The article analyzes the activities of the joint-stock shipping company «Caucasus and Mercury» in the Persian market, reveals its place in trade and economic operations in the Caspian region as a whole. The authors aim to find out the degree of effectiveness of public-private cooperation in the development of a separate transport company, «Caucasus and Mercury», as well as the nature of the impact of this partnership on the development of commercial shipping in the Caspian Sea. The authors analyzed the processes that took place in Russian government and private business circles in the field of merchant shipping in the Caspian Sea. © 2021, Rossiiskaya Akademiya Nauk, Institut Istorii (Russian Academy of Sciences, Institute of General Hist. All rights reserved.