The 2023 Black and Caspian Freight Forum in Baku has come to a close today
This year's proceedings unfolded across a two-day schedule. The first day featured a technical tour of the Port of Baku, while the second day comprised a comprehensive forum and exhibition. During the forum, participants engaged in discussions on pressing market matters, including the impact of the Russian-Ukrainian conflict on global transportation routes and the development of the international Trans-Caspian International Transport Route.
The Caspian region is gaining heightened attention from cargo owners and freight companies. In the aftermath of Russia's incursion into Ukraine, there was a notable decline in freight volumes along the Eurasian corridor, driven by the looming threat of Western sanctions. Consequently, freight companies have identified the Caspian route as a compelling business opportunity, resulting in shipments reaching 3.2 million tonnes in 2022.
It is anticipated that freight companies will maintain a strong interest in the economic potential of the Trans-Caspian International Transport Route in both the short and medium terms. Leading companies like Rail Cargo Group (Austria), Maersk (Denmark), Nurminen Logistics (Finland), and Rail Bridge Cargo (Netherlands) have all initiated operations along this corridor. With Turkey's completion of the Marmaray railway beneath the Bosporus Strait, facilitating direct transportation of goods to Europe, shipments could soon surge to an annual total of 10 million tons.