Red Sea liner shipping newcomer Folk Maritime has continued to take vessels from the boxship charter market.
The Saudi Arabian start-up, led by former Hamburg Sud boss Poul Hestbaek, has booked the 2,100-teu Jin Shun He (built 1997) for a 10 to 12-month charter at $18,500 per day, a price that reflects trading in the Red Sea.
The Jin Shun He is one of four vessels in the fleet of Chinese owner Fujian Zhonghang Shipping.
It will be deployed in a new weekly service to be launched with French liner giant CMA CGM.
The joint service, marketed as the North Red Sea Express, will launch on 9 April with the sailing of the Jin Shun He from Jeddah in Saudi Arabia.
CMA CGM will deploy the 1,634-teu APL Saipan (built 2002), which was already operating feeder services in the Red Sea.
The joint service will provide transshipment services from Jeddah to Neom and from Yanbu in Saudi Arabia to the north Red Sea ports of Sokhna in Egypt and Aqaba in Jordan.
The service would help Saudi Arabia expand its logistics capabilities in a growing market, said Olivier Nivoix, executive vice president of CMA CGM Group Lines.
Folk Maritime was launched in February from the Saudi capital, Riyadh, to link ports in Saudi Arabia, Egypt, Jordan and Sudan.
The company is developing its Red Sea services at a time when most liner companies are avoiding the region.
Folk Maritime is already running two non-owned 2,500-teu feeder units between Saudi Arabia, Jordan and Egypt, and one 750-teu ship to Sudan from Jeddah.
It aims to become “a critical player” in the market and contribute to Saudi Arabia’s vision of becoming a global logistics hub.
