7 Hrs
Source:
الاقتصادية
Al-Falak Maritime doubles shipments over three years
Falak Maritime, a company owned by the Public Investment Fund, plans to double its cargo volumes over the next three years, with a goal of expanding its networks across the Gulf and Red Sea, connecting the region to the Indian subcontinent and East Africa. The company faces challenges from rising operating costs due to the closure and opening of maritime routes such as the Strait of Hormuz and Bab el-Mandeb, which have led to a threefold increase in fuel prices and insurance premiums rising up to 15 times higher than usual because of increased security risks. Despite these difficulties, the company has managed to pass some of the costs onto customers by raising shipping rates, but the current operating environment has slightly reduced cargo volumes compared to initial expectations. Falak Maritime plans to significantly expand its fleet by 2031, focusing on organic growth and leveraging partnerships, with no priority given to acquisitions at this stage. The company also aims to strengthen its regional presence by enhancing services in Saudi Arabia and connecting Gulf ports with neighboring countries, before expanding its network into East Africa and Southeast Asia as part of a five-year plan that entails substantial investments.
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