Construction of vessels at the new shipyard in Azerbaijan will contribute to the development of freight transportation and the country's transit potential, Azerbaijani State Maritime Administration's Chief, Gudrat Gurbanov said on June 25.
He said various types of vessels will be built at the new shipyard, thus meeting all Azerbaijani relevant structures' demands in ships.
"This, in turn, will significantly contribute to the freight transportation, and in the whole, to the development of transit potential," Gurbanov stressed.
Gurbanov added that an important role in the transhipment of transit goods will belong to the ferry terminal, to be soon commissioned as part of the construction of a new international sea trade port in Alat settlement.
Baku Shipyard LLC is a joint venture of SOCAR, Azerbaijan Investment Company (AIC) and Keppel Offshore & Marine. It was opened by Azerbaijani President Ilham Aliyev in September 2013.
Keppel owns some 10 percent share of the shipyard and is fully responsible for its management and operation. The largest shareholders are SOCAR with 65 percent share and AIC, which owns a quarter of the enterprise's shares.
The shipyard is designed for constructing a large range of specialized and merchant ships, including multi-purpose vessels, such as platform supply vessels, as well as tankers and cargo ships. The enterprise also has ship-repair capabilities.
Once it reaches full capacity, the shipyard will be able to carry out up to 100 repairs or rebuilding works a year.