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, n