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GNMTC announces its 2020-2023 modernization plan, ship auction

Libya’s state sea transport company, the General National Maritime Transport Company (GNMTC), announced Thursday its 2020-2023 development plan.

The company said the plan involves modernizing its maritime fleet, which is constituted of 22 vessels, over the next four years.

It reported that the first phase of this plan is the sale of its aging vessels; Intissar, Ibin Batuta, AlQardabia, and Jabal Nafusa. These are all over 17 years old, the GNMTC reported. It will replace these vessels with new vessels with ‘‘modern specifications’’.

To this end, the company announced an auction for the above named four vessels which closes on 26 January 2020.

The GNMTC added that it will sell other aging vessels and buy some other new ones every year over the next four years – as part of its modernization plan.

The company said that its modernization policy is based on:

1. The need to diversify its sources of income;
2. A policy of replacing oil tankers that are over 15 years of age, especially with regard to crude oil tankers in accordance with the policy of preserving assets;
3. Replacing ships that have not achieved positive operating returns over a long period of time for technical or operational reasons in line with the preservation of the company’s funds.
4. Being competitive in the shipping market through the acquisition of new and economically viable vessels.
Source: Libya Herald

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