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Mumbai: 58-tanker fleet owner operates from nondescript mall in Bhandup

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Operating from the rundown Neptune Magnet Mall in suburban Bhandup, Gatik Ship Management has emerged as the biggest international tanker fleet owner, transporting Russian crude oil to India. The shipping company has seen phenomenal growth, starting with just two tankers in 2021 and going on to acquire a 58-strong fleet valued at US$ 1.6 billion in just 18 months, registered largely in St Kitts and Nevis.

Mumbai-based Gatik, registered as an exporter, has shipped 83 million barrels of crude and oil products from Russian oil giant Rosneft, to Indian ports. However, when The Free Press Journal visited Neptune Magnet Mall, it found the office of Gatik Ship Management, on the third floor, locked, with a ‘For Rent and Sale’ sign pasted on the main door. Enquiries with the neighbouring offices revealed that Gatik shared office space with Buena Vista Shipping.

Buena Vista provided shipping jobs and recruitment for seafarers and crew. Both the shipping companies had the same registered office at Neptune Magnet Mall with the registrar of companies and had relocated to Powai.

Gatik acquired 56 vessels since March 2022

The ageing fleet of Gatik oil tankers did not have an insurance cover from any recognised, large mutual providers and had earlier transported crude oil from around the world but was now focussing solely on Russian oil.

Shipping expert VesselsValue, which tracks ship sales, has claimed that Gatik acquired 56 vessels since March 2022, with 13 vessels in December 2022 when the European Union ban on Russian oil began. Gatik added 10 ships to its fleet in 2023, with VesselsValue reporting its fleet as being made up of 44 tankers with an average age of 17 years, now worth $1.39bn.

 According to VesselsValue, Gatik’s newly acquired fleet of oil tankers has largely shipped 83 million barrels of Russian crude oil to India.

The Office of Foreign Assets Control of the US Department of the Treasury (OFAC) had recently warned US shipping service providers to guard against facilitating sanctioned trade amidst the rise of a global ‘ghost fleet’ of opaquely owned vessels willing to risk sanctions and serving lucrative oil markets.

The International Group of Protection & Indemnity Clubs had withdrawn cover for most of the tankers operated by Gatik. The 12 members of the IGP&I provide cover to around 95 per cent of the world’s fleet.

Under international sanctions applied by G7 countries and Australia, shipowners are required to provide insurers and other service providers, with attestations that they are not carrying Russian oil purchased above the price cap.

Russian oil exports from its eastern ports like Kozmino, have regularly traded above the price cap, triggering international sanctions. The American Steamship Owners Mutual Protection and Indemnity Association, Inc. (The American Club), was the single largest provider of insurance services to Gatik.

About Gatik’s growth

Gatik Ship Management has seen phenomenal growth, starting with just 2 tankers in 2021 and going on to acquire a 58-strong fleet valued at US$ 1.6 billion in just 18 months, registered largely in St Kitts and Nevis. According to shipping expert Vessels Value, Gatik,s newly acquired fleet of oil tankers has largely shipped 83 million barrels of Russian crude oil to India.

National

Maha govt transfers seven bureaucrats in a minor reshuffle

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Mumbai, April 2: In a minor reshuffle, the Maharashtra government on Wednesday transferred seven bureaucrats.

Nishi Pandey, an IAS officer of the 2001 batch, has been posted as Managing Director of Maharashtra Small Scale Industries Development Corporation.

Laxminarayan Mishra, an IAS officer of the 2012 batch, has been posted as Joint Managing Director of Maharashtra State Road Development Corporation.

Bharat Bastewad, an IAS officer of the 2013 batch and CEO of Raigad Zilla Parishad, has been appointed Commissioner of the Mahatma Gandhi National Rural Employment Guarantee Scheme at Nagpur.

Indurani Jakhar, an IAS officer of the 2016 batch, who is the Municipal Commissioner of Kalyan-Dombivali Municipal Corporation, has been posted as Collector, Palghar district.

Vasumana Pant, an IAS officer of the 2017 batch, who is Director General, VANAMATI, Nagpur, has been posted as Additional Municipal Commissioner, Nagpur Municipal Corporation.

Vaishnavi B, an IAS officer of the 2019 batch, who is Chief Executive Officer, Akola Zilla Parishad, has been posted as Additional Municipal Commissioner, Nagpur Municipal Corporation.

Neha Bhosle, an IAS officer of the 2020 batch, has been posted as Chief Executive Officer, Raigad Zilla Parishad.

Earlier, on March 25, the state government transferred five IAS officers.

The state government posted B. H. Palawe, an IAS officer of the 2013 batch, who is Chief Executive Officer, Zilla Parishad, Palghar, as the Managing Director, Maharashtra State Financial Corporation, Mumbai.

Manoj Ranade, an IAS officer of the 2014 batch and the Director of Municipal Administration, Mumbai, was appointed Chief Executive Officer, Zilla Parishad, Palghar.

