Container ship start-up Folk Maritime is eyeing vessel buys after bringing in Saudi Arabian shipping giant Bahri in a vessel management deal.
The Red Sea feeder line will work with Bahri Ship Management on technical management, crewing and shipbuilding supervision to drive Folk’s growth ambitions.
The Poul Hestbaek-led shortsea company already has two vessels and is looking to acquire more under the Saudi Arabian flag.
Hestbaek launched the company in February from the Saudi capital, Riyadh, to link ports in Saudi Arabia, Egypt, Jordan and Sudan.
The former Hamburg Sud chief executive said the Bahri agreement marked a new era of collaboration.
“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,” he added.
“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 shortsea shipping operator,” the CEO said.
The company is developing its Red Sea services at a time when most liner companies are avoiding the region due to Houthi attacks on vessels.
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.
Newbuildings planned
The aim now is for Folk Maritime to further link Saudi Arabia to regional ports across the Middle East and North Africa.
Secondhand purchases are on the cards, as well as bespoke newbuildings for regional trade, the companies said.
Bahri Ship Management president Khalid Alhammad said: “Every collective step we take towards enhancing Saudi Arabia’s maritime logistics capabilities only brings us closer to realising Vision 2030’s goal of transforming the kingdom into a leading global logistics hub.”
“This partnership… is one such critical step that we, at Bahri Ship Management, are determined to make a success through our immense expertise in the sector,” he added.
