Azerbaijan’s Caspian Shipping Company (ACSC) reported a net profit of 45 million manats ($26.5 million) in 2020, 29.5 percent less than in 2019, the company said in its financial report.

The report was audited by Ernst&Young.

The company’s revenues from the lease of assets, freight traffic, sea transport and logistics services amounted to 421 million manats, 12 percent less than in 2019.

The shipping company paid a profit tax in the amount of 16.1 million manats to the state budget. It did not pay dividends to the shareholder represented by the state, while in 2019 that amount totalled 121.5 million manats.

Investment to purchase of new ships and construction of production facilities was 65 million manats lat year, 31.4 percent less than a year before.

ACSC was created in October 2013 by combining and reorganising two existing fleets – the Azerbaijan State Caspian Shipping Company and the State Oil Company SOCAR Caspian Sea Oil Fleet. The shipping company, along with the transport fleet, includes a specialised fleet and ship repair yards.

The transport fleet consists of 51 vessels, including 20 tankers, 13 ferries, 15 general-purpose dry cargo vessels, 2 Ro-Ro vessels, as well as one technical vessel and one floating workshop. The specialised fleet includes 210 vessels.