ASCO eyes expansion beyond Caspian Sea with EBRD support PHOTO

Representatives of the Azerbaijan Caspian Shipping Company (ASCO) and the European Bank for Reconstruction and Development (EBRD) have discussed plans to expand the company's fleet with new vessels and broaden its operations beyond the Caspian Sea, ASCO's press service said.

It noted that the parties also focused on the company's strategic development priorities and measures aimed at improving cargo transportation efficiency, Caliber.Az reports.

During the meeting, ASCO presented information on ongoing and planned projects related to digitalisation, the introduction of innovative solutions and the enhancement of corporate governance.

The two sides positively assessed the current state of cooperation and explored opportunities for further partnership in areas of mutual interest.

In 2024, ASCO signed a loan agreement with the EBRD to finance the purchase of two Handysize dry cargo vessels.

The total value of the project amounts to $60 million.

Under the agreement, the EBRD will finance 70% of the vessels' cost, while the remaining 30% will be covered through ASCO's own resources.

By Bakhtiyar Abbasov