Riyadh: 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 subsidiary of the National Shipping Company of Saudi Arabia (Bahri) and a global leader in logistics and shipping, to strengthen its fleet capabilities.

The agreement was signed by Poul Hestbaek, Chief Executive Officer of Folk Maritime and Khalid Al Hammad, President of Bahri Ship Management, to strengthen collaboration on technical ship management, crewing and ship building supervision, thereby contributing to the goals of Saudi Vision 2030 to build a robust logistics and maritime sector in the Kingdom that serves the region and beyond.

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. 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 strengths through new purchases as well as building new vessels purpose designed for the regional trade.

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.”

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.”