The global shipping regulatory company Lloyd’s Register has revoked the licenses of 21 tankers of the Indian corporation Gatik Ship Management since June 3. This company is considered the largest “shadow” carrier of Russian oil after the start of the war in Ukraine.
Lloyd’s Register told Reuters that they are trying to help comply with sanctions on Russian oil trade. If the violation of sanctions is confirmed by evidence, Lloyd’s Register prohibits any services to the courts related to the violations, the company emphasized.
Without a license from the regulator, tankers will not be able to issue insurance and enter ports. However, Lloyd’s Register also reported that 11 of the company’s vessels are certified by the Indian Register of Shipping (IRCl) and will probably be able to continue shipping with their license.
One of the largest American insurers, American Club, also told Reuters that it no longer provides insurance coverage for Gatik vessels, and the Russian insurer “Ingosstrakh” said that it does not plan to work with Gatik in the future. They did not specify the reasons for their decisions.
This year, Gatik became the leading carrier of Russian oil to India, using a fleet of more than 40 tankers.
At the moment, the Indian company has transported at least 83 million barrels of Russian oil. More than half of this volume belonged to Rosneft. Before the war, the share of Russian production in oil imports to India was 1%, now it has grown to 30% due to Gatik transportation.