tanker company Gatik stripped of insurance for intending to transport Russian oil at a price above $60 – Kommersant

Tanker company Gatik, which is heavily involved in the transport of Russian oil, has lost its industry-standard fleet insurance after violating price caps set by the G7 (UK, Germany, Italy, Canada, France, Japan and the US). Since the beginning of December, companies from these countries have been allowed to provide services for the delivery of Russian oil only if the value of the cargo does not exceed $60 per barrel.

Gatik, whose address is located in Mumbai according to the Equasis international maritime database, is one of the few tanker companies that “came out of nowhere” after the start of sanctions in response to the military operation. Bloomberg. India did not join the price cap and did not impose sanctions on Russian oil.

According to VesselsValue, a firm that tracks the sale and purchase of merchant ships, Gatik has begun building up its fleet since the summer of 2022. According to Clarkson Research Services Ltd., a division of the world’s largest ship broker, Gatik is one of the top 10 largest owners of Aframax tankers, which carry about 700,000 barrels of crude oil on each voyage. The Gatik fleet can carry around 31 million barrels of oil and fuel, according to data compiled by Bloomberg.

When a Bloomberg representative visited the address where Gatik was supposed to be in early 2023, an employee at a nearby office said the company had moved out, with mail piled up in front of the door. There is no website, phone number, or other way to contact the company.

Gatik’s management lost the so-called protection and damages provided by the American Club, a person familiar with the matter said on condition of anonymity. Insurance coverage protects against risks, including collisions and spills.

It was terminated due to the receipt of information that Gatik plans to transport cargo at a price above the threshold. The American Club confirmed the termination of the insurance, without giving a reason.

The American Club is one of 12 member organizations of the International P&I Club Group that collectively provide industry-standard insurance that serves as a document for free trade.

Each of the 48 tankers identified as being operated by Gatik in the database maintained by Equasis or data analysis company Vortexa loaded Russian oil or oil products at least once in 2023. The American Club is listed as the insurer of 34 of them, nine more are insured by unknown companies.

Maria Fedotova