Indicators worsened at Caspian Shipping Company
For the first eight months of 2013 the volume of freight of Azerbaijan State Caspian Sea Shipping Company totaled 7,847 thousand tons, which is 7.3 % less than in the comparable period of 2012.
According to the State Statistics Committee, oil accounts for 57.1 % of the cargo, and dry bulk is 42.9%. In this case, 84.5 % of the freight was carried in transit in the Caspian area.
Gains on the transport of 6 million tons of cargo by water transport in the first half of this year amounted to more than 51 million manat. This is 12 % less than in January -June 2012. Shipping costs are also reduced by 3%, which in the first half of the year amounted to 49 798.7 thousand manats.
Azerbaijan State Caspian Shipping Company extends the composition of the fleet through purchases of ferries and tankers in Russia and Croatia. The transport fleet comprises 82 vessels, of which 43 are tankers and 39 are dry cargo vessels ( including 7 railway ferries , 2 cargo ships of Ro-8 and 6 cargo ships of Ro-Ro), with a total deadweight of 488 thousand tons . - 08D-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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