Europe’s largest ferry operator Stena Line is widening its footprint outside its traditional home market by buying a 49% stake in a Moroccan ferry company operating on the Strait of Gibraltar.
The Gothenburg-based company, subject to regulatory approval by the Moroccan authorities, is acquiring the stake in Africa Morocco Link (AML).
AML is headquartered in Tangier, operating a ferry route between Tanger Med and Algeciras.
This summer it will also launch a new high-speed route between Tangier Ville and Tarifa - the first for freight and travel customers. A second one will be a route for passengers and cars.
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“We are always looking to secure new business opportunities that will make us last and be resilient in the long run,” says Stena Line’s chief executive Niclas Mårtensson.
“The strait of Gibraltar is a strategic location for passengers travelling between Africa and Europe as well as for global trade, and freight volumes in the area are expected to grow in the upcoming years due to the positive industrial growth and international trade in Morocco.”
He added: “These routes, their ports, and the surrounding industries are under development and expected to drive a healthy freight market growth in the coming 10 years. It’s a very exciting area to be able to operate in.”
Stena Line is one of Europe’s leading ferry companies with 38 vessels and 18 routes in operating 26,000 sailings each year, including on the Irish Sea.
The family-owned, founded in 1962, has 6,100 employees and an annual turnover of 19 billion Swedish Krona (about £1.4 billion).
