Gatik Ship Management, once India’s fastest-growing shipowner and key mover of Russian oil, has broken cover.
The low-profile, mysterious Mumbai company was one of the most infamous companies to be linked to Russian oil shipments in the wake of war with Ukraine, building very rapidly a fleet of more than 60 ships worth more than $1.5bn. In recent months however, it has shrunk its fleet even quicker than it built it, with database Equasis showing it is now vessel-free. VesselsValue, an online pricing portal, however still lists the owner as commanding a fleet in excess of 60 vessels.
Regardless of the VesselsValue data, now shorn of ships – as per Equasis – Gatik chose today to relaunch, issuing its first press release and showcasing a website and logo.
“Gatik Ship Management is committed to extend beyond business operations, and is devoted towards social responsibility, whether it’s about providing cargo at very reasonable rates or generating opportunities,” the release stated, going on to argue how the company played a “crucial” role in keeping fuel prices stable in India.
As well as its Mumbai operations, the release discussed Gatik Ship Management Dubai, which the company claimed “embraced philanthropy, channeling efforts towards feeding the underprivileged”.
Finally, the company turned to its decision to offload ships, writing: “While Gatik’s journey was marked by notable successes, it also encountered challenges. Media-induced controversies resulted in the owner’s decision to withdraw vessels, causing substantial losses due to shifts in insurances, flags, and classes.”
Gatik was one of the most infamous names to emerge as the so-called dark fleet of tankers swelled in the wake of Russia’s invasion of Ukraine. Much of its fleet has now been moved to companies based in Turkey.