Northern Ireland's largest ferry operator acquires shares in a Morocco-based ferry company
Stena Line has entered an agreement to acquire 49% of the shares in Africa Morocco Link (AML) to expand outside of Europe
Northern Ireland's largest ferry operator, Stena Line, has entered an agreement to acquire 49% of the shares in Morocco- based ferry company Africa Morocco Link (AML).
AML is head quartered in Tangier operating a ferry route between Tanger Med – Algeciras, this summer the company will also launch a new highspeed route between Tangier Ville and Tarifa. The first route is open for freight and travel customers. The second one will be a route for passengers and cars.
Niclas Mårtensson, CEO at Stena Line, said: “We are always looking to secure new business opportunities that will make us last and be resilient in the long run. 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.
“These routes, their ports, and the surrounding industries are under development and expected to drive a healthy freight market growth in the coming ten years. It’s a very exciting area to be able to operate in.”
The agreement is subject to approval by the Moroccan authorities.