aBAKU, Azerbaijan, January 7. Last year,
several vessels owned by Azerbaijan Caspian Shipping CJSC (ASCO)
were subjected to international sanctions over allegations related
to the transportation of Russian crude oil, Trend reports.
During 2025, two vessels owned by ASCO, along with three vessels
jointly owned through the company’s joint venture SA Maritime
AFZECO, were sanctioned by the European Union, the United Kingdom,
and Canada.
The communique notes that ASCO’s management has launched a legal
review and is preparing an appeal in order to prove that neither
the company nor its joint venture violated the relevant sanctions
regimes.
As of the date of publication of the consolidated financial
statements, the outcome and timing of the appeal remain
uncertain.
The communique emphasizes that the sanctions could have a
significant impact on the group’s future operations and financial
position.
The “Azerbaijan Caspian Shipping” Joint-Stock Company merged the
country’s main fleets, the Azerbaijan State Caspian Sea Shipping
Company and the State Oil Company of the Azerbaijan Republic’s
Caspian Sea Oil Fleet. The “Azerbaijan Caspian Shipping” CJSC has
two shipyards and offshore support and commercial fleets. The
merchant fleet has 51 ships: 20 tankers, 12 ferries, 16 dry cargo,
1 Ro-Ro, and 2 Ro-Pax. By integrating maritime fleets, the
“Azerbaijan Caspian Shipping” CJSC takes on high-level
responsibilities.
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