Tracking maritime sanctions has become increasingly vital, particularly with the surge in Aframax vessels under restrictions due to geopolitical tensions. Vessels can be sanctioned for three primary reasons: ownership or links to sanctioned individuals, suspected transport of materials to or from sanctioned countries, and facilitating prohibited activities or transporting illegal goods.
The impact of sanctions has been notably concentrated on tankers, which represent less than 30% of the total global vessel population but account for 65% of all sanctioned vessels. Among these, Aframax vessels have seen a substantial increase in sanctions.
In 2022, only 18 Aframaxes were sanctioned, but by 2025, this number has risen to over 200. They now constitute 34% of the sanctioned tanker population, surpassing the earlier most sanctioned category of Very Large Crude Carriers (VLCCs).
This targeting of Aframaxes is largely due to their ability to transport oil products from regions under economic sanctions, such as the Black Sea—a critical hub for Russian oil exports. These vessels often engage in short-haul deliveries to larger tankers in neutral waters, which helps mask the origin of their cargo.
Thus, limiting Aframax availability complicates the operational capacity of sanctioned nations. Interestingly, while dry bulk vessels comprise 51% of the total vessel population, they account for only 26% of the sanctioned total.
Within this category, smaller vessels dominate, impacting the flexibility of sanctioned entities. Sanctions tend to focus on a few flag carriers, with vessels from Iran and Russia receiving the highest sanction rates.
Panama and Barbados, known for flagging foreign vessels to circumvent regulations, have also seen considerable sanctions. While Panama has begun to respond to international pressure by limiting registrations, it still ranks high in sanctioned vessels.
Currently, nearly 1,000 vessels are sanctioned, reflecting the specific and strategic nature of modern maritime sanctions. The ongoing geopolitical dynamics will likely continue to influence the landscape of sanctions, affecting freight rates and commodity prices across the globe.