The company based in Dénia, led by Adolfo Utor, has completed the purchase of Armas Trasmediterránea, enhancing its presence in passenger and freight maritime transport in southern Europe. This acquisition addresses the need for growth in a sector characterized by consolidation and restructuring.
The operation, representing an investment of over 350 million euros, will increase Baleària's passenger and freight transport volume by 25% and its turnover by 33%, projecting annual revenues of 1 billion euros. The new subsidiary, Baleària Canarias, will include 30% capital from Canarian entrepreneurs.
Adolfo Utor, who owns 100% of the company, has spearheaded Baleària's transformation since its inception in 1998 from a bankrupt entity. The objective is to compete with major European companies operating on key Spanish routes such as the Balearic Islands and the Strait.
Utor's career began at Flebasa, a shipping company he co-founded with other executives after its liquidation. The acquisition of Flebasa's shares and subsequent international financing laid the groundwork for the current Baleària.
Baleària has been a pioneer in adopting sustainable technologies, integrating vessels powered by natural gas to reduce emissions. Investment in eco-efficient fleets, such as the fast ferry Mercedes Pinto, underscores the company's commitment to energy transition and innovation, aiming to enhance customer experience and operational efficiency.
The acquisition of Armas Trasmediterránea merges three historic Spanish maritime transport legacies: Trasmediterránea (founded in 1916), Armas (1941), and Baleària. The company plans to invest 45 million euros over the next three years in the Canary Islands and has guaranteed the retention of all acquired staff.
The CNMC required Baleària to relinquish the route operated with Fred Olsen between Huelva and the Canaries, invest in Armas' fleet, and maintain employment levels. Utor emphasized that the focus on the Canaries will be on enhancing services and modernizing the fleet, ruling out price wars and prioritizing service improvement.
The company also maintains international expansion plans, including operations in the Caribbean and the ambition to connect Florida with Cuba. Utor also highlighted the need for improvements in Spanish port infrastructure, such as the delayed passenger terminal in València.
