Flag-hopping has reached record levels in 2025, according to new data from Clarksons Research and Windward. Frequent changes in ship registries – now a standard practice for the shadow fleet – reflect the deep geopolitical tensions shaping global shipping this year.
Windward reports that about 57% of sanctioned tankers are either falsely flagged or missing from the IMO database. The company also identified 12 fraudulent registries currently in operation.
African registries show the sharpest growth, driven by the shadow fleet transporting Russian, Iranian, and Venezuelan oil. Benin’s ship registry expanded by nearly 50,000% in 2025, while Gambia’s registries rose by 574%.
The Comoros Islands, which suddenly entered the world’s top 30 flag states earlier in 2025, have since dropped from 9.9m gt to 7.8m gt after the government began cleaning up its international registry.
Meanwhile, Liberia now leads global flag rankings by more than 50 million gt over Panama.
Analysts describe the trend as part of the “weaponisation of trade.” According to Xclusiv Shipbrokers, shipping has shifted from “a neutral conduit of commerce” to “an instrument of statecraft.”
Shadow fleet pushes global flag changes to new highs
Credit: weforum.org
