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Marine Fleet plans 2x growth in 3 years
Fulk Marine, a Saudi company, aims to double its business volume over the next three years by expanding its fleet through purchasing used ships and leasing new vessels, in addition to collaborating with its partners. Despite challenges such as rising insurance and fuel costs, along with shipping disruptions that have led to decreased cargo volumes and increased operational expenses, the company is also exploring the possibility of building a new fleet of modern vessels as its expansion phase nears its end. The goal is to become one of the top three companies in its sector in the region and achieve long-term profitability. The company notes that these challenges—particularly insurance costs reaching up to 15 times and fuel prices tripling—are adversely affecting operations. Nonetheless, it continues to pass these additional costs onto customers while maintaining crew safety.
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