Azerbaijan's state shipowner Caspian Shipping Company (CSC) plans to purchase and build about 50 new vessels over the next seven years.
Chairman Rauf Veliyev said the deals could include both newbuildings and second-hand buys and would be conducted up to 2025, the Trend news agency reported.
Speaking at the 160th anniversary of the company, he said 20 vessels have been purchased over the past five years.
"In the coming days, a contract will be signed with Baku Shipyard for the construction of four new tankers. I recall that two tankers and two ro-pax vessels are currently being built there. In general, it is planned to purchase and build about 50 new ships by 2025," Veliyev added.
CSC has previously said it is looking to add tankers, tugs and crane vessels.
"In order to transform Azerbaijan into a regional transport and logistics centre and to use the advantageous geographical position and transit potential of the country, we cooperate with the relevant organisations," the chairman added.
Overseas ambitions
CSC has 14 vessels sailing in foreign waters under the Azerbaijani flag.
"Increasing the number of these vessels is one of our goals," Veliyev said.
The owner has 144 ships operational, including tankers, general cargoships, OSVs and ferries.
Its four current Baku Shipyard vessels are due in 2019.
The yard is a joint venture between national oil company Socar, Azerbaijan Investment Company (AIC) and Singapore's Keppel Offshore & Marine.
It was opened in 2013.
