May 18, 2026
Hormuz Becomes a Holding Queue: Iran's Toll Regime, Bilateral Carve-Outs, and a Bifurcating Strait
2022 Windward’s Maritime Risk Summary
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- The EU’s 18th Sanctions Package Lookback Started. Trading Russian Products? You're At Risk. Nov 24, 2025
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The EU’s 20th Sanctions Package and What It Means for Maritime Operators
On April 23, 2026, the EU adopted its 20th sanctions package against Russia, adding 46 vessels to the shadow fleet list, cutting off 20 more Russian banks, and putting the legal basis for a full maritime services ban in place, though activation remains contingent on G7 coordination that has yet to materialize. It is the...
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Q1 2026 Risk Report: Shipping’s Most Turbulent Quarter in 50 Years
At a Glance A Quarter Defined by Geopolitical Shock On February 28, the Iran war effectively closed the Strait of Hormuz. Within days, daily traffic through the world’s most critical oil chokepoint collapsed from roughly 120 vessels to a trickle — a 97% drop that left more than 800 ships stranded west of the strait,...
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Russia Expands Dark Fleet of LNG Carriers
At a Glance Covert Transfers and Reflagging Activity Three 20-year-old liquefied natural gas (LNG) carriers were recently sold to a newly formed company in Türkiye, with two subsequently reflagged to Sierra Leone, a ship registry favored by Russia’s dark fleet. All three LNG carriers have yet to signal their next destination to load a post-sale...
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Distress or Deception? Sea Horse ‘Not Under Command’ While Delivering Cuba Gasoil
At a Glance Sea Horse, a medium range tanker sailing for Cuba laden with Russian gasoil has been broadcasting it is “not under command” and that it is drifting in the Sargasso Sea for nearly three weeks. AIS tracking suggest the Hong Kong-flagged tanker has now resumed its voyage for Cuba and is set is...
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U.S. Treasury Expands Pressure on Iran’s Shadow Fleet and Weapons Procurement Networks
At a Glance Expanding Pressure on Iran’s Maritime and Weapons Networks On February 25, 2026, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated more than 30 individuals, entities, and vessels linked to Iran’s shadow fleet and to networks supporting ballistic missile and advanced conventional weapons production. The action targets two...
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