Lloyd’s Register will revoke the insurance of oil tankers of the Indian company Gatik carrying oil from Russia
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The international company Lloyd’s Register due to violation of sanctions by June 3 will revoke the insurance of 21 tankers of Gatik Ship Management, which is actively involved in the transportation of Russian oil. Representatives of Lloyd’s Register reported this Reuters.
The British Lloyd’s Register provides services for the classification of ships, shipbuilding materials, systems and equipment, and also issues certificates of the ship’s fitness for operation.
“Lloyd’s Register is facilitating compliance with sanctions restrictions on Russian oil trading. In the presence of facts proving the violation of sanctions, we stop providing services to courts that, in the opinion of the authorities, violate international sanctions, ”the company said in a statement, which the agency has at its disposal.
The US-registered mutual insurance club American Club also confirmed that it had stopped working with Gatik since the end of April. Plans to stop working with Gatik were announced by Reuters and the Russian company Ingosstrakh. They said that insurance coverage for the Gatik tanker Prometheus expired in April and was not renewed. The company “had to turn down some insurance requests received from Gatik due to the risks associated with media coverage.”
According to the agency, from the beginning of January to the end of April, India imported 2.76 million tons of Russian oil on ships owned by Gatik. According to Refinitiv data, in May and June, Gatik tankers were supposed to transport about 1.36 million tons of oil from Russia.
In late April, Bloomberg reported that the American Club had withdrawn oil spill insurance for 34 Gatik Ship Management tankers. The Mumbai-listed company emerged as one of the world’s largest oil tanker operators only in 2022, following the imposition of sanctions against Russia. In less than a year, Gatik has bought 53 vessels off the market, capable of carrying more than 30 million barrels of oil combined.
According to S&P Global, Gatik Ship Management’s tankers were actively involved in the Russian oil trade. According to Bloomberg sources, the withdrawal of insurance was due to the fact that Gatik was going to transport Russian oil at a price above the ceiling.
More details – in the material “Kommersant” “Tanker Hunt”.
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