One manager held all seven. Today it holds nothing.

A short video walks through the comparison. Part 4: The Shell Layer Dissolved. Part 5: The Routes Diverge.

Part 1 opened on GLOBAL SEAWAY LLC because the United States had sanctioned its owner and the tankers kept sailing. Five parts have since worked outward from that company — to the six shell firms of Part 2, to North Vector' LLC in Part 3, to the managers of Part 4 and the trade routes of Part 5. This piece works in the other direction: it takes GLOBAL SEAWAY LLC's own current fleet, seven hulls, and reads each one's management history backwards to see where the tonnage came from.

The seven records converge on a single company, and it is not a Russian one.

Two managers, seven hulls

Maritas Fleet Pvt Ltd appears as ISM manager in the recorded history of all seven hulls GLOBAL SEAWAY LLC holds today. Bravo Ship Management Pvt Ltd appears on six of the seven — every hull except AKHILL. Both are Indian ship managers. Both took their positions in 2022 and early 2023.

Seven hulls that today sit under one St Petersburg owner all passed through the same Navi Mumbai ISM manager inside a nine-month window four years ago. Six of them passed through a second one first, in a window narrower still: Bravo takes all six between July and October 2022.

On its own that means very little. Ship managers hold many vessels for many owners, and a company appearing across seven hulls may reflect nothing more than a mid-size manager with a mid-size book. The number that decides it is each manager's own fleet size — and the two answers are not the same.

One of them is a ship manager. The other has no ships.

Bravo Ship Management Pvt Ltd (company IMO 5901860, Andheri, Mumbai) manages eleven vessels today. Nine are bulk carriers or container ships; two are chemical and oil products tankers. They fly Marshall Islands and Panama, they carry classification from RINA, BV, ABS, NKK and KR, and their port-state detention counts are unremarkable for a fleet of that composition. Screened by IMO number against the EU and OFAC datasets on 27 August 2026, not one of the eleven carries a designation. Bravo looks like what it says it is.

Against that, six of these seven hulls passing through Bravo in 2022 is close to unremarkable, and this piece does not present it as more.

Maritas Fleet Pvt Ltd (company IMO 6356749, Office 704, Kesar Solitaire, Sanpada, Navi Mumbai) returns something else. Its own fleet page, pulled 27 August 2026 and last updated by Equasis two days earlier, reads: no vessels in fleet. Not "fleet not disclosed." The company status is Active, the address is live, and nothing is attributed to it.

A company that held all seven of these hulls — and, on this project's own working record, at least three more outside this fleet — manages nothing today, and is still open for business.

What sits in between is not nothing, and it is not one thing

The distance between those managers and the Russian flag is years, not weeks, and the piece would overstate its own finding by eliding it. Between Maritas leaving and GLOBAL SEAWAY LLC arriving, each hull passes through a 2024 layer — and that layer is scattered, not shared.

ANTARES goes to Lambda Transport Consultancy as registered owner and commercial manager on 30 April 2024, its ISM record having read "UNKNOWN" since 18 March 2024. AZALEA goes to Joshua Cargo LLC-FZ as owner on 7 February 2024, with Avision Shipping Services Pvt as ISM manager from 23 February 2024. ATLANT goes to Hemsworth Logistics FZE on 9 April 2024, its ISM record blank from the same day. APEKS's ISM record simply reads "UNKNOWN" from 23 August 2024 and stays that way for twenty months.

Four different intermediaries across four hulls, plus stretches where Equasis records no ISM manager at all. Whatever the 2022 pattern is, it does not survive into 2024 as a single company. What survives is the shape: a documented manager, then a gap or a short-lived holding company, then a Russian owner.

One of those intermediaries is already inside this investigation. Avision Shipping Services Pvt is the same company this project's own working record places on AMARANT (IMO 9409467) from February 2024 — a hull with no other connection to GLOBAL SEAWAY LLC. That is one shared name across two otherwise separate chains, and it is stated here as exactly that.

The consolidation arrives in three waves, not one

Part 1 dated GLOBAL SEAWAY LLC's fleet from February 2026. The seven-hull record shows that date applies to three hulls, not seven.

