Mumbai-based Gatik Ship Management has issued its first public statement after splashing huge amounts of cash to build up a tanker fleet linked to Russian oil trades.
The Indian company, of unknown ownership, says it is dedicated to protecting the “common man” from rises in fuel prices, and blamed the media for its decision to “withdraw” vessels in recent months.
In July, TradeWinds reported the operator was disappearing off the corporate map as dozens of tankers shifted to new management and ownership.
Gatik was at that time linked on paper to just four tankers through commercial or technical management, according to shipping database Equasis.
Analysts said the move appeared to be aimed at reducing the public visibility of the operation, which remained the suspected beneficial owner of a 60-strong fleet worth more than $1.7bn, according to ownership database VesselsValue.
But Gatik’s increasing reputation as the tanker owner of choice for Russian oil, particularly for energy giant Rosneft, led to the loss of Western flagging, class and insurance services because of suspicions some tankers were breaching G7-led sanctions.
The statement has appeared on what appears to be a new website, featuring generic photos of containers in port.
It is dated 21 July, but was only distributed by the Express Wire in India on Wednesday.
The text reveals the company was established in March 2022 with two vessels.
Gatik describes itself as “a dynamic entity that swiftly carved its niche in the maritime landscape”.
“While Gatik’s journey was marked by notable successes, it also encountered challenges,” the company said.
Controversies and losses
“Media-induced controversies resulted in the owner’s decision to withdraw vessels, causing substantial losses due to shifts in insurances, flags, and classes,” Gatik added.
“This episode underscores the complexities inherent in the maritime industry and the resilience required to navigate them,” the company continued.
The mention of “the owner” suggests Gatik does not own the vessels itself. The company calls itself a ship manager.
It said its rapid expansion showcased a determination to excel and contribute to the maritime sector’s evolution while mentioning generating jobs in India.
Making history
“Furthermore, Gatik Ship Management made history and championed the growth of the Indian seafaring workforce, providing employment for over 1,500 Indian seafarers. This empowerment not only enhances individual careers but also enriches the maritime industry’s talent pool,” the statement reads.
Gatik views itself as playing an essential role in transporting essential oil for India.
“The company’s vessels efficiently carried cargo at competitive freight rates,” the company said.
Gatik wants to extend beyond business operations and is “devoted towards social responsibility, whether it’s about providing cargo at very reasonable rates or generating opportunities”.
“In the face of volatile oil prices, when oil price touched the sky, Gatik-managed fuel price remained constant for common man as somewhere Gatik Ship Management understands the hurdle when everything goes against the normal people,” the group said.
Gatik has “embraced philanthropy, channelling efforts towards feeding the underprivileged,” it added.
“With all the challenges, Gatik Ship Management India remains steadfast in its commitment to compliance with industry regulations. The company’s adherence to legal and ethical standards reinforces its reputation as a responsible and dependable entity in the maritime world,” the statement concluded.
