- Folk Maritime Services launches a new liner service connecting Jeddah to Mundra and Nhava Sheva in India.
- The 10-day service will strengthen trade ties and promote Saudi Vision 2030’s logistics goals.
- Folk Maritime partners with Oman’s Asyad Line through a Vessel Sharing Agreement (VSA).
Folk Maritime Services, a company under the Saudi Public Investment Fund (PIF), has announced a new liner service connecting Jeddah Islamic Port in Saudi Arabia with Mundra and Nhava Sheva ports in India. This new service, set to start in September 2024, aims to enhance maritime connectivity and promote trade between the two countries.
Strengthening Bilateral Trade:
This service will boost maritime connectivity between Saudi Arabia and India. It targets at promoting new business opportunities and supporting bilateral trade. The 10-day service, with a capacity of 1,800 TEU, will carry consumer goods from India and petrochemical products from Saudi Arabia.
The route is part of the growing ‘friend-sourcing’ between the two nations. The leaders have focused more on building stronger ties.
Vessel Sharing Agreement (VSA) for Regional Cooperation:
The new service is operated under a Vessel Sharing Agreement (VSA) with Oman’s Asyad Line, emphasizing regional cooperation.
This agreement strengthens collaboration in the maritime sector, furthering Saudi Arabia’s ambition to become a global logistics hub, aligned with its Vision 2030 goals.
Folk Maritime’s Expansion and Future Plans:
According to Poul Hestbaek, CEO of Folk Maritime, “The new route will further enhance bilateral trade between the Kingdom of Saudi Arabia and India and underlines our ambition to become one of the leading maritime service providers in the region. It will also contribute to the goals of Saudi Vision 2030. It aims to establish the Kingdom as a global logistics hub by enhancing connectivity and maritime sector growth.”
This service contributes to Saudi Arabia’s goal of becoming a global logistics hub. Folk Maritime aims at the expansion of the fleet.
Economic Importance of Mundra and Nhava Sheva Ports:
Mundra and Nhava Sheva ports are two of India’s largest commercial ports. Mundra, located in Gujarat, serves as a gateway for the northern hinterland of India. Nhava Sheva, near Mumbai, handles a significant portion of India’s container trade.
These ports play a crucial role in strengthening trade ties between India and Saudi Arabia.
Expanding Solutions for Customers:
Saleem Kadernani, Chief Commercial Officer of Folk Maritime, highlighted the importance of the new service for the business community, stating,“The new service is an exciting development for the business community with new and existing customers having more solutions to better meet their requirements. We are excited that we can now offer a sustainable service for our customers, and the new route is expected to create more value for them in the near- and long-term”.
The service is expected to create value for customers in the short and long term.
Folk Maritime’s Growing Presence in the Red Sea:
Folk Maritime started its operations in the Red Sea with two-liner services. It connects Saudi Arabia’s ports to various Red Sea ports.
The company continues to expand its services, aiming to cover more regional trades and provide better access to global markets through an enhanced fleet.
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Source: Folk Maritime
