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MAY 2024


Baleària will invest one Billion euros in seven years to renew its fleet

The Valencian shipping company Baleària plans to invest one billion euros in the next seven years to renew its fleet.

Owned by Adolfo Utor, the company hopes to obtain State’s guarantees to finance part of the construction, between eight and ten ships. The company, which is based in Dénia, currently has a fleet of 36 boats, although some of them are chartered (they are rented).
The company expects the delivery of a 'fast ferry' for 1,200 passengers and 400 vehicles in mid-autumn, it is an Eleanor Roosevelt twin, a flagship catamaran.

The company from Valencia, which has entered the bid for the Canarian shipping company Armas, is experiencing full growth after consolidating its leadership position in Spain last year. The company operates 25 routes in six countries and has set itself the goal of expanding in the Caribbean. The firm carried 4,770,000 passengers and 121,000 vehicles last year.
Baleària finances its ships purchasing with syndicated loans granted by bank pools. Representatives from the Valencian company explain its latest investments in new shipbuilding have exceed 400 million euros. Specifically, the company has added to its fleet between 2019 and 2023 Hypatia de Alejandría and Marie Curie ferries, Eleanor Roosevelt fast ferry, Cap de Barbaria electric ship and Margarita Salas fast ferry under construction, which will be launched in October. In addition, it has invested in the repowering of six ships so that they can run on natural gas.
Adolfo Utor's company is relying on Spanish shipyards to renew its fleet. The company commissioned the Armón de Gijón shipyards to build its star ship (the Eleanor Roosevelt, which has been operating since 2021) and a few months ago it was awarded the project for its twin (the Margarita Sala). The new fast ferry (whose name is a tribute to the pioneer in biochemistry Margarita Salas) will start operating in the upcoming months. The ship has the same characteristics as her sister ship: 123 meters long, 28 meters wide and a capacity to transport 1,200 passengers and 400 vehicles. On a technical level, the shipping company will increase the power of the Margarita Salas by 10% compared to its counterpart with the installation of four dual natural gas engines.
This will be Baleària's tenth ship with dual natural gas engines, a versatile technology that can also consume 100% biomethane or green hydrogen blends of up to 25%. The Eleanor Roosevelt costed 90 million euros.
The latest ship that the shipping company has launched is Cap de Barbaria electric ferry, which links Ibiza with Formentera. The 'green' fund (which invests in sustainable projects) from the Netherlands Prow Capital financed the boat. The Dutch debt vehicle has 140 million to finance the decarbonization of maritime transport and Baleària’s project has been its first bet in Spain.
Source: Diario de Ibiza