Report | May 10, 2024
The need for more transparency on ultimate ownership for the GFCM fishing fleet
In December 2023, Toconao[1] (a Liberian-flagged container ship) lost part of its cargo (including plastic pellets), contaminating the coast of Spain and Portugal and triggering an environmental disaster with potential repercussions for marine biodiversity and fisheries. Despite the severity of the situation, identifying those who ultimately control and benefit most from the activity of this vessel, the beneficial owners, proved to be challenging for the investigating authorities.[2]
Various sources provided conflicting information regarding the potential owners of the vessel, identifying a Dutch company as the vessel’s owner,[3] while others pointed to a maritime company owned by a German national and headquartered in Cyprus.[4] According to Lloyd’s List Intelligence Seasearcher (a maritime intelligence database),[5] the beneficial owner is Global Transport Income Fund Master Partnership SCSp, based in Luxembourg, which owns 52 other vessels.
The registered owner, Polar 3 Limited, is registered in Bermuda.Although this incident occurred within the shipping, rather than the fishing sector, and on the Atlantic coast, the diverse ownership attributions highlight the current lack of transparency and the complexity of ownership structures that generally characterise vessels at sea.
In this briefing, we present an analysis of the available information on the ultimate ownership of vessels fishing in the GFCM Convention area. We highlight best practices from other RFMOs that disclose beneficial ownership information within their authorized vessel lists. Based on those assessments, we offer recommendations to improve transparency in the GFCM and facilitate enforcement efforts.
