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Indian company: A major portion of international oil shipping has emerged from Neptune Magnet Mall in Mumbai in the last 18 months. A media report states that since Russia attacked Ukraine, the company has bought several oil tankers. With this it has grown from an unknown Indian shipping business to the world’s largest shipping company. This company is Gatic Ship Management.
Know about Gatic Ship Management
Gatic Ship Management had only two tankers in 2021. By April this year, it acquired a fleet of 58 ships with an estimated value of $1.6 billion. The Financial Times said this citing shipping experts VesselsValue. However, its origin and ownership remains a matter of mystery. Its corporate records are also not available. Importantly, Gatic Ship Management’s registered address is in this deserted mall of Mumbai along with Buena Vista Shipping. Buena Vista Shipping is also another mysterious operation that two years ago reported assets worth a million dollars.
Russian oil giant Rosneft suspected to be its biggest customer
According to a report in The Financial Times, the group was registered as an exporter in India on March 31 this year, but is not registered in India’s official corporate registry. Who owns Buena Vista Shipping and what has helped Gatic’s fleet expand rapidly? This thing is troubling the oil market. But shipbrokers, analysts and commodity traders are skeptical that its biggest customer is Russian oil giant Rosneft.
what the analysis revealed
Gatic’s newly acquired fleet is largely used to transport oil from Russia, mainly to ports in India. A Financial Times analysis of data from analytics company Kepler shows that the Indian group has bought at least 83 million barrels of Russian crude oil and oil products – which could meet the UK’s total oil demand for more than two months. More than half of this came from Rosneft. The total data is believed to be larger than Kepler’s data. “After sanctions from the West, it was imperative that Russian oil companies would want to get involved in shipping, and we think Gatic has been chosen to do just that,” Viktor Katona of Kepler said in the report.
Gatic has been included among the largest tanker owners in the world.
Following the sanctions, India opted to increase its imports of Russian oil. Gatic has emerged in this context. According to Rebecca Galanopoulos of VesselsValue, the purchase makes Gatic one of the largest tanker owners in the world. To understand this better, most of the companies own less than 10 tankers but only 20 companies including Gatic have 50 or more tankers.
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