Although the Pelagic fund has no target, ‘you need to be a billion [dollars] plus to be meaningful in this market,’ says Tobias Backer, former Fleetscape founder and the fund’s executive director

UAE-backed Guinea Alumina Corporation says it is pushing ahead with plans to build an alumina refinery as the West African government signals it wants to refine more bauxite rather than exporting the raw material

On Wednesday, the UK sanctioned a further 10 tankers owned by Sovcomflot for breaching the oil price cap imposed on Russian oil and shipping. The company decries such sanctions as being completely counter-productive, arguing that trying to outlaw some ships has merely hot-housed the growth of a so-called ‘shadow fleet’ of tankers

Elderly ship is one of 30 linked to Radiating World Shipping Services and Star Voyage Shipping Services, listed by the UK government last December. Seven of the 30 tankers have been directly sanctioned this year

Four Sovcomflot tankers designated by the US Office of Foreign Asset Control in February loaded cargoes in August, along with a fifth ship sanctioned by the EU last June

Hafnia’s inability to ‘directly communicate’ with those behind the vessel Ceres I underscores the risks for vessels transiting through South China Sea. At present, as many as 40 elderly, anonymously owned and poorly regulated tankers are storing sanctioned oil in that area and appear to be manipulating vessel-tracking signals