Moroccan State-Backed Firm Takes Stake in Key Canaries Ports
Morocco is set to have a direct presence in Canary Islands port activity following an agreement reached between Boluda Corporación Marítima and Moroccan operator Marsa Maroc. The deal, valued at €80 million and still pending validation by competition authorities, involves Marsa Maroc acquiring 45% of the company that manages the Valencia-based group’s cargo terminals, including the five it operates in Canarian ports.
Geopolitical Significance of the Port Deal
The transaction’s importance extends beyond pure business, as Marsa Maroc is over 60% controlled by the Moroccan state. This grants the North African nation a direct position in key port infrastructure on the other side of the Strait of Gibraltar. The operation comes at a time when Morocco has significantly reinforced its international prominence, having gained growing support from numerous countries in recent years for its autonomy plan for Western Sahara.
This new diplomatic landscape has strengthened Rabat’s negotiating position with Spain and the European Union in areas that directly impact the Archipelago due to its geographical proximity. Issues such as rare earth deposits, airspace management, and differences in the prices of agricultural and livestock products imported from Morocco—perceived as unfair competition by the Canarian sector—are just some of the pending matters between Rabat and the Islands.
Boluda’s Strategic Network Across the Islands
Boluda Maritime Terminals provides comprehensive logistics and port management services at nine terminals in strategic ports in mainland Spain and the Archipelago. In the Canaries, the company operates in the ports of Las Palmas de Gran Canaria, Santa Cruz de Tenerife, Santa Cruz de La Palma, Arrecife (Lanzarote), and Puerto del Rosario (Fuerteventura). These are fundamental facilities for freight traffic, supply, and the Islands’ connection to major maritime routes.
In 2024, Boluda’s terminals collectively moved over one million containers, reinforcing their role in commercial exchange between the Canaries and the mainland. The terminals business is part of the Boluda Shipping division, which groups the group’s maritime and land transport and port logistics. Through Boluda Lines, the company operates eleven regular maritime routes connecting the Iberian Peninsula, the Canaries, and the Balearic Islands with Northern Europe, Italy, West Africa, and Cape Verde—a network that positions the Archipelago as a key transit point in intercontinental logistics flows.
A Strategic Partnership for a Key Corridor
Both companies emphasise that the alliance is based on clear strategic alignment and a desire to strengthen the Morocco-Spain corridor, a maritime axis of growing relevance in an increasingly intense global competitive context. Boluda frames the operation as part of a common dynamic in the port sector. According to company sources, Marsa Maroc’s entry responds to the exit of an investment fund that had been a shareholder in the terminals division for several years and had completed its profitability cycle.
The same sources explain that managing container terminals requires recurrent multi-million-euro investments, leading major operators to rely on financial or industrial partners. In this case, Boluda chose to incorporate an industrial partner with experience in shipping lines and terminals, capable of contributing capital and generating synergies, but, they explain, “without taking control of the business.” The company stresses that the new partner will not intervene in daily operations or decision-making, including in the Canary Islands ports, and that its role is limited to a financial participation and presence on the standard governing bodies.
Expanding International Footprints
For Marsa Maroc, which moves around 60 million tonnes of cargo per year, the agreement is a decisive step in its international expansion strategy. By entering the capital of Boluda Maritime Terminals, the Moroccan group now has a presence in 34 terminals across 20 ports in mainland Spain, the Canaries, and Africa, reinforcing its footprint on both sides of the Strait and expanding its reach beyond its borders.
Boluda, for its part, maintains its position as one of the major players in global maritime transport. The group is a world leader in port towage through Boluda Towage, with a fleet exceeding 850 vessels.
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