Project Sandstone Report 3: On the Trail of the Tae Yang: AIS Spoofing and North Korean Coal Smuggling

This document has been prepared by RUSI for informational purposes only (the “Permitted Purpose”). Whilst all reasonable care has been taken by RUSI to ensure the accuracy of material in this report (the “Information”), it has been obtained from open sources and RUSI makes no representations or warranties of any kind with respect to the Information.

You should not use, reproduce or rely on the Information for any purpose other than the Permitted Purpose. Any reliance you place on the Information is strictly at your own risk. If you intend to use the Information for any other purpose (including, without limitation, to commence legal proceedings, take steps or decline to take steps or otherwise deal with any named person or entity), you must first undertake and rely on your own independent research to verify the Information.

To the fullest extent permitted by law, RUSI shall not be liable for any loss or damage of any nature whether foreseeable or unforeseeable (including, without limitation, in defamation) arising from or in connection with the reproduction, reliance on or use of any of the Information by you or any third party. References to RUSI include its directors and employees.