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
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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