Shubham Gupta, an IAS officer of the 2019 batch and the Municipal Commissioner of Sangli-Miraj-Kupwad City Municipal Corporation, was posted as Member Secretary, Vidarbha Statutory Development Board, Nagpur.

Anjali Ramesh, an IAS officer of the 2020 batch, after transfer of cadre from Madhya Pradesh, was appointed Chief Executive Officer, Zilla Parishad, Hindoli.

Zenith Chandra Deonthula, an IAS officer of the 2022 batch, who is Assistant Collector, Varora Sub-Division, Chandrapur, was posted as Project Officer, ITDP, Kinwat, and Assistant Collector, Kinwat Sub-Division, Nanded.

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National

After LS nod, Amit Shah to move Immigration and Foreigners Bill in RS today

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New Delhi, April 2: The Rajya Sabha on Wednesday will discuss the Immigration and Foreigners Bill, 2025 which has already been passed by the Lok Sabha.

As per the business list of Upper House, Union Minister Amit Shah will move that the Bill “to confer upon the Central Government certain powers to provide for requirement of passports or other travel documents in respect of persons entering into and exiting from India and for regulating matters related to foreigners including requirement of visa and registration and for matters connected there with or incidental thereto, as passed by Lok Sabha, be taken into consideration.”

He will also seek the passing of the bill after a discussion is held by the members of the House.

A key aspect of the Bill is the implementation of enhanced surveillance and security protocols. The Union Home Minister while speaking about the importance of the bill in the Lok Sabha had said, “It will strengthen the country’s security and economy, pave the way to make our education system and universities global, lay a strong foundation for research and investigation in the country and make India number one in the world in every field by 2047.”

He said that immigration was not an isolated issue but many issues of the country were directly or indirectly linked with it. He said that it was very important for the security of the country to know who is entering our borders, when they are entering, for how long they will stay and the purpose for which they are here.

Also to be tabled in the Rajya Sabha is the Boilers Bill, 2024, returned by Lok Sabha with Amendments. Union Minister Piyush Goyal will move that the amendments made by Lok Sabha be taken into consideration.

Union Minister Manohar Lal Khattar will make a statement regarding the “Status of implementation of the recommendations contained in the Tenth Report (Seventeenth Lok Sabha) of the Department-related Parliamentary Standing Committee on Housing and Urban Affairs on ‘PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi)’ of the Ministry of Housing and Urban Affairs.”

Upper House members Sushmita Dev, Rekha Sharma and Bikash Ranjan Bhattacharya will present the “366th Report (in English and Hindi) of the Department-related Parliamentary Standing Committee on Education, Women, Children, Youth and Sports on ‘Demands for Grants (2025-26)’ pertaining to the Ministry of Youth Affairs and Sports.”

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Business

Sensex plunges nearly 2 pc amid US reciprocal tariff concerns

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Mumbai, April 1: Indian stock markets on Tuesday witnessed a sharp decline on the first trading day of the new financial year. The fall came as investors reacted to global market concerns, especially the upcoming US reciprocal tariffs on April 2.

The Sensex, which represents 30 major companies, dropped by 1,390.41 points or 1.80 per cent to close at 76,024.51. During the trading session, it fluctuated between an intra-day high of 77,487.05 and a low of 75,912.18.

The Nifty index also tumbled 353.65 points or 1.50 per cent, ending at 23,165.70. It touched a high of 23,565.15 and a low of 23,136.40 during the intra-day.

Almost all stocks in the Sensex index ended lower, except Zomato, IndusInd Bank, and State Bank of India (SBI).

The biggest losers included HCL Technologies, Bajaj Finserv, HDFC Bank, Bajaj Finance, and Infosys, which saw their share prices decline by up to 3.66 per cent.

Midcap and smallcap stocks also faced pressure. The Nifty Midcap100 index closed 0.86 per cent lower, while the Nifty Smallcap100 index slipped 0.70 per cent.

The BSE Midcap index was down 0.9 per cent, whereas the Smallcap index managed to rise slightly by 0.2 per cent.

Sector-wise, most indices ended in the red, with IT, real estate, and consumer durables stocks falling by around 2 per cent each. Only media, oil & gas, and telecom stocks managed to stay positive.

Market volatility also surged as the India VIX, commonly known as the fear index, jumped 8.37 per cent to 13.78 points. This suggests that investors are increasingly cautious about the market’s direction.

Analysts suggest that market fluctuations may continue until there is more clarity on global trade relations and economic policies as investors remain concern about Trump’s tariff policies and their impact on international trade.

“Amid heightened global volatility ahead of the anticipated US reciprocal tariff announcement tomorrow (US time), the domestic market witnessed a significant sell-off today. Investors are eagerly awaiting the specifics of these tariffs while also keeping a close eye on ongoing negotiations for a potential Indo-US trade agreement,” said Vinod Nair, Head of Research, Geojit Investments Limited.

The IT sector was among the hardest hit due to its substantial exposure to the US market, and real estate stocks fell following Maharashtra’s upward revision of ready reckoner rates, which affect property valuations.

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