The sea is not 'owned' by any country and changing the existing regulations that work (for some form of 'work', but one that is stable in a large context) with something else that works better is an iterative process with a very long iteration time.
And then sits in port for years until it blows up.
Do remember that the bigger problem here wasn't a sea-unworthy ship that had to be impounded, but the fact the explosives were not safely stored or disposed of. That's not directly the fault of the ship's owner.
That’s more or less what happened with the stuff in Beirut. It was confiscated and it was sitting there in the port for 6 years! Sitting there and not being handled properly...
"No invasion or bombing of any country is going to affect the facilitation of terrorist funding anywhere near the action of restricting trade for companies that have these byzantine ownership structures that shield the actual owners and profiteers from identification"
The sea is not 'owned' by any country and changing the existing regulations that work (for some form of 'work', but one that is stable in a large context) with something else that works better is an iterative process with a very long iteration time.