How the shadow fleet is capitalising on the chaos of war

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December 2022

The Strateg, originally named Melodia and sailing under the Marshall Islands flag, is part of a fleet exporting crude oil from Russia

June 2023

The ship is renamed Li Bai and changes its flag to Panama

2024

It makes calls to Russian ports where oil consistently breaches the $60 price cap

January 2025

The vessel is placed under sanctions by the US

February 2025

Renamed Azuron and registered under a false Guyana flag

April 2025

Renamed Danshui and registered under a false Comoros flag

May 2025

Sanctions imposed by the EU

July 2025

Sanctions imposed by the UK

Registered under a false Benin flag

December 2025

The vessel, now in effect stateless, is reportedly sold to Russian buyers. Photographs show it entering the Bosphorus Strait with a freshly painted Cyrillic name, Strateg, and flying the Russian flag

February 2026

FT analysis of ship tracking data and satellite imagery analysis shows the Strateg engaging in ship-to-ship transfers with other vessels under sanctions near the Suez Canal

March 2026

The vessel is en route to deliver crude to the Vadinar refinery on India’s west coast, a facility backed by Russia’s state oil company

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