GNMTC in cruise debut

Libya's General National Maritime Transport Co (GNMTC) has entered the
cruiseship market after penning a newbuilding at STX Europe. State-owned GNMTC
says the vessel will be built at St Nazaire and will hit the water in December
2012.

It is keeping mum about how much it has paid for the 139,400-gt vessel, which is
similar in design to both the MSC splendida and MSC fantasia.

MSC paid $700m for its latest 140,000-gt newbuilding at STX Europe, which was
confirmed late last month.

GNMTC has been a prolific buyer of second-hand tankers in the past couple of
years but this is the first time it has delved into the cruise market.

A source at GNMTC explains the owner is attracted by the cruise sector as there
are a limited number of owners involved and it believes it can build up a strong
position.

GNMTC is not a complete novice in the passenger shipping arena having previously
operated ferries.

The move into the cruise business may come as a surprise to its rivals but GNMTC
has been considering it for some time, the official says.

The investment will not damage its ability to expand its tanker fleet,
TradeWinds is told."

"MSC Orchestra" will operate in the Baltic in Summer, 2011, according to a German MSC preview brochure issued a couple of weeks ago. These Baltic cruises will be followed by Western Mediterranean cruises. Currently the ship's sailings until late October, 2011 can be booked here in Germany.

Best,

Well Libya is the only country in the world with ZERO debt so they can afford it.

Just as a note it is my understanding that GNMTC average ship age is just over 3 years so they could not have too many second hand ships in the fleet.

Those ferries they used during the flight embargo were certainly not very comfortable and clean. Nobody wanted to sail in them as they were considered not to be very safe.

If they buy a cruiseship of that size it's going to be used and marketed for Europeans as they can't fill it with Libyans or North Africans themselves.

Kind of curious what their plans are really.

Currently, MSC have paid nothing for the future MSC Favolosa.

Friday, GNMTC signed a letter of intend for a same ship, just 8 cabins more !!!!!!and a dellivery date for december 2012 (june 2012 for MSC Favolosa)

GNMTC has no passengers ships. So a 1739 cabins for a first experience, ouahhhhhh

quote:

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Originally posted by Christophe D:

I will no surprised if GNMTC order the ship for MSC.

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I have actually waited that UAE or Qatar would enter to cruise business as they have entered to aviation business.

"the ship will be similar to MSC splendida and MSC fantasia in design and architecture but greater in size and passengers capacity. The new cruise ship will have 1739 cabins and she will carry about 4000 passengers"

So it wont be with Arabic themed.

http://www.gnmtc.com/default.php?pname=News&cat_id=1&art_id=71&la=1

[ 06-09-2010: Message edited by: Peter P ]

I find this all very interesting as well. But it is my understanding that MSC has deep, deep pockets (which has explained their rapid growth over a few short years). What would be the financial benefit for them to have another company order the ship for them?

Regards,

Maybe there is conditions which now obligates MSC to make some stops at Libya every now and then and boost Libyan tourism industry.

[ 06-14-2010: Message edited by: Peter P ]

quote:

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GNMTC AND STX FRANCE SIGN A NEW CONTRACT

30.6.2010

GNMTC and STX France are pleased to confirm the signature of a contract for the construction of a new cruise ship. This signature follows the letter of intent signed on June 4th, 2010.

The 139,400 ton vessel will be 333 meter long by 38 meter wide and include 1,739 passenger cabins and 732 crew cabins. Delivery of this ship is scheduled for December 2012.

Founded in 1975, GNMTC is a Libyan State owned company which operates a fleet of 24 vessels specialized in the transport of crude oil, oil products and LPG, all over the world. In order to expand its activity, GNMTC enters the cruise industry.

STX France is delighted to comprise a new client who intends to diversify in the cruise sector and who is confident in the Saint-Nazaire know-how to build his cruise ship.

"We are proud to welcome this new client on our Saint-Nazaire shipyard and therefore contribute to the expansion of GNMTC activities" Jacques Hardelay, General Manager of STX France, declares.

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Best,

quote:

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‘We haven't got any plans for the time being. We have just ordered it.’

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Is that the biggest load of BS you have ever read? What organization would outlay a capital expenditure of approximately $700M with no business plan in mind? I assume they had the cash in hand as they certainly couldn't get a loan based on that statement. If this is truly the case (which I am 99.9% sure it isn't), I don't hold out much success for this this ship.

quote:

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Originally posted by r.fiebig:
According to STX France, the firm order for the vessel has now been signed:

Best,

Raoul

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As I already said, i think that MSC will operated the future ship.

STX France is confident to be able to find a new buyer for the vessel. Due to insurance cover for such an incident, the rescission is expected to have limited impact on the financial results of STX France.

quote:

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Originally posted by Tim in 'Lauderdale:
It's actually a joint venture between the junior Gaddafi and Katsoufis to re-launch Dolphin Cruise Line.

Tim

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Nice to know Katsoufis keeps such good company.