the sector sees improved earnings potential amid tight supply and strong demand. ## Liberia's Iron Ore Surge to Boost Capesize Demand Looking at the dry bulk market, analysis from Braemar indicates that Liberia's push to expand iron ore exports is set to create fresh opportunities for capesize vessels in 2026. According to Splash247, the growth in West African iron ore shipments - driven by Liberia rather than the more widely discussed Guinea - will see larger capesize bulkers replace smaller supramax and ultramax tonnage on key trade routes. This shift towards greater capesize utilization is expected to provide a boost to demand for the largest bulk carriers, which have struggled with overcapacity and low freight rates in recent years. The Liberian iron ore surge represents a promising development for shipowners seeking to capitalize on the cyclical nature of the dry bulk market. Overall, this maritime industry briefing highlights the evolving dynamics impacting different shipping segments - from the challenges of sanctions enforcement on 'shadow' tankers, to strategic fleet moves by Greek owners, to shifting trade patterns influencing bulk carrier demand. These stories underscore the complexity and fluidity of the global maritime industry.