Riyadh – Mubasher: Folk Maritime Services Company, a subsidiary of the Public Investment Fund (PIF), has signed a strategic memorandum of understanding (MoU) with Bahri Ship Management, a subsidiary of National Shipping Company of Saudi Arabia (Bahri) to bolster its fleet capabilities.

The agreement aims to boost the collaboration between the two companies on technical ship management, crewing and ship building supervision, according to a press release.

Poul Hestbaek, CEO of Folk Maritime, said: “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,” Hestbaek added.

Khalid Al Hammad, President of Bahri Ship Management, stated: “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,” Al Hammad noted.