Caspian Shipping Company to Receive Credit Rating

JSC Azerbaijan Caspian Shipping Company intends to receive a credit rating from Fitch Rating, the company’s Department of Administrative Affairs and Public Relations told Turan.

The contract for the provision of credit rating was signed in 2015 and in the near future it is expected to be awarded. Experts of the rating agency continue to study the economic and financial activities of the shipping company.

In order to determine the directions of the strategic development the Caspian Shipping Company has simultaneously worked out a draft State Program of development of navigation in the 2016-2020 years. The document is under negotiation with the government.

The shipping company told Turan the 2015 fiscal year was profitable. Currently, Ernst & Young audits the financial report.

CJSC Azerbaijan Caspian Shipping Company has about 9,000 people. In 2015, the average monthly wage in the shipping company grew by 15% and reached 750 manats. The shipmen receive 835 AZN monthly.

  The company has 290 ships and other floating plants, including tankers, bulk carriers, ferries, etc. The number of the company’s ships in the Black Sea and the Mediterranean will be increased from 5 to 11 soon.    ---08B