The recent grounding of oil tanker the Liberty — along with its unclear insurance — provides a stark illustration of the environmental risks posed by the shadow fleet and uncertainties about who would pay out if something went wrong. Credit: Glyn Kirk/AFP/Getty Images
(Bloomberg) — A company that offers insurance to the burgeoning shadow fleet of oil tankers — including one that ran aground off the coast of Indonesia — was shut down by the Marshall Islands, the firm's only published address.
The Continental Steamship Owners Mutual Protecting & Indemnity Association Ltd. was "forcibly dissolved" by the Pacific island nation, according to International Registries, Inc. Continental offered insurance and took on risk, violating rules governing non-resident entities, a spokesperson for the Virginia-based registry group said.
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