Baleària reaches €691M in revenue, reaffirms its strength with EBITDA of €130M and continues investing in a more competitive fleet

Esto es un subtítulo

• The company invested more than €300M in renewing its fleet in 2024   
• Baleària opened new routes with Algeria and was awarded the first green corridor between Tarifa and Tangier Ville 
• The company reduced its carbon footprint, cutting CO2 emissions per mile sailed by 3.3% and per passenger by 9.5% 

 

Baleària generated EBITDA of €130 million in 2024, 11% more than in the previous financial year, driven by a 6% increase in revenue to €691 million. “These figures demonstrate the strength and solvency of our business model,” said Baleària chairman Adolfo Utor, who also highlighted “the trust the company has built up” as one of its defining features. Net profit for the year was €25 million (down 36%) due to “higher depreciation and financial expenses resulting from increased debt, interest rate trends and the high cost of environmental regulations”. Against a backdrop of growth and expansion, Utor noted that “investment tripled to more than €300 million, mainly in new vessels and improvements to fleet efficiency”. Baleària’s chairman also announced the appointment of Guillermo Utor as a new board member and vice-chairman of the shipping company.  

 Baleària operated 28 routes in five countries, supported by a sizeable fleet of around 40 vessels, most of which are company-owned. By business area, passenger transport accounted for 61% of revenue and freight transport for 35%; by geographical area, domestic routes continued to account for 75%.   

 

 

Passenger traffic 

In 2024, Baleària carried 5.6 million passengers and 1.5 million vehicles, representing growth of 8% and 10% respectively. Almost half of its customers travelled on routes serving the Balearic Islands. “We are the only shipping company to offer a comprehensive service across the entire archipelago, with direct routes throughout the year,” Utor said. Connections with Ceuta consolidated their position as the company’s second-largest destination thanks to high passenger volumes, while the Melilla-Málaga route — for which Baleària was awarded the public service contract — recorded the strongest growth in passenger traffic.  

Morocco, which accounted for 18% of customers, led the international routes, which represented 22% of the company’s total traffic. “This country will gain further importance with the future Tarifa-Tangier Ville route, where we will launch the first green corridor between Europe and Africa,” Utor said. The chairman also highlighted the opening of three new routes with Algeria, “a strategic market that performed very well this summer”. 

 

 

Freight traffic 

In freight, with 7.6 million linear metres carried and growth of 3%, Utor noted that Baleària “plays a crucial role in ensuring the transport of goods, thanks to its reliability, punctuality and ability to adapt to customers’ logistics requirements”. Sixty per cent of freight was carried on routes serving the Balearic Islands, which “maintained figures similar to the previous year in a highly competitive environment”, the chairman explained. Morocco is becoming increasingly important in Baleària’s freight traffic (accounting for 30% of the total) and represents “a clear avenue for future growth”. 

 

 

Reducing the carbon footprint 

“We sailed 1.8 million miles, an increase of 1.4%. Even so, we reached a very important milestone: for the first time, we reduced our total CO2 emissions, excluding the year in which the pandemic forced us to drastically cut our operations,” Utor said. The shipping company emitted 15,000 fewer tonnes of CO2 (a reduction of 2%) and cut emissions per mile sailed by 3.3% and emissions per passenger by 9.5%. “Reducing our carbon footprint was possible thanks to more efficient vessel operations and a 184% increase in the use of natural gas.” Utor noted that Baleària is continually working to use alternative energy sources: “This very week, we carried out a bio-LNG bunkering trial on our two newest vessels, the Margarita Salas fast ferry and the Rusadir ferry, and we plan to increase our use of this fuel during the year.” 

 

 

€1 billion invested in a sustainable fleet 

Adolfo Utor highlighted the company’s €1 billion investment in a more sustainable fleet between 2017 and 2028: “Vessels that combine the best service with the lowest environmental impact, in line with Baleària’s commitment to the planet and with environmental regulations.” “The regulations have already had a €9 million impact on our income statement, and we estimate that this will rise to €26 million next year,” Utor explained.  

The EU ETS, which requires payment for CO2 emissions, came into force in 2024. “The regulation is being phased in: in 2024 it applied to 40% of emissions, but this year it will rise to 70%. We must also add the regulation requiring the use of low-carbon fuels since the beginning of 2025, and the designation of the Mediterranean as a sulphur emission control area from this May,” he said. 

 

 

Future challenges: newbuilds and international expansion 

“Armon shipyard is building our third latest-generation catamaran with dual-fuel gas engines, which we will launch in the final quarter of this year, as well as two smaller fast ferries with zero-emission electric propulsion.” These electric vessels will operate on the new Tarifa-Tangier Ville route. Utor also explained that the company’s international expansion will involve further growth in Algeria and the launch of a route between the Dominican Republic and Puerto Rico. 

 

 

A stable, diverse and more equal workforce 

In 2024, the workforce reached 2,600 employees during the peak season, with an annual average of 2,200, representing growth of 10%. Utor highlighted job stability (96% of direct employees in Spain are on permanent contracts) and workforce diversity (with more than 60 different nationalities), while emphasising the company’s efforts on equality: “The number of positions of responsibility held by women has risen by 4%, and we have launched a plan to promote female talent in the Fleet division, particularly in the Bridge and Engine departments, a sector facing a shortage of professionals.” The chairman also highlighted Baleària’s Top Employer certification, which recognises the company as a leading employer brand in Spain for its talent management initiatives. 

 

Finally, regarding its commitment to society, Utor noted that the shipping company’s social cash flow exceeded €1 billion. Baleària’s chairman made special mention of the 20th anniversary of the Baleària Foundation, “the social heart of the company, always there when it is needed”, and highlighted the support provided by the Foundation and its volunteers to those affected by the DANA floods in Valencia. 

 

 

🖥 View the online version of the 2024 Sustainability Report here.