Folk Maritime Sets Milestone as the First Saudi Company to Connect the Arabian Gulf with New Liner Service

· Folk Maritime is the first Saudi company to commence a new service expanding maritime connectivity between Saudi Arabia, India, and Iraq through the Arabian Gulf

· The service will begin as a 14-day service, and gradually upgrade to a weekly call

· To commence on October 30th, the new service positions Dammam as a competitive logistics hub, aligning with Vision 2030

Dammam, Saudi Arabia; October 29th, 2024: Folk Maritime Services Company, a PIF company and one of the region’s emerging leaders in providing regional liner and feeder services, has announced the launch of another new service route connecting key Arabian Gulf ports, including Dammam, Umm Qasr, and two of India’s largest commercial ports, Nhava Sheva and Mundra.

The India Gulf Service will have its first Dammam call by Asterios, by m/v Asterios, a modern 1800 TEU container vessel. The vessel will carry import cargo from India before proceeding to Umm Qasr. The service, initially beginning as a 14-day service, will gradually ramp up to become weekly call by December.

The new route follows the launch of the India Red Sea service in September. Both routes serve to strengthen trade ties with India, facilitating the movement of consumer goods, petrochemicals, and other essential commodities, reinforcing the growing ‘friend-sourcing’ partnership between Saudi Arabia and India. Connecting Arabian Gulf Ports enhances regional connectivity and international markets, focusing on Asian, African, and European trade corridors.

Dammam ranks among the top 10 ports in the Middle East, handling 2.7 million TEUs annually, making it a vital player in both regional and global supply chains.

Announcing the new India Gulf Service Poul Hestbaek, Chief Executive Officer of Folk Maritime, said: ‘We are excited to introduce our first service to the Arabian Gulf, which fills a critical gap in the logistics supply chain and supports our mission to connect ports, industries, and world-leading liners. Opening this route aligns with Vision 2030 to position Saudi Arabia as a leading logistics hub, it strategically places Dammam, a key player in meeting the Vision 2030 goal, as a logistics hub center and marks a significant milestone for Folk Maritime as the first Saudi company to offer this service.’

Kim Larsen, Chief Commercial Officer of Folk Maritime, added: ‘We are focused on expanding our service routes to meet the evolving needs of our customers. The launch of the India Gulf Express Service is a major achievement for us as a company as it improves our range of coverage and provides our customers with more solutions.’

Folk Maritime is the first Saudi company to provide comprehensive connectivity in the region, covering all of Saudi Arabia’s ports. Through these new routes, the company is committed to delivering reliable, efficient, and strategically important maritime services to meet the growing demands of global trade.

Since its launch, Folk Maritime has established four unique new routes, each supported by dedicated vessels, exemplifying rapid growth and operational agility. This most recent expansion of Folk Maritime’s services further positions the Kingdom of Saudi Arabia’s as a global logistics hub, facilitating regional and international trade and contributing to the Vision 2030 goals of economic diversification.

For more information about Folk Maritime, please visit https://folkmaritime.com

ENDS

Note to Editors:

About Folk Maritime

Folk Maritime Services Company, a Public Investment Fund company, was established in 2023, with the mission to connect regional ports seamlessly, and catalyse regional trade across the Middle East, Indian Subcontinent and East Africa.

Its strategic goal is aligned with Saudi Arabia's vision to become a global logistics hub, underlining the Kingdom’s premier position in leading multiple high-growth industrial sectors.

Offering regional liner and feeder services, Folk Maritime is creating new trade lanes and delivering end-to-end shipping solutions, connecting key transhipment routes in the Arabian Gulf, Red Sea, and beyond, by delivering cost-effective and efficient logistics services that will drive transformational trade growth.

Through neutral feeder operations, the company seamlessly links smaller ports to larger hubs, while also offering end-to-end shipping solutions for cargo owners.

For more information, please contact:

Raied Abuhimed

Mobile: +966552361122 Email: rabuhimed@Folkmaritime.com