Folk Maritime Joins Forces With Bahri To Boost Fleet Capabilities

Folk Maritime Services Company, a subsidiary of the Public Investment Fund (PIF) and a prominent provider of feeder and short-sea services in the region, has entered into a strategic memorandum of understanding with Bahri Ship Management. This collaboration aims to enhance Folk Maritime's fleet capabilities. The agreement was signed by Poul Hestbaek, CEO of Folk Maritime, and Khalid Al Hammad, President of Bahri Ship Management.

Bahri Ship Management is a subsidiary of the National Shipping Company of Saudi Arabia (Bahri) and is renowned globally for its logistics and shipping expertise. The partnership focuses on technical ship management, crewing, and shipbuilding supervision. This initiative aligns with Saudi Vision 2030's goals to build a robust logistics and maritime sector that serves both the Kingdom and the broader region.

Folk Maritime currently operates two vessels along one of the world's most crucial shipping routes, the Red Sea. The company aims to link Saudi Arabia with regional ports across the Middle East and North Africa. To achieve this, Folk Maritime plans to expand its fleet through new purchases and by building new vessels specifically designed for regional trade.

Poul Hestbaek highlighted the significance of this partnership: "The agreement marks a new era of collaboration as two Saudi-based entities join hands to strengthen the Kingdom’s logistics and maritime infrastructure. Since our inception last year, Folk Maritime has focused on creating a robust feeder service network with a commitment to efficiency, sustainability and cost competitiveness and supporting the development of Saudi Arabia as a global logistics hub. Bahri’s proven expertise in ship management and crewing will enable us to strengthen our fleet and add tremendous value to our operations as Saudi Arabia’s pioneering independent feeder and short-sea shipping operator."

Khalid Al Hammad added: "Our expertise in shipping management is unmatched in the Kingdom, as we serve as the leading provider of technical and commercial services for ships operating in all areas including oil, chemicals, dry bulk and roll-on/roll-off goods. We will support Folk Maritime’s ambition to strengthen its fleet capabilities, and help realize the Saudi Vision 2030 goal to establish the Kingdom as a global logistics hub."

This collaboration between Folk Maritime Services Company and Bahri Ship Management is expected to significantly contribute to enhancing Saudi Arabia's maritime infrastructure. By leveraging Bahri's extensive experience in ship management, Folk Maritime aims to bolster its operational efficiency and sustainability.

The partnership underscores both companies' commitment to advancing Saudi Arabia's position as a key player in global logistics. It also highlights their dedication to supporting the nation's ambitious Vision 2030 objectives.

The agreement represents a significant step towards achieving these goals by fostering cooperation between two leading entities in the maritime sector. This move is set to bring substantial benefits not only to their operations but also to the broader regional trade network.

With inputs from SPA