Baleària Marks Move Toward Gas-Fuelled Ships with New €450 Million Investment Plan

Thursday February 16, 2017

Adolfo Utor, Chairman of Baleària Eurolínias Marítimas S.A. (Baleària), Wednesday announced that the company is investing €450 million ($479.75 million) over the next five years toward gas-fuelled ships and terminals that use smart technology solutions.

Utor says the investment supports "the shipping company’s commitment to innovation and energy efficiency as the basis for continued growth."

Specifically, the plan will see the construction of three new liquefied natural gas (LNG)-powered smartships, as well as the purchase of other units and the modernisation of the company's existing ships.

The plan will also provide for the development of new smart terminals for passengers in Barcelona, Valencia, and Palma, and accommodate new traffic.

The announcement came alongside the release of Baleària's financial results for 2016, which show the company's consolidated Gross Operating Result (EBITDA) for the period was €78.8 million ($84.01 million), with €39 million ($41.58 million) in profits, which the company attributes to lower bunker prices and demand growth.

The company notes that it carried 10 percent more passengers and goods in 2016.

Earlier this month, Baleària announced that it had signed a €200 million ($214.92 million) agreement with Cantiere Navale Visentini S.r.l. (Cantiere Navale Visentini) to build two new dual gas engine sister ferries.