GNMTC

AcronymDefinition
GNMTCGeneral National Maritime Transport Company (Libya)
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In February 2009, GNMTC took delivery of two 115,000-dwt crude oil tankers, the al-Qadisiyah and al-Jala, from Cido Shipping of Japan.
But the contract was rescinded by the shipbuilder, STX Europe, in June 2011, saying the reason for canceling that deal was a default of payment by GNMTC.
Commenting on the reason cited by STX Europe, a default of payment, for rescinding the contract, he said 'of course, GNMTC would not have been able to make a payment, particularly in June 2011, when Libya was undergoing a violent revolution and all its assets were frozen by a Security Council resolution.
The original contract was signed in July 2010 by GNMTC General Manager Ali Muftah Balhadj and STX France General Manager Jacques Hardelay in the presence of France's Secretary of State for Transport Dominique Bussereau.
The Elysee Palace statement also said the contract with GNMTC, which was then under the control of one of dictator Gaddafi's sons, was "part of the ongoing development of Franco-Libyan relations in all areas in accordance with the wishes of the two heads of state.
The spokesman said the tankers GNMTC managed were presumed to be "anchored somewhere else.
GNMTC also bought two Suezmax tankers in November 2008, one 160,000-dwt vessel from the Greek firm Thenamaris, and one 150,000-dwt vessel from the New York-listed Teekay Corp.
Jana credited Libyan leader Muammar Gadhafi's son Hannibal Gadhafi, who is the manager of GNMTC, for the business strategy of buying ships during a global economic downturn, which had adversely affected the shipping industry.
GNMTC also bought two Suezmax tankers in November, one 160,000-dwt vessel from the Greek firm Thenamaris, and one 150,000-dwt vessel from the New York-listed Teekay Corp.
GNMTC said in a statement its Aoproactive management attracts the international media headlines again, Captain Hannibal Muammar Gaddafi GNMTC 1st management consultant vision, support and creativity achieved a long waited project to expand the company fleet activity by entering passengers cruising industry.
According to a GNMTC press release on the signing of the original LOI, the ship will have a capacity of some 4,000 passengers and will be be "similar to MSC Splendida and MSC Fantasia in design and architecture but greater in size and passengers capacity.
The move came as the first effort by GNMTC -- a company specialized in the transport of crude oil, oil products and liquefied natural gas -- to enter the cruise market.