by Lloyd's List

14 May 2025 (Lloyd's List) - SAUDI Arabian feeder containership operator Folk Maritime has completed the purchase of three vessels that are set for deployment over the course of the next month.

The 1,868 teu Folk Dammam, 702 teu Folk Yanbu and 1,118 teu Folk Jubail, all registered under the Saudi flag, become the third, fourth and fifth vessels owned by the group, which now boasts an operational fleet of eight, including three further chartered ships.

Folk Maritime, which is owned by the Saudi Public Investment Fund, emerged in February last year as a feeder operator seeking to cash in on Saudi’s ambitions to become a regional logistics hub under its ‘Vision 2030’ initiative.

Despite forming just 15 months ago, the Riyadh-headquartered company already operates four services connecting Saudi ports with hubs in the Middle East Gulf, Indian subcontinent and Red Sea. The line’s North Red Sea Service is run in partnership with French carrier CMA CGM, while its India Gulf Service is operated under another vessel-sharing agreement with Omari carrier Asyad.

The three latest ships join Folk Jeddah (IMO: 9939888), purchased in September 2024, and last month’s acquisition, Folk Jazan (IMO: 9339856), as part of its owned fleet.

Folk Maritime chief executive Poul Hestbaek — the former chief executive of Hamburg Süd — told Lloyd’s List its latest fleet additions aligned with the group’s strategy to have advanced oversight of its operations, which was only possible through the full ownership of its vessels. This level of control, he said, was “very important”, particularly in this volatile region.

“In regional trades, normally players may have zero owned vessels or a relatively low share of their own vessels, depending much more on the charter market,” said Hestbaek, adding that Folk Maritime would look to have a minimum 60% ownership share of its fleet portfolio.

“We want to be able to control those vessels in case there is a scenario that requires that [control]. We will also have a relatively high share of own container fleet for the exact same reason.”

Folk Yanbu and Folk Jubail will be deployed on the line’s Port Sudan Service, while Folk Dammam – a sister ship of the 2023-built Folk Jeddah, will serve its IGS loop.

Lloyd’s List will publish an extended interview with Folk Maritime chief executive Poul Hestbaek next week