A major maritime services company announced on Sunday the launch of a new liner service that will connect Jeddah Islamic Port on the Red Sea with Mundra and Nhava Sheva in India, two of the country’s largest commercial ports.
Folk Maritime Services Company, a public investment fund and one of the region’s emerging leaders in providing regional liner and feeder services, said the 10-day installation with two vessels will begin in September.
According to a company statement, the services will strengthen trade ties by facilitating the movement of consumer cargo from India and products from Saudi Arabia, including petrochemicals.
In addition to deploying its vessel, Folk Maritime also signed a Vessel Sharing Agreement (VSA) with Oman’s Asayd, which will also deploy a vessel for the new route, the statement said.
Announcing the new India Redsea Service (IRS), Poul Hestbaek, CEO of Folk Maritime, said 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 Saudi Vision 2030’s goals of establishing the Kingdom as a global logistics hub by enhancing connectivity and growing the maritime sector,” Hestbaek said.
The new route represents the growth of friend-sourcing between Saudi Arabia and India and builds on the strong bilateral ties between the two countries.
The visit of Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of Saudi Arabia, to India in 2019, following Prime Minister Narendra Modi’s visit to the Kingdom in 2016, marked a new era in bilateral cooperation, including the establishment of a Strategic Partnership Council co-chaired by the two leaders.
Saleem Kadernani, Chief Commercial Officer at Folk Maritime, said: “The new service is a major step forward for the business community as new and existing customers will have more solutions to better meet their needs. We are excited to now be able to offer a sustainable service to our customers and the new route is expected to bring more value to them in the short and long term.”
Folk Maritime has launched official operations in the Red Sea with two liner services: one connecting the Kingdom’s Jeddah Islamic Port, Neom and Yanbu to the Red Sea ports of Sokhna and Aqaba, and a second route offering service between Port Sudan and Jeddah Islamic Port.
The company plans to continue to upgrade its fleet through its chartered tonnage and better serve its customers by offering greater coverage to more regional routes and broader access to global markets.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First published: September 8, 2024 | 21:14 IS
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