Azerbaijan's ASCO Outlines Cost Of Project-Run Dry Bulk Carriers


(MENAFN- Trend News Agency) BAKU, Azerbaijan, February 2. Azerbaijan Caspian Shipping Company CJSC (ASCO), administered by Azerbaijan Investment Holding, will allocate $18 million as part of the project for the purchase of two Handysize dry cargo ships inked in Baku on February 1, Trend reports via ASCO.

"The overall cost of the project to purchase two dry cargo ships is projected to be $60 million, of which 70 percent ($42 million) will be allocated by the EBRD and 30 percent by ASCO," the information says.

Meanwhile, the signing ceremony of the agreement was held yesterday in Baku with representatives of the European Bank for Reconstruction and Development (EBRD), the Azerbaijani government, and ASCO.

"The new vessels will help Azerbaijan strengthen its position as a key link in the Middle Corridor, connecting Central Asia and the South Caucasus to global markets. The EBRD will also assist ASCO in enhancing its corporate governance standards and climate change-related disclosures to better address decarbonization in the shipping sector and build the framework for ASCO's first sustainability-related financial reports," the parties stated following the ceremony.

Note that Azerbaijan Caspian Shipping Company CJSC (the largest fleet on the Caspian Sea) currently has 54 vessels for various purposes on its balance sheet.

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