New agreement underlines the strength of strategic partnerships to enhance Saudi Arabia’s shipping and logistics sector in line with the goals of Vision 2030
Agreement with Bahri Ship Management covers technical ship management, crewing, ship building supervision and associated activities helping to drive Folk’s shipping services solutions
• With two vessels already in its fleet operation, Folk Maritime is looking to expand its service coverage and acquire vessels under Saudi Arabia flag
Riyadh, KSA, July 2, 2024: Folk Maritime Services Company, a PIF company and one of the region’s leading feeder and short-sea services provider, has signed a strategic memorandum of understanding with Bahri Ship Management, a business unit of Bahri, The National Shipping Company of Saudi Arabia and a global leader in logistics and shipping, to strengthen its fleet’s capabilities.
The agreement was signed by Poul Hestbaek, Chief Executive Officer of Folk Maritime and Eng. Khalid Alhammad, President of Bahri Ship Management, to strengthen collaboration on technical ship management, crewing and ship building supervision, thereby contributing to the goals of Vision 2030 to build a robust logistics and maritime sector in Saudi Arabia that serves the region and beyond.
Highlighting the value of the partnership, Poul Hestbaek said: “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.”
Echoing the sentiment, Eng. Khalid Alhammad added: “Every collective step we take towards enhancing Saudi Arabia’s maritime logistics capabilities only brings us closer to realizing Vision 2030’s goal of transforming the Kingdom into a leading global logistics hub. This partnership with Folk Maritime Bahri Ship Management is one such critical step that we, at Bahri Ship Management, are determined to make a success through our immense expertise in the sector.”
With two vessels in operation, Folk Maritime serves as a strong partner in driving feeder services along one of the world’s most pivotal shipping routes, the Red Sea. With support from Bahri Ship Management, the aim is to link Saudi Arabia to regional ports across the Middle East and North Africa. Folk Maritime aims to further expand its fleet strength through new purchases as well as building new vessels purpose-designed for regional trade.
The establishment of Folk Maritime is in line with PIF’s strategy for the sector, which seeks to create a fully integrated logistics ecosystem and lead to the recognize Saudi Arabia as one among the top ten countries in the World Bank’s Logistics Performance Index.
