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PIF-backed Folk Maritime has inked a strategic agreement with Shanghai CIMC Yangshan Logistics Equipment to acquire 5.6k fully recycled shipping containers, CEO Poul Hestbaek told Arab News. The 100% recyclable containers have a 6.7k TEU capacity and will last between 15 to 20 years. No timeline for delivery or cost has been disclosed.
On a sustainability roll: Folk maritime operates fuel-efficient vessels and runs services at reduced and cost-effective speeds to cut fuel consumption and carbon emissions, Hestbaek says. The firm is also exploring carbon capture tech to lower its environmental footprint. “If we can find a way to capture the carbon footprint of fossil fuel use, it will be a game changer, especially for this part of the world,” he added.
Folk is expanding its fleet: The firm is lining up a multi-mn USD fleet expansion over the next three to five years to increase access for KSA’s smaller ports and alleviate demand for road transportation.. The firm acquired its first vessel this year and leased two additional ships. “We are working on a long-term strategy … first and foremost, the geographical scope is the Red Sea, all the countries surrounding the Red Sea,” Hestbaek said at the time.
Stacking up routes: Folk launched a new route — the India Gulf Service — linking the Kingdom’s Dammam and Iraq's Umm Qasr ports with India’s Nhava Sheva and Mundra ports back in October. It was also reportedly launching a new liner service in September that connects Jeddah Islamic Port to India’s Mundra and Nhava Sheva, as well as new services connecting India with the Red Sea and the Arabian Gulf in 4Q 2024. French shipping giant CMA CGM partnered with Folk Maritime back in March to launch an upgraded service connecting ports in the Red Sea. The Saudi Port Authority (Mawani) has added a new shipping service by Folk Maritime connecting Jeddah Islamic Port with Port Sudan.
More on the way: 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 — adding on to the two routes it currently operates in the northern Red Sea.
