Spanish shipping firm Baleària ended 2022 with a record 42% increase in turnover and earnings before tax of €140 million.
The company, which celebrates its 25th anniversary this year, transported 4,777,000 passengers, 1,211,000 vehicles and 7,037,000 linear metres of cargo, helping revenue reach a historic €563 million.
“Efficient cost management and the ability to adapt to a volatile environment have been key as well as taking the right decisions beforehand in the fuel derivatives market,” said president, Adolfo Utor, adding that the results ‘demonstrate the sustainability and robustness of the current business model and Baleària’s leading position in the market’.
Baleària operates 34 ships across 25 routes in six countries. The majority of the company’s turnover comes from passenger traffic and in 2021 it transported 64% more passengers than the previous year.
Freight grew by 6% across all routes, cementing the company’s position in the Balearic Islands, which accounts for 67% of its freight traffic. A new route has been opened serving North Africa and weekly services in the Canary Islands have been increased from two to three. Freight transport on international routes accounted for 24% of Baleària’s total freight transport.
Fleet investments
The company has invested €61 million, mainly in building a more eco-efficient fleet with the launching of its first electric ferry in Spain, construction of a new fast ferry and the retrofit of an existing vessel, both of which can run alternative fuels.
