Ulrich Karnatz won consecutive rowing gold medals with the East German coxed eights at the 1976 Montréal and 1980 Moskva Olympics. In 1972, Karnatz won his first rowing gold medal at the Youth Worlds with the coxless fours. In 1973, 1975, 1977 and 1979 he won the East German national title with the eights. In 1975 and 1977-79 the crew also won the World Championships, and in 1978 they were elected Team of the Year.
Domestically, Karnatz won the East German national title with the eights in 1973, 1975, 1977 and 1979. By profession, Karnatz became a frigate captain in the People’s Navy of former GDR. After re-unification, he became CEO of a well-known fish shop at Warnemünde.