New vessel orders were down more than 50% in the first half of this year, compared to the first half last year according to Clarksons, a ship brokerage.
As the U.S. employs more tariffs and sanctions, former international economic security advisor Daleep Singh makes the case for economic Geneva Conventions, and a federal Department of Economic Security.
Shadow fleets, groups of tanker ships used by sanctioned nations like Iran and Russia to move oil, comprise an estimated 17% of all international tankers, according to an Allianz report.