Financial Indicators Continue to Deteriorate at Shipping Company

The worsening financial performance of JSC Azerbaijan Caspian Shipping Company (Caspar), which started in 2010, continues. Thus, in the first half of the losses from freight and passenger traffic was 15.1 million manat, as they told Turan in the State Statistics Committee. Nevertheless, the state-run company continues to update policy on the structure of the cargo fleet.

During January-June 2014 the revenues totaled 44,495,400 manats, 13.9% down compared with the same period last year. The cash receipts fell against the backdrop of a continuing trend of falling freight. Caspar ships ply the waters of the Caspian Sea, where in recent years maritime trading fleet of other Caspian countries has intensified , they noted in the company.

On the organization of transport was spent 59.656 million manat, which is 17.4% higher than in the first half of 2013.

It should be noted that recently purchased were two Turkish cargo ships: Uzeyir Hajibeyli and Natavan with deadweight of 5,490 tons each. The national flag of Azerbaijan was raised on these ships on October 14. Moreover, again by public funding supplying ships and tugs (3 units) have been procured abroad. In the coming days, in Nizhny Novgorod will be commissioned a floating dock built by the order of Caspar, and Baku Shipyard fulfills an order for the construction of three passenger ships.

Currently, the transport fleet of CJSC Azerbaijan Caspian Shipping Company has 33 tankers, 16 bulk carriers, 2 type of Ro-Ro ships, 14 ferries, as well as 184 specialized vessels servicing offshore oilfields.

In 2013, the revenues of Caspar totaled 85.4 million manat, and the expenses were 107 million manat. --08B--