New Saudi liner buys first vessel

Folk Maritime, a recently established Saudi liner, is being linked to its first vessel purchase. Previously using chartered in tonnage for its three services, brokers now report Folk Maritime has bought the 2023-built Vega Daytona from Germany’s Vega Rederei, paying $33m for the 1,868 teu ship that delivered last year from Zhejiang Yangfan in China. 

Folk Maritime is a feeder and short-sea shipping company launched in Saudi Arabia to link the kingdom with other key ports in the Red Sea. The Riyadh-based company is headed up by former Hamburg Süd boss Poul Hestbaek, who left the Maersk company in August last year.

Folk Maritime describes itself as Saudi Arabia’s first dedicated feeder operator, offering services in the Middle East and the surrounding region. In addition to Hestbaek, the outfit is run by former director at ARK Logistics & Maritime Saleem Kadernani as chief commercial officer, chief of finance Khalid Fawzi, and head of human resources Abdulrahman Alshangiti.