Related Articles
Forward article link
Share PDF with colleagues

Exclusive: Qadhafi regime bids to sell shipping fleet

Libya’s state-owned shipping firm is asking two Asian companies to take control of its fleet as the regime steps up efforts to secure cash to sustain its war effort

The move would transfer title of some or all of General National Maritime Transport’s (GNMTC) fleet to the companies, which are based in Hong Kong and Singapore, said a source close to the negotiations. Money raised from the title transfer would be channelled to GNMTC through offshore accounts, said the source. GNMTC’s website lists 15 vessels in its fleet, although the number is thought to be 22. Many of the vessels are said to be anchored in the Mediterranean as sanctions targeting regime-controlled ports in Libya crimp GNMTC’s ability to trade. GNMTC is under the control of Hannibal Qadhafi, son of Libya’s leader Muammar. Hannibal is “desperate to have access to money”, said the source

Also in this section
The future is supercharged
11 August 2017
Electric vehicles are increasingly central to government policy and car manufacturers' plans alike. What does their uptake mean for the energy sector?
Uganda-Tanzanian pipe dream
10 August 2017
The Uganda-Tanzania oil pipeline route is close to becoming a reality. Kenya will have to go it alone
Maputo takes the plunge, Dar looks on
10 August 2017
Mozambique and Tanzania both have gas reserves likely to support extensive LNG exports, but only one of them is truly committed to exploiting them—at least for now