EBRD, ASCO mull expanding operations beyond Caspian Sea

Azerbaijan Caspian Shipping Company (ASCO), one of the companies within AZCON Holding, hosted a delegation from the European Bank for Reconstruction and Development (EBRD), Report informs, citing ASCO.

During the meeting, ASCO presented its strategic development priorities, including efforts to further improve transportation efficiency, expand and modernize its fleet with new vessels, and grow its operations beyond the Caspian Sea.

The meeting also highlighted current and upcoming projects driven by digitalization, innovative solutions, and modern corporate governance practices.

Both parties commended the strong state of existing cooperation and explored future partnership opportunities in areas of mutual interest.

Following the discussions, the EBRD delegation visited the Surakhani Ship Museum, where they learned about Azerbaijan\s rich maritime history and shipping traditions.

Meanwhile, in 2024, ASCO signed a loan agreement with EBRD – without state guarantees – for financing two Handysize dry cargo ships worth a total of $60 million. The deal stipulates that 70% of the cost will be covered by EBRD credit funds, while 30% will be financed through ASCO's internal resources.

In line with ASCO's Strategic Development Plan for 2022–2030, orders have been placed at Baku Shipyard LLC for two oil and chemical tankers and three diving vessels. The new tankers will have a cargo capacity of 8,000 tons, while the diving vessels are designed to operate at depths of up to 45 meters.