“Aframax” acquired by the SA Maritime AFEZCO joint venture, established on a parity basis with the consent of the Azerbaijan Caspian Shipping Company (ASCO) CJSC and the Supervisory Board of the State Oil Company of Azerbaijan (SOCAR), was commissioned in Singapore,says an article published on Trend.
Result of market research
The ship’s name is “Karabakh“. According to ASCO, the total carrying capacity of the tanker is about 115,000 tons.
The vessel will be operated by ASCO Ship Management AFEZCO, a subsidiary of the CJSC, registered in Azerbaijan’s Alat Free Economic Zone (AFEZ).
SA Maritime AFEZCO initially acquired three Aframax type tankers as a result of market research. The first of them (“Shusha” ship) has already been commissioned. The work on commissioning the third ship (“Zangazur”) is also under completion.
Cargo transportation potential
“These tankers, purchased with the direct support of President of the Republic of Azerbaijan Ilham Aliyev, will be of strategic importance for our country. They will serve to increase the cargo transportation potential of national shipping, and contribute to the international value chain of our oil industry. The vessels will transport crude oil by order of SOCAR, as well as other customers,” ASCO said.
The funds raised from “ASCO bonds” were used to finance ASCO’s share in the project for the purchase of tankers of the “Aframax” type.
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Source: Trend
