The Boluda Group, led by Spanish businessman Vicente Boluda, and Mediterranean Shipping Company (MSC), owned by Italian businessman Gianluigi Aponte, have advanced their partnership by merging their tugboat operations. This move, over two years in the making, involves MSC acquiring a 49% stake in Boluda Towage through the contribution of its subsidiary MedTug.
Expansion of Boluda’s Fleet and Global Presence
With the addition of 180 MedTug vessels, Boluda Towage’s fleet will expand to nearly 800 tugboats, reinforcing its operations across 198 ports worldwide. This strategic merger positions Boluda as the world’s largest tugboat operator, surpassing Svitzer, a subsidiary of AP Moller-Maersk, which previously led the sector with 440 vessels.
MSC is transferring all of MedTug’s assets in Italy, Malta, Greece, Singapore, Malaysia, Colombia, and Norway to Boluda. However, the deal still requires approval from competition regulators in several countries and is expected to be finalized between April and May 2025.
Financial Growth and Investment Plans
The merger aligns with Boluda’s inorganic growth strategy, focused on acquisitions and international expansion. To support this, Boluda Towage plans a €600 million investment in 2025, including:
- €200 million for fleet modernization
- €300-400 million for acquiring new companies in the maritime towing sector
This investment will further enhance Boluda’s market competitiveness and reinforce its position as the leading player in maritime towing services.
MSC’s Diversification and Market Expansion
For MSC, this partnership allows for business diversification beyond cargo and cruise shipping. By integrating technical assistance, maritime services in ports, offshore platform support, and rescue operations, MSC strengthens its global maritime footprint.
This move builds on MSC’s 2022 acquisition of Rimorchiatori Mediterranei, previously the world’s third-largest towing company, whose assets were later transferred to MedTug.
Boluda Retains Majority Control
Despite MSC’s significant 49% stake, Boluda retains 51% ownership, ensuring full management control. This guarantees Boluda’s ability to lead its expansion strategy independently while benefiting from MSC’s extensive network and resources.
This strategic merger marks a turning point for Boluda, reinforcing its global leadership in maritime towing. The partnership with MSC not only enhances operational efficiency but also opens new market opportunities, securing long-term growth in an increasingly competitive sector.
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Source: Financial Ports
