Clarksons chief executive Andi Case has a stark warning for brokers who may have mislaid their “moral compass” by selling tankers for sanctioned business.
The so-called shadow fleet has swollen to hundreds of ships following secondhand deals involving unknown shipping companies, often in China, India and the Middle East, seeking to trade in Russian oil.
And some brokers are profiting from the business.
But London-listed Clarksons said in its annual results statement on Monday that these deals are “off limits” to its brokers.
The group has invested in know-your-client (KYC) operations following the start of the war in Ukraine.
Case told TradeWinds: “We have a very strong sanctions team. We’re very clear that we don’t do any of that business.
“Obviously people that are doing it need to look at themselves, and understand what they’re doing. There are clearly sanctions in place and we will not touch any sanctioned business.”
Case believes there are questions to be asked by the appropriate people about these secondhand transactions at the appropriate time.
And he said: “We are very comfortable with the position we take. We had to navigate all of the sanctions from the UK, the EU and the US, and it caused us an enormous amount of complex trading and decision making, and we still came out with record results.
“So people who think they can ignore the rules and still go out and do business, I say ‘more fool them’, and I hope they have a lot of sleepless nights and wake up with a knock on the door.”
Case sees the issue as being a “question of your moral compass”.
“It’s a black and white decision, isn’t it?” he told TradeWinds.
Jeff Woyda, chief financial officer and chief operating officer at Clarksons, said: “Sanctions don’t just apply to public companies, they apply to any corporate entity within various jurisdictions, and more importantly to individuals ... irrespective of their companies.
“So the ramifications of this stuff could be very far-reaching.”
