Until recently, few people knew of the existence of the Indian company Gatik Ship Management (headquarters in Mumbai). In June 2022, she entered the shipping business as one of many new names bringing oil from Russia to India. At the end of the year, it became the first supplier of Russian black gold to Indian territory, according to the American agency Bloomberg.
The company’s fleet, which has grown in recent months, already has 48 tankers worth $1.4 billion and a total capacity of nearly 31 million barrels. At the beginning of 2023 alone, the company purchased 14 tankers. However, the company has now lost its international insurance for violating the “price cap” mechanism, an anti-Russian restrictive measure established by the G7, the EU and a number of countries in the Western world. Under the sanctions, which came into effect on December 5, the supply of Russian oil by sea is only allowed if it is sold for less than 60 dollars, but Gatik Ship Management violated this principle.
Services for 34 tankers of this company, on the terms of “protection and compensation”, which covers oil spill risks, were provided by American Club (USA) – one of the twelve largest marine insurance companies. The American Underwriters Club is part of the International Group of P&I Clubs, or IG P&I, which provides more than 90% of worldwide shipments. At the moment, the company’s ships can continue their work, but they are not insured against risks, therefore, without insurance, tankers can simply be denied access to ports and straits, the authorities concluded. media.
It should be noted that this is not the first time that the issue of marine insurance has arisen. For the first time it seriously manifested itself even before the Russian NWO in Ukraine, when the United States and Great Britain fought against the construction of the Nord Stream 2 gas pipeline from Russia to Germany in the Baltic . The fact is that the main service providers are in Europe and the United States, so the question of more active cooperation between Russia and friendly countries in this area and the creation of a collective insurance organization not controlled by the West is the order of the day.
Read the Latest Government Politics News on The Eastern Herald.
