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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The International Group of Protection & Indemnity Clubs had withdrawn cover for most of the tankers operated by Gatik.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.

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7.8 pc GDP growth reflects country’s progress: Maha CM Fadnavis, Dy CM Shinde

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Mumbai/Thane, Sep 1: Maharashtra Chief Minister Devendra Fadnavis and Deputy Chief Minister Eknath Shinde on Tuesday hailed India as it registered a real GDP growth rate of 7.8 per cent in the first quarter of the 2026–27 financial year (Q1 FY27, April–June 2026) under the leadership of Prime Minister Narendra Modi reflecting the country’s progress.

Chief Minister Fadnavis in his post on social media platform X said, “Yehi hai right choice, Bharat! Let’s keep going the same way, same direction. 7.8 per cent growth in such times prove our potential and possibilities as a Nation with PM @narendramodi’s leadership! Congratulations Bharat!”

On the other hand, Deputy Chief Minister Eknath Shinde said that India’s economy continues to demonstrate strong growth with a 7.8 per cent GDP expansion at a time when several nations globally are grappling with conflict and economic fallout.

“This reflects economic progress and stability, this marks another key step toward achieving the vision of ‘Viksit Bharat 2047’,” The Deputy Chief Minister added.

Speaking to reporters on the country’s economic outlook, Deputy CM Shinde expressed confidence that under the leadership of Prime Minister Narendra Modi, India is moving steadily toward becoming an economic superpower and achieving its target of a $5 trillion economy.

He assured that the Maharashtra government will contribute significantly to this journey.

Highlighting the adverse global backdrop, the Deputy Chief Minister noted that ongoing wars and geopolitical conflicts have impacted multiple world economies.

“In contrast, India’s 7.8 per cent growth rate presents a highly promising picture and signals the nation’s rising economic strength.”

Deputy CM Shinde emphasised that every citizen should take pride in the nation’s strengthening economy.

However, he criticised the opposition parties for taking a negative stance on national progress due to political bias against PM Modi.

He remarked that appeals made by the Prime Minister are always aimed at national interest, upliftment, and growth, but are often viewed through a narrow political lens by his critics.

“Instead of questioning progress, everyone should contribute toward accelerating development,” Deputy Chief Minister Shinde added.

Reaffirming the state’s commitment, the Deputy CM said that Maharashtra will fully cooperate with the Central government to reach the $5 trillion target and realise the ‘Viksit Bharat 2047’ roadmap.

He asserted that India’s economic strides are a matter of pride for all 140 crore citizens, adding that the public will appropriately respond to those opposing the country’s growth.

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Railways okays Rs 233 crore electronic signalling system at 21 stations in Bihar

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New Delhi, Sep 1: Indian Railways has approved a proposal for the provision of modern Electronic Interlocking (EI) at 21 stations of Samastipur Division (Bihar) of East Central Railway with an investment of Rs 233 crore, according to an official statement issued on Tuesday.

The approved work involves the replacement of existing panel interlocking with electronic interlocking at these stations in Bihar. The electronic system will strengthen railway signalling infrastructure across the division and facilitate the implementation of Kavach, the indigenous Automatic Train Protection system, to enhance safety.

Electronic interlocking is a modern signalling technology that replaces ageing relay-based systems with computer-based interlocking, ensuring higher reliability, faster fault diagnosis, easier maintenance and enhanced operational flexibility.

The initiative is part of Indian Railways’ continued efforts towards modernisation of signalling systems, strengthening railway safety and enhancing operational efficiency across its network, the statement said.

Indian Railways has also sanctioned the Bhavnagar Para (BVP) Yard Remodelling project in Gujarat at a cost of around Rs 125 crore. The project will strengthen rail infrastructure in Bhavnagar by creating additional operational capacity at Bhavnagar Para and improving facilities for passengers.

The project will help decongest Bhavnagar Terminus by shifting stabling and other operational activities to Bhavnagar Para. This will enable smoother train operations, reduce rake detention and help improve punctuality. The additional infrastructure at Bhavnagar Para will facilitate better management of train movements and provide greater operational flexibility.

The remodelling work includes four loop lines, one engine reversal line, ART and ARME siding, relocation of the Station and EI building, one high-level passenger platform, widening of the existing platform, extension of the existing Foot Over Bridge (FOB) and construction of one new FOB. The project will also include two Road Under Bridges (RUBs), including one new RUB and extension of an existing RUB, along with service buildings and associated electrical and signalling works.

Passenger convenience will be enhanced through a new high-level island platform, widening of Platform No. 2 and improved FOB connectivity at Bhavnagar Para station. These facilities will provide easier movement and access for passengers, the statement added.

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669 metric tonnes onions sold at Rs 35 per kg, Rs 210 crore paid directly to 3,400 farmers: Govt

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New Delhi, Sep 1: Retail sales of onions continue at Rs 35 per kg and a total of approximately 669 metric tonnes (MT) of the staple vegetable has been sold to date, comprising 223 MT through bulk channels via the e-NAM portal and similar online platforms at prevailing mandi prices, and 446 MT through retail channels across the country, the government said on Tuesday.

The affordable onion sale is being organised through the NCCF, the NAFED, Kendriya Bhandar outlets, and mobile vans, ensuring affordable availability for consumers.

“Simultaneously, around 1,000 MT of onions are being transported by road to major consumption centres, based on prevailing market conditions and price trends, with the aim of improving availability and moderating seasonal price pressures,” the Ministry of Consumer Affairs, Food, and Public Distribution said in a statement.

Further, Rs 210 crore has been paid directly to around 3,400 farmers, ensuring timely payments.

The government said it has begun a calibrated release of onion buffer stocks through a hybrid transportation model comprising railway rakes (Kanda Express) and road transport to major consumption centres to ensure adequate availability and moderation of seasonal price pressures.

As part of this initiative, two Kanda Express consignments have been dispatched from Nashik. The first rake, carrying 450 MT of onions, reached Delhi in the late hours of August 27.

Of this, 140 MT was subsequently distributed across Varanasi, Lucknow, Chandigarh, and Amritsar, with the remaining quantity distributed across the Delhi-NCR region.

The second rake, carrying 840 MT of onions, reached Chennai on August 31. The Tamil Nadu government plans to distribute these onions through the Public Distribution System (PDS) against the requirement of 1 kg per card.

The onions are likely to be distributed across various districts of Tamil Nadu as per the proposed district-wise clustering:

Retail intervention efforts have expanded significantly across 19 cities, supported by the dispatch of over 30 trucks to ensure widespread availability, said the official statement.

The release of onions from buffer stocks has improved market availability and eased prices, particularly in centres where onion consignments have reached, such as Varanasi, Amritsar, Delhi and nearby markets. Prices have shown a decline from the day following the commencement of disposal, with increased supplies expected to further support price stability.

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