Russian oil companies use a "ghost fleet" of cargo ships, which mysteriously sprung up after the beginning of the Russian invasion of Ukraine and after the imposition of sanctions on Moscow and its oil.
The Financial Times reports on Gatek Ship Management, which turned an unknown Indian shipping company into one of the largest ship owners in the world.
The Financial Times report on Thursday stated that Gatec Ship Management owned just two tankers during 2021, and as of April had a fleet of 58 vessels, with a total estimated value of $1.6 billion.
Despite the huge investment, the company's assets and ownership remain obscure and its records scant.
The group was registered as an export company in India on March 31, 2023, according to the paper.
One piece of evidence important to the Financial Times is that Gaetic Ship Management has the same address as Mumbai-listed Buena Vista Shipping, in Neptune Magnet Mall, and Buena is another unknown company that reported assets worth just over $100,000 before two years.
What is suspected, according to the report, is the real owner of Buena Vista Shipping, which quickly financed Ghatic Ship Management in India.
However, analysts and traders point to a connection between Gatec and its biggest customer, Russian oil giant Rosneft.
The "Financial Times" adds that tanker tracking data shows that the Gatec fleet, which is mainly used to transport oil from Russia to ports mainly in India.
A Financial Times analysis of data from Kpler, an analytics firm, shows the Indian group shipped at least 83 million barrels of Russian crude and oil products. More than half of these shipments belong to Rosneft. The total numbers are believed to be higher.