Launch of Aframax tanker “Karabakh”
Azerbaijan Caspian Shipping Company (ASCO) and the Azerbaijan State Oil Company (SOCAR) have launched another Aframax type tanker in Singapore. The vessel, named “Karabakh” following President Ilham Aliyev’s directive, was acquired by the joint venture “SA Maritime AFEZCO”. This joint venture was established on a parity basis with the approval of ASCO and SOCAR’s Supervisory Board.
During the launch, the flag of Azerbaijan was raised on the vessel accompanied by the National Anthem. Similar to other Aframax type tankers sailing under the Azerbaijani flag outside the Caspian Sea, “Karabakh” has a deadweight of approximately 115,000 tons.
The vessel will be operated by “ASCO Ship Management AFEZCO”, a 100% subsidiary of ASCO registered in the ALAT Free Economic Zone. The acquisition of the “Karabakh” is part of a larger project by “SA Maritime AFEZCO” to purchase three Aframax type tankers. The first tanker, “Shusha”, was put into operation on June 15 and the third vessel, “Zangezur”, is nearing completion.
These tankers, acquired with the direct support of President Ilham Aliyev, have strategic importance for the republic as they increase the carrying capacity of national shipping. They also contribute to the international value chain of Azerbaijan’s oil industry in the global oil market. The tankers will be used to transport crude oil cargo supplied by SOCAR and other customers.
Funding for ASCO’s share in the project to purchase Aframax-type vessels came from the successful issuance of ASCO bonds on the local market. This investment will further enhance the capabilities of Azerbaijan’s shipping industry and strengthen its position in the global oil market.
This article features content from AZERTAC, and any usage of this content must be hyperlinked when used.
