Azerbaijan Caspian Shipping Company records rise in profit
Azerbaijan Caspian Shipping Company has no overdue or unpaid obligations for loans attracted from foreign banks under the state guarantees, Company head Rauf Veliyev said while addressing a meeting of the Cabinet of Ministers dedicated to socio-economic development of the country in the first quarter of 2017 and future tasks.
Azerbaijan Caspian Shipping Company has no overdue or unpaid obligations for loans attracted from foreign banks under the state guarantees, Company head Rauf Veliyev said while addressing a meeting of the Cabinet of Ministers dedicated to socio-economic development of the country in the first quarter of 2017 and future tasks.
"Over the next five years, the available loans and obligations on their interest will amount to only 1.5 percent of the annual revenue of the Company," Veliyev said.
Despite serious problems in the marine transportation sector due to the global economic crisis and a sharp decline in the overall trade turnover, thanks to the taken measures positive results were obtained on transit traffic through Azerbaijan and in the activities of the Company.
"Over the past three years, the revenues of the Company, its net profit and payments to the state budget in various forms show a dynamic growth. The profit of the Company doubled in 2016 compared to 2015. Only in 2016, the payments to the state budget and the State Fund for Social Protection totaled about 100 million manats," Veliyev said.
Being the largest and oldest shipping company on the Caspian Sea, Azerbaijan Shipping Company owns the offshore support, merchant fleets and two shipyards.
Currently, the Company has 13 ferries, two of which are Ro-Ro type ferries. Seven of those ferries can carry up to 28 cars, while other six ferries can carry 52-54 cars.
The company provides marine transportation of goods and passengers in the Caspian Sea as well as provides offshore support services for oil and gas operations.
Azerbaijan highly prioritizes the development of the shipping industry, while the State Program on Development of Shipping in Azerbaijan for 2016-2020 envisages a number of measures promote the sphere.
The program covers renewal of the transport and specialized offshore fleet, expansion of activities, increase of the volume of freight transportation through the territory of the country, modernization of shipbuilding and maintenance yards and improvement of the academic base of marine education, as well as implementation of certain measures to turn the country into major transport-logistics hub of international importance.