JEDDAH: Saudi shipping firm Folk Maritime Services Co. has purchased its second vessel in a sign of the growing strength of the Kingdom’s logistics sector.
The company, which is owned by the Public Investment Fund, described the acquisition of the M/V Folk Jazan as a significant step forward in enhancing regional maritime connectivity.
The addition of the second vessel aligns with Saudi Arabia’s National Logistics Strategy, which aims to increase the sector’s contribution to the gross domestic product from 6 percent to 10 percent by 2030.
Registered at Jeddah Islamic Port, the vessel has begun operating on the company’s routes across the Red Sea and Arabian Gulf, offering cost-effective and efficient logistics services that will drive trade growth.
The company’s CEO, Poul Hestbaek, said the acquisition of M/V Folk Jazan expands the firm’s operational capabilities and reinforces Folk’s commitment to supporting Saudi Arabia’s Vision 2030.
“Folk Maritime’s strategic acquisition of its second owned Saudi-flagged container vessel, part of an expanding fleet now totaling six ships, significantly enhances the company’s operational flexibility and reduces dependency on chartered vessels,” Hestbaek noted.
The CEO noted that his company’s fleet expansion, which started with the purchase of “Folk Jeddah” in September, now operating out of Jeddah Islamic Port, significantly strengthens trade operations and underscores Folk Maritime’s dedication to increasing its contributions to the regional economy.
Built in 2008 by Zhejiang Shipbuilding Co. in China, Folk Jazan has a nominal capacity of 2,015 twenty-foot equivalent units, enhancing operational flexibility and greatly expanding Folk Maritime’s service network, the company stated in a press release.
Engineered to meet the demands of modern containerized shipping, the vessel achieves a critical balance between capacity and operational efficiency, ensuring reliable service.
Established in 2023 and commencing operations in April 2024, Folk Maritime is dedicated to enhancing the Kingdom’s maritime connectivity by providing reliable shipping solutions that support regional trade.
Through the expansion of its fleet, the company has strengthened the local supply chain and created jobs.
National drive for maritime connectivity
In March, the Saudi Ports Authority, also known as Mawani, announced Mediterranean Shipping Co. would launch the new “Clanga” shipping line at Jubail Commercial Port, a move aimed at bolstering the Kingdom’s investment and logistics landscape, according to the Saudi Press Agency.
The new service will link Jubail with King Abdulaziz Port in Dammam, the Port of Singapore, the Port of Shanghai in China, and the Port of Colombo in Sri Lanka, with a handling capacity of up to 6,000 TEUs.
In February, Mawani also revealed the introduction of five new shipping services by Hapag-Lloyd and Maersk, serving Jeddah Islamic Port, King Abdulaziz Port in Dammam, and Jubail Commercial Port.
According to the authority, these services will further connect Saudi ports to major regional and international hubs, including Aqaba in Jordan, Port Said in Egypt, and Tangier in Morocco, as well as Algeciras in Spain, Jebel Ali in the UAE, Mundra and Pipavav in India, and Salalah in Oman.
