Baleària reports a turnover of €691 million, reaffirms its strong position with an EBITDA of €130 million, and continues to invest in a more competitive fleet

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• In 2024, the company invested more than €300 million in renewing its fleet  
  
  
• Baleària has launched new routes to Algeria and has been awarded the contract for the first green corridor between Tarifa and Tangier Ville 
• The company has improved its carbon footprint, with 3.3% less CO2 emitted per mile travelled and 9.5% fewer emissions per passenger 

In 2024, Baleària generated a gross operating profit (EBITDA) of 130 million euros, 11% more than the previous financial year, driven by a 6% increase in turnover, which stood at 691 million euros. "These figures show the strength and solvency of our business model", emphasised the president of Baleària, Adolfo Utor, who also highlighted "the trust capital accumulated by the company" as a hallmark of the business. The result for the financial year was 25 million euros (down 36% on last year) due to "increased amortisation and financial expenses resulting from higher debt, changes in interest rates and the high cost of environmental regulations". In a context of growth and expansion for the shipping company, Utor emphasised that "investments have been tripled, to over 300 million euros, mainly focused on new ships and improving the efficiency of the fleet". Baleària's president also announced the appointment of Guillermo Utor as a new board member and vice-president of the shipping company.  

 Baleària operated 28 routes in five countries, thanks to a large fleet of around 40 ships, most of which are owned by the company. By business area, passenger transport accounts for 61% of turnover and freight transport for 35%. In terms of turnover by area, domestic routes continue to make up 75% of the total.   

Passenger traffic 

In 2024, Baleària transported 5.6 million passengers and 1.5 million vehicles, representing growth of 8% and 10%, respectively. Almost half of the customers travelled on routes to and from the Balearic Islands. “We are the only shipping company that offers a comprehensive service to the entire archipelago, with direct routes throughout the year”, explained Utor. The connections with Ceuta were consolidated as the shipping company's second most travelled route thanks to a high volume of passengers, while the Melilla-Málaga link (for which Baleària has been awarded a public service contract) saw the greatest growth in passenger traffic.  

Meanwhile, Morocco, with 18% of customers, tops the list of international routes, which account for 22% of the shipping company's total traffic. “A country that will be strengthened by the future Tarifa-Tangier Ville line, where we will launch the first green corridor between Europe and Africa”, stressed Utor. The president of the shipping company also highlighted the launch of three new routes to Algeria, "a strategic market, which saw very good results this summer". 

Cargo traffic 

In terms of cargo, with 7.6 million linear metres carried and a growth of 3%, Utor emphasised that Baleària "plays a crucial role in ensuring the transport of goods, thanks to its reliability, punctuality and adaptation to the logistical needs of customers". Sixty per cent of the cargo was handled on routes to and from the Balearic Islands, which "in a very competitive context has maintained similar figures to the previous year", explained the company's president. Cargo traffic to Morocco is becoming increasingly important for Baleària (accounting for 30% of the total) and is emerging "as a clear focus for future development". 

Reducing the carbon footprint 

“We sailed 1.8 million miles, an increase of 1.4%. Despite this, we hit a very important milestone: for the first time we reduced our total CO2 emissions, not considering the year in which the pandemic forced us to drastically reduce our activity", stressed Utor. This means that the shipping company emitted 15,000 tonnes less CO2 (2% less) and reduced emissions per mile travelled by 3.3% and emissions per passenger by 9.5%. "Reducing our carbon footprint was possible thanks to more efficient ship operations and a 184% increase in the use of natural gas." Utor pointed out that Baleària is continuously working on the use of alternative energies: "Just this week we have carried out a bio-LNG supply test on our two newest ships, the fast ferry Margarita Salas and the ferry Rusadir, a fuel that we plan to use more of this year." 

One billion euros invested in a sustainable fleet 

Adolfo Utor highlighted the company's investment of one billion euros in a more sustainable fleet between 2017 and 2028: "Ships that combine the best service with the lowest environmental impact, in line with Baleària's commitment to the planet and also to environmental regulations." "The regulations have already impacted our bottom line by 9 million euros, and we estimate that next year it will be 26 million", Utor explained.  

It is important to remember that the EU ETS, which makes it compulsory to pay for CO2 emissions, came into force in 2024. "This regulation is being implemented gradually; in 2024 it applied to 40% of emissions, but this year it will be extended to 70%. And we will have to factor in the regulation that requires the use of low-carbon fuels from the beginning of 2025, and the inclusion of the Mediterranean as a sulphur emissions control area from this May", he explained. 

Challenges for the future: new construction and international expansion 

"At the Armon shipyards, the third state-of-the-art catamaran with dual gas engines is already under construction and will be launched in the last quarter of this year, along with two other smaller fast ferries with electric propulsion and zero emissions." These electric boats will be used on the new Tarifa-Tangier Ville route. Utor also revealed that international expansion will also 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 company had 2,600 employees in high season, with an annual average of 2,200, representing a growth of 10%. Utor emphasised both the job security (96% of direct employees in Spain have permanent contracts) and the diversity of the workforce (with staff from over 60 different countries). He also highlighted the company's efforts in terms of equality: "The number of management positions held by women has grown by 4% and we have launched a plan to promote female talent in the Fleet, especially in Bridge and Engine room positions, which already face a shortage of professionals." The president of the shipping company also highlighted the Top Employer seal, an award that distinguishes Baleària as a leading employer brand in Spain thanks to its talent management initiatives. 

Finally, in terms of involvement with society, Utor pointed out that the shipping company's social cash flow exceeded one billion euros. Baleària's president made special mention of the 20th anniversary of the Baleària Foundation, "the social soul of the company that is always there when it is needed” and praised the Foundation and its volunteers for the support given to people affected by the DANA storm in Valencia. 

🖥 Link here to 2024 Digital Sustainability Report.