Taiwan's expanded blacklist of 98 shadow fleet vessels reveals deep connections to North Korea sanctions evasion networks, according to an FT investigation with C4ADS and Starboard. At least 20 blacklisted ships are linked to UN-documented illicit oil and luxury goods shipments to Pyongyang.

Two vessels tied to Taiwan's subsea cable cuts in early 2025 exemplify the overlap. The Hong Tai 58, whose captain was convicted of intentionally severing a cable in February 2025, was owned by Do Young Shipping Co Ltd — the same Marshall Islands entity that transported Kim Jong Un's armored Mercedes-Maybachs in 2018. The Xing Shun 39, which crossed the Taiwan-US cable rupture zone in January 2025, was previously managed by Weihai Hairun Shipping, a Shandong firm flagged by UN monitors for North Korea sanctions violations.

Taiwanese-owned firms also appear in the network. Fengyuan International Marine Services, managed by Taiwan citizen Lee Pei-yu, currently or formerly operates six blacklisted vessels and was previously probed for illicit oil transshipments. The shadow fleet operates through shell companies, deceptive AIS signals, and flags of convenience in low-oversight jurisdictions.

Taiwanese officials allege some vessels take direct orders from Chinese navy ships as part of Beijing's grey zone campaign. The convergence of criminal smuggling networks with potential state-directed sabotage raises undersea infrastructure risk for global telecom and energy markets, while complicating sanctions enforcement and shipping insurance underwriting in the Taiwan Strait.