{"id":89859,"date":"2024-09-24T00:00:00","date_gmt":"2024-09-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/09\/24\/folk-maritime-to-invest-usd-mns-in-fleet-expansion-over-the-next-five-years\/"},"modified":"2024-09-24T00:00:00","modified_gmt":"2024-09-24T00:00:00","slug":"folk-maritime-to-invest-usd-mns-in-fleet-expansion-over-the-next-five-years","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/09\/24\/folk-maritime-to-invest-usd-mns-in-fleet-expansion-over-the-next-five-years\/","title":{"rendered":"Folk Maritime to invest USD mns in fleet expansion over the next five years"},"content":{"rendered":"

PIF-backed shipping firm Folk Maritime is lining up a multi-mn USD fleet<\/strong> expansion over the next five years<\/strong>, CEO Poul Hestbaek told Bloomberg<\/a>. The shipping firm will buy or charter 15-18 container ships in the next three to five years to increase access for KSA\u2019s smaller ports and alleviate demand for road transportation.<\/p>\n

The breakdown: <\/strong>The firm aims to purchase about two-thirds of the ships it plans to add to its fleet and will charter the rest, Hestbaek says. The firm acquired its first vessel this year and leased two additional ships. \u201cWe are working on a long-term strategy \u2026 first and foremost, the geographical scope is the Red Sea, all the countries surrounding the Red Sea,\u201d Hestbaek added. <\/p>\n

We saw this coming: <\/strong>Folk Maritime looks to order its own fleet of vessels with a tonnage capacity customized for trade around the Middle East over the next three to four years, Hestbaek told Seatrade Maritime<\/a> back in August. \u201cWe believe that by having some unique designs and some unique features on the feeder and short sea vessels that we will be operating, we can gain on cost competitiveness,\u201d he said. <\/p>\n

Folk has been ramping up on services: <\/strong>Folk Maritime said it is launching a new liner service this month<\/a> that connects Jeddah Islamic Port to India\u2019s Mundra and Nhava Sheva, as well as new services connecting India with the Red Sea and the Arabian Gulf in 4Q 2024<\/a>. French shipping giant CMA CGM partnered with Folk Maritime back in March<\/a> to launch an upgraded service connecting ports in the Red Sea. The Saudi Port Authority (Mawani) has added a new shipping service<\/a> by Folk Maritime connecting Jeddah Islamic Port with Port Sudan.<\/p>\n

And wants to add more: <\/strong>The shipping outfit also plans on introducing three new routes next year to connect India to the Red Sea region, the Gulf, and Eastern Africa \u2014 adding on to the two routes it currently operates in the northern Red Sea.<\/p>\n","protected":false},"excerpt":{"rendered":"

The firm plans to buy about two-thirds of the ships it's adding and will charter the rest<\/p>\n","protected":false},"author":1,"featured_media":89860,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2616],"tags":[10,1585,2689,31,1151],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-89859","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-enterpriseam-ksa","tag-folk-maritime","tag-investment","tag-investment-watch","tag-public-investment-fund-pif","wpautop","entry"],"acf":{"mongo_id":"c5723fa1-341e-4a4e-aaff-c6bf6cea549c","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/1804.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Folk Maritime to invest USD mns in fleet expansion over the next five years","related_issue":[89852],"teaser":"The firm plans to buy about two-thirds of the ships it's adding and will charter the rest","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.17c0c2da-7653-4448-a45b-37e7db91fd2c.mp3"},"yoast_head":"\nFolk Maritime to invest USD mns in fleet expansion over the next five years - 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