Azerbaijan Caspian Shipping Company (ASCO) and Columbia Shipmanagement have entered into a memorandum of cooperation to set up a joint venture.
Under the memorandum, the two parties agreed to continue negotiations on the creation of a joint venture and the development of the necessary technical and economic documents.
“The company will create a solid basis for the exchange of experience on the operation of large tankers in international waters, training of seafarers and ASCO employees, as well as the participation of ships in new international projects,” ASCO said in a release.
ASCO operates a fleet of 93 vessels including 35 tankers.
