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Dark-Fleet Insurer Shut Down in Marshall Islands

OIL

A company offering insurance to dark-fleet tankers was shut down by the Marshall Islands, the company’s only published address, Bloomberg said.

  • The Continental Steamship Owners Mutual Protecting & Indemnity Association Ltd was dissolved for violating rules on non-resident entities.
  • The company had been providing insurance to the dark-fleet tanker, the Liberty, that ran aground off the coast of Indonesia. The Liberty had been transporting 1m bbl of Venezuelan oil.
  • Continental’s dissolution means that it now has no known address. Non-resident firms can’t offer insurance or take risk.

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