In the vast expanse of our oceans, a shadowy practice has been lurking beneath the surface, and it’s not the mythical sea monsters of old. It’s something far more real and insidious: “dark” vessels, fishing boats that switch off their mandatory tracking systems, known as the Automatic Identification System (AIS), to evade detection and regulation. But here’s the kicker, as revealed in a recent study published in the European Journal of Risk Regulation, the marine insurance industry might be inadvertently enabling this practice.
Priyal Bunwaree, a barrister at the Blue Marine Foundation in London, UK, has delved deep into this issue, exploring why insurers in England take on the risk of insuring these dark vessels and how they’re operating within the regulatory framework. Her research, published in the European Journal of Risk Regulation, which we can think of as the “Risk and Regulation Journal” in English, sheds light on a complex web of factors that contribute to this phenomenon.
So, why does this matter? Well, for starters, it’s a matter of safety. When vessels go dark, they become invisible to other ships and coastal authorities, increasing the risk of collisions and other maritime incidents. Moreover, these dark vessels are often engaged in illegal activities, such as human, drug, or weapon trafficking, illegal fishing, or sanctions evasion. By discouraging vessels from going dark, we can curb these illegal activities and enhance maritime safety.
But it’s not all doom and gloom. Bunwaree’s research also identifies solutions that could raise standards in marine insurance and lead to increased legal compliance by the insured vessels. This presents a unique opportunity for the maritime industry to step up and make a real difference.
As Bunwaree puts it, “Marine insurers have a crucial role to play in enhancing transparency in fisheries and promoting legal compliance. By implementing stricter due diligence measures and refusing to insure vessels that go dark, they can help curb illegal activities at sea and contribute to a safer and more sustainable maritime industry.”
The commercial impacts of this are significant. For one, increased transparency and legal compliance can help prevent illegal, unreported, and unregulated (IUU) fishing, which is estimated to cost the global economy billions of dollars annually. Moreover, by discouraging illegal activities at sea, we can create a level playing field for law-abiding vessels and promote fair competition.
But perhaps the most exciting opportunity lies in the potential for innovation. As Bunwaree notes, “The marine insurance industry is ripe for disruption. By leveraging technology and data, insurers can develop new products and services that reward vessels for their compliance and transparency, while penalizing those that engage in illegal activities.”
In conclusion, Bunwaree’s research serves as a wake-up call to the maritime industry. It’s time to shine a light on the dark vessels and take action to curb illegal activities at sea. By doing so, we can enhance maritime safety, promote sustainability, and create new opportunities for the maritime industry. As Bunwaree aptly puts it, “It’s not just about curbing illegal activities, it’s about creating a safer, more transparent, and more sustainable maritime industry for all.”