11 Hrs
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الاقتصادية
Al-Falak Marine expands shipments and regional presence
Falk Marine Company, owned by the Public Investment Fund, is looking to double the volume of shipments it transports over the next three years. It has plans to expand its network across the Gulf and Red Sea, connecting the Middle East with the Indian subcontinent and East Africa. The company is facing challenges from rising operating costs due to security and maritime disruptions, with ship fuel prices tripling and insurance premiums increasing by 10-15 times. These factors have led to delays and increased waiting times at ports, as well as reduced capacity. Despite these hurdles, Falk Marine has managed to pass most of the cost increases onto its clients, with a strong focus on crew and cargo safety. The company plans to expand its fleet, which currently comprises five vessels, aiming to double its size by 2031 as operating conditions improve. This growth will be driven by continued purchasing and leasing of ships, as well as the development of regional and international shipping networks. Falk Marine aspires to be among the top three regional players in the shipping sector by developing a network connecting ports in the Gulf and northern Red Sea. It also aims to link the Middle East with East Africa and Southeast Asia. Currently, the company emphasizes operational partnerships over acquisitions to achieve its growth objectives.
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