ASCO commissions its first Handysize class vessel
Baku, May 27, AZERTAC
The Azerbaijan Caspian Shipping Company (ASCO) has welcomed its first Handysize type vessel into its fleet, marking its entry into a new segment of dry cargo transportation. According to the order of President Ilham Aliyev name of Azerbaijan’s historical land Khojaly was given to the vessel.
To the sounds of Azerbaijan’s national anthem in the People's Republic of China, tricolor State Flag of Azerbaijan was hoisted aboard the vessel marking the official commencement of operations for “Khojaly”.
The acquisition of “Khojaly” falls within the Strategic Development Program of the Shipping Company, which was adopted in accordance with the tasks and recommendations of President Ilham Aliyev and approved by ASCO's Supervisory Board. The program holds a special focus on expanding the geographic scope of national shipping beyond the Caspian Sea, increasing cargo transportation capacity in international waters and financing investment activities related to acquiring larger vessels for cargo transportation in foreign waters.
The path forward carried out in this direction is cooperation of ASCO with the European Bank for Reconstruction and Development to finance dry cargo Handysize type vessel purchase project. Considering corporate governance and accountability system established at ASCO in accordance with international principles, ensuring transparency of operations and sound financial position, the Bank decided to finance the project without a government guarantee. Thus, 70% of the financing for the purchase of the vessel was facilitated through the loan provided by European Bank for Reconstruction and Development, and 30% by ASCO's internal resources.
The "Khojaly" vessel has a carrying capacity of 38,593 tons, approximately 8 times greater than that of existing ASCO bulk carriers. With a length of 180 meters, width of 30 meters, side height of 15 meters, draft of 10.47 meters, and a maximum speed of 15.7 knots, it is well-equipped to navigate various waterways, including shallow water harbors.
The inaugural voyage of the “Khojaly” vessel after loading is from Bukpyung Port in South Korea to Portland port in the United States of America. This journey marks a historic moment as “Khojaly” becomes the first vessel to enter American waters under the flag of independent Azerbaijan.
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