In every case the reflag to Russia and the arrival at GLOBAL SEAWAY LLC fall in the same month or adjacent ones. The flag moves with the ownership, not ahead of it by any margin this record can measure.

The seventh hull is not owned by GLOBAL SEAWAY LLC at all. APEKS's registered owner, since 8 May 2026, is recorded by Equasis as "RPTD SOLD RUSSIA" — the register's own placeholder for a vessel reported sold to a Russian buyer who has not been named. GLOBAL SEAWAY LLC holds the ISM-manager role on that hull and nothing else. Six owned, one managed, one owner undisclosed.

Evidence and confidence

What this doesn't establish

A shared ISM manager is not evidence of coordination, and an empty fleet page is not evidence of wrongdoing. Ship managers lose books for ordinary reasons — owners move, contracts end, companies wind down operations without winding up the entity. Maritas Fleet Pvt Ltd holding no tonnage today is a fact about a register entry, not a finding about conduct, and this piece does not claim that the company knew where these seven hulls were going.

What the comparison with Bravo does establish is that the emptiness is not the normal state of an Indian ISM manager of this vintage. Bravo took six of the same seven hulls in the same period and still runs a live eleven-vessel book. Two managers, one cohort, opposite outcomes.

Nor does the piece establish that the 2022 managers and the 2026 owner are connected. Four years and at least one intermediary separate them on every hull. The 2024 layer is scattered across four different companies and several blank records, which is the opposite of what a single controlled handoff would look like.

What the record does establish is narrower: seven tankers now under one designated Russian owner share a common point in their management history, four years earlier, and six of them share two.

What would prove this wrong

• The seven-hull fleet is GLOBAL SEAWAY LLC's own current Equasis fleet page. A hull sold out of the fleet before that page was pulled would not appear here, and the convergence could look tidier than the full history is.
• Both managers' fleet pages are Equasis's current snapshot, pulled 27 August 2026. "No vessels in fleet" on Maritas Fleet Pvt Ltd is a statement about today, not a claim that it never held other tonnage. Neither company's full historical book has been reconstructed, so the seven hulls here are a floor on what Maritas managed, not a total.
• Bravo's eleven vessels were screened by IMO number against local EU and OFAC datasets, not against every sanctions authority. A designation by a body outside those datasets would not appear.
• Equasis records identity history to the month, not the day. Name and flag rows from IHS Maritime are rendered as the first of a month; across the 614 name rows held for this investigation, every one falls on the first. Management-detail rows, which come from company filings, are day-precise. Reflag months in the table above are therefore months, and the management dates are days.
• "UNKNOWN" in an ISM-manager field is an absence of record, not a finding. It may mean a manager existed and went unreported.
• No claim is made here about cargo, voyages, or counterparties. This piece is about the management record only.

Method

Sources: each hull's own Equasis management-detail record; GLOBAL SEAWAY LLC's own company page (company IMO 0411723, Office 1-N Litera A, ul Stremyannaya 10, St Petersburg, 191025); and both managers' own company pages — Maritas Fleet Pvt Ltd (company IMO 6356749) and Bravo Ship Management Pvt Ltd (company IMO 5901860), each pulled 27 August 2026 and each last updated by Equasis on 25 August 2026. Designation status for all seven was checked against local OFAC and EU datasets by exact IMO-field match rather than name search — all seven carry an OFAC designation, and AZALEA and ATLANT additionally carry an EU designation dated 21 May 2025, ATLANT's filed under the name "Kruger" it no longer uses.

Every hull is anchored on its IMO number rather than the name it currently carries, the same discipline applied across this series. Three of the seven have been renamed since the 2022 management records quoted above, and two of those renames arrived in the same month as the reflag.

Part 7

Two threads carry forward, and neither is the denominator — that one is closed above.

The first is the shape itself. An active company with a live address and no attributed tonnage is the same thing Part 4 found on six separate companies, and finding it again on an ISM manager that handled an entire designated fleet suggests it is a recurring pattern rather than a one-off. Whether it recurs a third time is testable against the managers named across Parts 2, 3 and 4, and has not been run here.

The second is Avision Shipping Services Pvt, which reaches both this fleet and a hull outside it.

Use

This reconstruction and video are free to use, but you must credit AIS Dark.

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As of 27 August 2026.