Azerbaijan Caspian Shipping Company (ASCO) has installed the EcoPilot system by UAE-based QTAGG to reduce fuel consumption and greenhouse gas emissions, QTAGG's Commercial Director Per Österberg said on Wednesday at the event "Voyage to the Future: Decarbonization in the Maritime Sector for a Sustainable Tomorrow."
According to Österberg, the EcoPilot system optimizes vessel routes and speeds, monitors engine performance, and ensures environmentally efficient shipping. QTAGG’s technological solutions aim to minimize energy losses in ship propulsion systems, while its subsidiary, Vigil, develops innovative solutions for maritime services, ship construction, and technical equipment for the industry.
ASCO has committed to achieving net-zero greenhouse gas emissions by 2050. The strategy includes:
- 2024-2027: Upgrading about half of its fleet.
- 2027-2030: Constructing or acquiring methanol-powered vessels and retrofitting existing ones.
- 2030-2040: Transitioning to environmentally friendly fuels to reduce emissions by 70-80% compared to 2008 levels.
- By 2050: Fully adopting alternative fuels to guarantee net-zero emissions.
ASCO’s phased approach underscores its commitment to sustainable maritime practices, aligning with global decarbonization trends in the shipping industry.
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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