Baleària has reported solid financial results for 2024, with an EBITDA of €130 million, marking an 11% increase from the previous year. This growth was driven by a 6% rise in revenue, reaching €691 million, reinforcing the company’s financial stability. However, net profit fell 36% to €25 million, mainly due to higher depreciation, financing costs, and environmental compliance expenses.
Despite these financial pressures, Baleària tripled its investments to over €300 million, prioritising fleet renewal and efficiency enhancements. The company also announced the appointment of Guillermo Utor as its new vice president and board member.
Expanding Routes and Growing Passenger Traffic
Operating 28 routes across five countries with a fleet of around 40 vessels, Baleària remains a leader in passenger transport, which accounts for 61% of its revenue. In 2024, it carried:
- 5.6 million passengers (+8%)
- 1.5 million vehicles (+10%)
The Balearic Islands remain the core market, with 50% of passengers travelling on these routes. The Ceuta connections continue to be the second-most popular, while the Melilla-Málaga route saw the highest growth.
Internationally, Morocco is the key market, contributing 18% of total passengers. This presence is set to grow with the launch of the first green shipping corridor between Tarifa and Tangier Ville. Additionally, Baleària has expanded operations in Algeria, introducing three new routes that performed strongly over the summer.
Freight Business and Strategic Markets
Baleària transported 7.6 million lane metres of cargo in 2024, a 3% increase, playing a vital role in logistics.
- 60% of cargo traffic is on Balearic routes, maintaining stable volumes in a competitive market.
- Morocco is emerging as a key freight hub, now representing 30% of total cargo traffic, with strong potential for further growth.
Advancing Sustainability: Lowering Emissions Amid Increased Operations
Despite sailing 1.8 million miles (+1.4%), Baleària reduced its total CO₂ emissions for the first time (excluding pandemic years):
- 15,000 tonnes less CO₂ (-2%)
- -3.3% CO₂ per mile
- -9.5% CO₂ per passenger
These achievements stem from improved operational efficiency and a 184% increase in LNG usage. Baleària is also testing bioLNG, trialling it on its latest vessels, Margarita Salas and Rusadir, as part of its transition towards alternative energy.
Regulatory Challenges and a €1B Investment in Sustainable Shipping
Baleària has committed €1 billion (2017–2028) to a more sustainable fleet, balancing operational excellence with environmental responsibility. However, regulations significantly impact costs:
- €9M in compliance costs in 2024
- Expected to rise to €26M in 2025
With the EU Emissions Trading System (ETS) now in force, covering 40% of emissions in 2024 and increasing to 70% in 2025, plus upcoming low-carbon fuel mandates and the Mediterranean’s designation as a sulphur emission control area (SECA) from May 2025, Baleària faces escalating financial and operational pressures.
Looking Ahead: New Ships and International Expansion
Baleària is investing in new shipbuilding projects:
- A third high-tech LNG-powered catamaran, launching in late 2025.
- Two fully electric fast ferries for the Tarifa-Tangier Ville route, ensuring zero-emission operations.
The company is also expanding internationally, with plans to strengthen its Algerian network and introduce a Dominican Republic–Puerto Rico route.
Source: Baleària (in Spanish)
