Norwegian authorities are warning global shipping about another fake maritime insurer.
RO Marine has been uncovered by NRK, Norway’s state broadcaster, to have been issuing forged insurance documents to help vessels within the shadow fleet sail around the world.
The company’s website claims it insures more than 250 vessels and that it is based in the same Oslo building as the Norwegian Shipowners’ Association.
Four people—a Russian, a Bulgarian, and two Norwegians—have been charged with forging documents and running an unauthorised insurance operation.
Fraudulent insurance companies have proliferated in step with the growth of the shadow fleet in the 2020s.
Last month, Sirius Mutual Protection & Indemnity Association was issued with a cease and desist notice from the US Mississippi commissioner of insurance.
As of today, 86% of the global merchant fleet is insured with the 12 P&I clubs that form the International Group, down from 95% before Russia’s full-scale invasion of Ukraine three years ago.
Similarly, the amount of tonnage classed by the established members of the International Association of Classification Societies (IACS) has dropped two percentage points over the past three years to 92%.
Over 5,000 vessels – equivalent to 14.5% of the global merchant fleet – operate under registries with less than 10% ratification of International Maritime Organization and the International Labour Organization conventions, increasing exposure to enforcement actions, according to new data from analytics firm Kpler.
“Flag risks are increasingly shaping maritime due diligence, impacting regulatory scrutiny, financial exposure, and operational integrity. The strategic use of high-risk flags in evasive practices, such as flag-hopping and shadow fleet operations, underscores the complexities of compliance in global shipping,” wrote Dimitris Ampatzidis, a risk and compliance analyst at Kpler, in a new report.
Sanctioned vessel operations have doubled since early 2023, according to Kpler, with more than 600 sanctioned vessels operating under high-risk flags.
