Lloyd's Register reported that by June 3, it will decertify 21 ships of the Indian company Gatik Ship Management, which became the main carrier of Russian oil after the start of the war in Ukraine. "Lloyd's Register is committed to promoting compliance with sanctions on trade in Russian oil. If there is evidence, we withdraw classes and services from any vessels found by the relevant authorities to be in violation of international sanctions," Lloyd's Register said.
Meanwhile, Lloyd’s Register said the 11 Gatik vessels it revealed are also Indian Register of Shipping (IRClass) certified.
However, according to the IRClass website, their certifAt least 28 Gatik vessels have the license.
Earlier, Gatik was forced to change the flags of 36 of its vessels, the registration of which was revoked by the St. Kitts and Nevis International Register of Ships.
According to data from the maritime platform Lloyd's List Intelligence, the company flagged 15 ships under the Gabonese flag.
P&I American Club, one of the world's top 12 P&I insurers, which together cover about 90% of the world's ocean tonnage, said it had previously covered most of the Gatik vessels, but ended the coverage in early April.
Ingosstrakh, a major Russian insurer, said it was forced to reject certain insurance requests from Gatik due to risks identified after "reviewing negative media coverage." Ingosstrakh confirmed that they are not going to work with Gatik in the future.
Mumbai-based Gatik Ship Management has become the leading carrier of Russian oil to India this year. For this, the company uses a fleet of tankers, which includes more than 40 vessels.
Since Russia invaded Ukraine, the company has bought more oil tankers than anyone else, transforming itself from an obscure Indian shipping business into one of the world's largest ship owners.
In 2021, Gatik Ship Management owned only two chemical tankers. By April, it had acquired a fleet of 58 vessels with a total value of $1.6 billion, according to VesselsValue estimates. The origins and ownership of the business remain a mystery, and its corporate documentation is scant.
But shipping brokers, analysts and commodity traders suspect a connection with its biggest client - Russian oil giant Rosneft.
According to tanker arrivals data, India imported 2.76 million tonnes of Russian oil in vessels operated by Gatik during the first four months of 2023, or 10% of total Russian imports. About 1.36 million tonnes more of Russian crude is due to arrive in India in May and June on Gatik-related tankers, according to Refinitiv data.