Aframax type tanker Karabak has been launched

Another Aframax type tanker acquired by SA Maritime AFEZCO joint venture established on a parity basis with the approval of the Azerbaijan Caspian Shipping Company CJSC (ASCO) and the Supervisory Board of the Azerbaijan State Oil Company (SOCAR) was launched in Singapore, Azernews reports, citing ASCO.

In accordance with Azerbaijani President Ilham Aliyev's order, this vessel was named Karabakh.

The flag of Azerbaijan was raised on the vessel to the sounds of the National Anthem.

Like other Aframax type tankers to sail under the Azerbaijani flag outside the Caspian Sea Karabakh has about 115,000 tons deadweight (total carrying capacity).

The vessel will be operated by ASCO Ship Management AFEZCO, which is a 100 percent subsidiary of ASCO and is registered in the ALAT Free Economic Zone.

It should be noted that as a result of the market research conducted by SA Maritime AFEZCO three Aframax type tankers were initially purchased. The first of them – tanker Shusha was put into operation on June 15, National Salvation Day. Works on delivery of the third vessel - Zangezur are nearing completion.

Acquired with the direct support of President Ilham Aliyev, these huge tankers, which play strategic importance for our republic, will serve to increase the carrying capacity of national shipping and will contribute to international value chain of our oil industry in the global oil market. The vessels will transport crude oil cargo supplied by SOCAR and other customers.

We would also like to add that the funds raised from successful issuance of ASCO bonds on the local market some time ago were directed towards financing ASCO's share in the project to purchase Aframax-type vessels.