July 18, 2024

Folk Maritime And Bahri Ship Management Inks Strategic MoU

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The agreement was signed by Poul Hestbaek, Chief Executive Officer of Folk Maritime and Eng. Khalid Alhammad, President of Bahri Ship Management. Image Courtesy-Bahri

Folk Maritime Services Company, a PIF company and one of the region’s leading feeder and short-sea services providers, 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.

Folk Maritime signs MoU with Bahri Ship Management to collaborate on technical ship management and crewing of vessels under Saudi Arabia flag
Folk Maritime signs MoU with Bahri Ship Management to collaborate on technical ship management and crewing of vessels under Saudi Arabia flag

Industry sources added that this 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 stated: “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 commented: “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.”

Industry sources added that 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.

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