Baleària carries more than 5 million passengers in 2023, with financial performance demonstrating the solvency and strength of its business model

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• The shipping company achieved record turnover of €652 million (+15%) and EBITDA of €117 million in its 25th anniversary year
• The company invested €113 million, mainly in its sustainable fleet and digitalisation
• Baleària strengthened its environmental commitment by adding two electric-powered vessels and building its second gas-powered fast ferry
• The ratio of tonnes of CO₂ emitted per mile fell by 8% thanks to increased use of natural gas and other eco-efficient measures
• The company reached a record workforce of 2,500 employees
• The company's social cash flow reached €730 million

Baleària carried 5.2 million passengers, 1.4 million vehicles and 7.4 million linear metres of cargo in the 2023 financial year, surpassing its previous records in the year it celebrated 25 years in business. Turnover also reached a record €652 million, 15% more than the previous year. EBITDA stood at €117 million, down 16% from the exceptional result recorded the previous year and returning to a normalised positive trend. “These figures demonstrate the solvency and strength of Baleària’s business model,” said the company’s chairman, Adolfo Utor. Net profit for the year was €40 million, “a very positive figure despite the extraordinary costs arising from the company’s expansion through the launch of new routes and the sharp increase in finance costs”, Utor explained at a press conference held this morning at the company’s headquarters in Dénia.

With a fleet of 30 owned vessels and around ten chartered vessels, Baleària operated 25 routes in six countries. By business area, passenger transport accounted for 59% of turnover and freight transport for 36%. Domestic routes generated 75% of turnover, with the remaining 25% coming from international connections.

Passenger and freight traffic

Baleària grew in every market and “remained the clear leader in the Balearic Islands in both passenger and freight transport”, Utor said. The shipping company was once again essential to the mobility of residents and tourists across all its connections: it carried 5.2 million passengers and 1.8 million vehicles, 14% and 18% more respectively than in the previous financial year. In freight, Baleària demonstrated its crucial role in the economic development of the regions where it operates by transporting 7.4 million linear metres, 6% more than in the 2022 financial year, thanks to the reliability and flexibility of its service.

Sustainable mobility

Baleària’s chairman also explained that the company’s main milestones in 2023, in addition to celebrating its 25th anniversary, were directly linked to its commitment to sustainable mobility: the addition of two electric-powered ferries and the launch of the innovative Margarita Salas fast ferry. “This commitment to eco-efficiency in the maritime sector enabled us to become the first Spanish shipping company to obtain the prestigious Green Marine Europe label in 2023,” Utor said. He also noted that €113 million was invested in 2023 in the construction and acquisition of vessels, improvements to fleet sustainability and the digitalisation of key processes, 85% more than in the previous year. The shipping company is also involved in nine projects supported by European funding that promote the transition to clean energy and improve digital connectivity.

The shipping company has 10 vessels with dual-fuel engines, plus another that will begin operating in June. This versatile technology allows vessels to sail using different fuels, including natural gas today and renewable, carbon-neutral energy sources in the future. “Having moved beyond the adverse conditions of previous years, we have increased our use of natural gas,” Utor explained, “and this has enabled us to avoid emitting 28,000 tonnes of carbon dioxide.” Thanks to the increased use of this fuel and other fleet eco-efficiency measures, the ratio of tonnes of CO2 emitted per mile fell by 8%.

Utor reiterated Baleària’s commitment “to achieving net-zero carbon emissions by 2050” despite “the complexity of this challenge”. He also referred to the new European regulations designed to control emissions and ensure an effective reduction in maritime transport’s carbon footprint, which will have a significant economic impact in 2024.

Job creation and employment stability

In terms of job creation, the shipping company reached 2,500 employees during the 2023 high season for the first time, 10% more than in the previous financial year, representing 62 nationalities. Permanent employees account for 94% of the company’s directly employed workforce in Spain, demonstrating a high level of employment stability. Utor also highlighted that the number of women in the workforce rose by 27% and that Baleària has 80 women in leadership positions.

“We have highly skilled and motivated teams who are the driving force behind our company. We are committed to attracting and retaining the best talent by offering strong career opportunities,” the shipping company’s chairman said. Key measures implemented in 2023 included a new collective agreement for fleet employees with a performance-related pay system, a flexible benefits programme, work-life balance and flexible working measures for shore-based staff, and an updated equality plan.

Finally, regarding its contribution to society, Utor highlighted that the shipping company’s social cash flow reached €730 million. He also noted that 77% of suppliers are local and that the Baleària Foundation carried out 280 initiatives in the social, environmental, sporting and cultural fields. In the latter area, 39 exhibitions featuring more than 300 artists attracted over 33,000 visitors.