Zaur Naghiyev: Bulk carriers and Ro-Pax type ferries to be purchased within Middle Corridor

ASCO intends to expand its fleet in the Caspian Sea and off-Caspian basins. In this regard, work is underway both to develop the Middle Corridor and to increase the number of ships in the Black and Mediterranean Seas, Deputy Chairman of Azerbaijan Caspian Shipping Company (ASCO) Zaur Naghiyev told Report.

According to him, one way to do this is to issue ASCO bonds: “Here we are talking about buying new and larger vessels. At the same time, we have a strategy adopted by the ASCO Supervisory Board. A plan for the renewal of our fleet has been approved as part of this strategy. It also takes into account the Middle Corridor. Both dry cargo ships and Ro-Pax type ferry ships will be purchased and put into operation as part of the Middle Corridor. As you know, a contract was signed with the Baku Shipbuilding Plant before the New Year for the construction of a Ro-Pax type ship."

Referring to ASCO's plans to issue additional bonds in the amount of about US$50 million, Naghiyev stressed that in reality the plans included an issue of US$150 million: "However, together with the Supervisory Board, it was decided that the issue of bonds would be phased. At the initial stage US$100 million worth of bonds have been issued. Depending on our projects, we may be able to issue US$50 million worth of bonds in the next phase, if necessary."