Lloyd’s List, a British publication specializing in shipping and maritime trade, reported that Iran’s regime and Venezuela are the largest users of shadow-fleet oil tankers. Both countries are under extensive international sanctions, including U.S. economic and oil sanctions.
Lloyd’s List wrote in its report published on Friday, November 28, that the volume of Iranian and Venezuelan sanctioned crude stored on tankers has reached its highest level, while the number of vessels still unidentified and unsanctioned has decreased.
According to the report, this situation has increased pressure on the shadow fleet, yet tanker movement between Iran, Venezuela, and Russia continues.
The shadow fleet refers to a network of tankers, front companies, and covert logistical operations used by countries like Iran to evade international sanctions on their oil exports.
According to Lloyd’s List, the shadow fleet consists of 1,423 tankers with a combined capacity of 152.2 million tons, 65% of which are sanctioned by the United States, the United Kingdom, or the European Union.
The publication tracked at least nine newly added tankers to the shadow-fleet trade last month, six of which entered the market for Iranian sanctioned oil.
Thus, most newly added shadow-fleet tankers have been used for transporting Iranian oil, although Venezuela has experienced the largest increase in capacity.
With the start of Donald Trump’s second presidential term, a renewed U.S. “maximum pressure” campaign against Iran’s regime began.
For example, in the first one hundred days, the Trump administration imposed 17 rounds of Iran-related sanctions targeting 40 individuals, 117 companies and entities, and 77 tankers.
Sanctioned oil exports from Iran and Venezuela continue
The number of non-sanctioned tankers in the shadow fleet has decreased due to extensive sanction programs.
Delia He, an analyst at the energy firm Vortexa, told Lloyd’s List that due to the large volume of Iranian oil sitting on water—signaling offloading challenges—Iran’s shadow fleet is likely operating at near-full capacity.
According to Vortexa data, Iran’s crude oil and condensate exports in 2025 have ranged between 1.5 and 1.7 million barrels per day, nearly 6% higher than last year and about 25% above recorded 2023 volumes.
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The analyst added that despite tougher enforcement of sanctions and Western regulatory oversight this year, this sustained growth reflects increasingly sophisticated sanction-evasion tactics by Iran.
In September, before the activation of the snapback mechanism, the Research Center of Iran’s regime parliament stated that its assessments show snapback activation would have “no serious economic impact” on Iran and that the regime, relying on sanction-evasion experience and the opposition of China and Russia, could manage it.
At the same time, Mohsen Paknejad, Iran’s regime oil minister, responded to the activation of the snapback mechanism by saying the government has “the necessary expertise to bypass” sanctions.
Vortexa data shows that Iran’s utilization rate of oil-carrying vessels in November reached its highest level in twenty-seven months, up 40% from last year.
Lloyd’s List wrote that Venezuela faces a similar situation: despite a large volume of its crude sitting on water, Caracas continues to export crude at high levels.
Russia’s situation
Lloyd’s List reported that Russia has attracted fewer tankers for its oil shipments over the past two months, and tankers move between sanctioned oil markets depending on market incentives.
For example, one tanker involved in ship-to-ship transfers of Iranian oil off Malaysia in August delivered its cargo to China, then sailed to the Baltic Sea and is now loading at Russia’s Port of Primorsk.
According to the report, tanker movement between the Iranian and Venezuelan oil markets is also possible.
The role of Chinese, Hong Kong, and Emirati companies
Lloyd’s List reported that China and Hong Kong ranked first in September and October for registering companies entering the shadow fleet, accounting for nearly half of the companies managing newly added vessels.
The British publication added that Hong Kong has traditionally been a major destination for the shadow fleet, with 15% of the current fleet registered there.
In November of last year, a group of U.S. lawmakers wrote to then-Treasury Secretary Janet Yellen expressing concern about Hong Kong’s growing role as a financial hub for money laundering, sanction-evasion, and illicit activities involving Iran, China, North Korea, and Russia, calling for policy changes toward Hong Kong.
Lloyd’s List also reported that the United Arab Emirates has the largest share in the technical management of tankers, with 19% managed by UAE-based firms. China ranks third with 16%.
In September, the U.S. Treasury Department sanctioned Waleed Khalid Hamid Al-Sameraei, an Iraq-born businessman based in the UAE, for involvement in Iranian oil smuggling and for managing a network of shipping and oil-trading companies.
