Baleària closes 2025 with a record turnover of 801 million euros, 16% more

DeniaThe Valencian shipping company Baleària closed 2025 with a record turnover of 801 million euros, 16% more than in 2024. Thanks to this increase, profits rose 152% compared to the previous year, reaching 63 million euros. This figure is, however, lower than in 2022, when it achieved a profit of 67 million euros. This was highlighted by the company's president, Adolfo Utor, this Thursday at the presentation of the company's results, which took place at its headquarters in the town of Denia. Utor explained that the increase in turnover comes mainly from the growth in freight traffic with North Africa, specifically with Algeria and Morocco. The businessman highlighted the economic "explosion" that the port area of ​​Tangier is experiencing, driven by the automotive and fruit and vegetable sectors. Regarding the increase in profits, he explained that the "reduction in fuel prices" was key. The shipping company emphasized that the company's strong results have allowed it to increase its workforce by 10%, reaching 3,100 employees throughout the year. "Balearia is very strong," he boasted before explaining that this strength is essential for the major challenges ahead for the company, the main one being "rejuvenating the fleet of ships." Regarding the company's financial health, he explained that its accumulated debt is €650 million, and that this year they have allocated €100 million to reduce it. Looking to the future, Utor highlighted that Balearia's main challenge at the moment is to expand into the Canary Islands with the acquisition of Armas Trasmediterránea. The operation is pending approval from the National Markets and Competition Commission, a situation the businessman has complained about, describing the acquisition as the "rescue" of a Canary Islands-based shipping company in a state of extreme weakness. "We are very worried," he insisted before criticizing the administration's slow pace. Adolfo Utor explained that, if the purchase goes through, it will increase the company's debt to €1 billion, a figure he believes he can manage thanks to the support of financial institutions. He explained that the acquisition of Armas Trasmediterránea will also involve a Canary Islands partner who could assume up to 30% ownership, as requested by various politicians from the archipelago. As expected, the 2026 results will depend on whether or not the purchase of Armas Trasmediterránea is completed. However, Utor has predicted a year of good results, better than in 2025, provided, of course, that fuel prices do not rise.

Criticism of vehicle restrictions in the Balearic Islands

During his speech, the businessman bitterly complained about the current restrictions on tourist vehicle transport in parts of the Balearic Islands. Specifically, on the islands of Formentera and Ibiza—which joined the measure on June 1st with a maximum quota of approximately 4,168 visitor vehicles (cars and caravans) circulating simultaneously—a total of 20,168 vehicles are allowed per year. Mallorca and Menorca could also be subject to this restriction, as they are currently studying the density of vehicles they can accommodate. The company criticized the archipelago for prioritizing vehicle rental services for tourists and argued that, currently in Ibiza, the ratio of privately owned visitor vehicles to rental vehicles for tourists is 4 to 1 in favor of rentals. Cruises, Puerto Rico, and the Dominican Republic

Another key element of the appearance was Utor's reaffirmation of his refusal to invest in the cruise sector. Regarding the expansion of the business in the Caribbean – Baleària currently only operates in the Bahamas – he emphasized that the start of connections to Puerto Rico and the Dominican Republic has been delayed and could even be postponed due to difficulties in obtaining permits and the potential acquisition of Armas Trasmediterránea, which has replaced those routes.