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Marsa Maroc has landed a 45% stake in a Spanish port operator, marking the Moroccan giant’s first venture outside Morocco and the African continent. When closed, the transaction — an EUR 80 mn bid for 45% of Boluda Maritime Terminals (BMT) — would give Marsa Maroc 45% voting rights in BMT, shy short of a decision-making majority.
More about the assets: BMT operates nine terminals strategically positioned between the Iberian Peninsula and the Canary Islands that specialize in temperature-sensitive perishable products. BMT’s network handled around 1 mn TEUs in 2024.
Why the Spain-Morocco corridor matters
Spain serves as the main gateway to Morocco’s largest trading partner, Europe, with total trade between the two nations reaching EUR 22.7 bn in 2024.
The Iberian neighbor is also the primary gateway for Moroccan agricultural exports, with Morocco accounting for almost a quarter of Spain’s food and agricultural imports — and BMT terminals provide landing pads for refrigerated cargo moving between the two countries.
ALSO- It may not be just about the assets: BMT’s terminals are the physical backbone for Boluda’s shipping service — which operates 10 vessels serving 11 routes connecting Spain to Northern Europe, Italy, and West Africa, including lines that call at Agadir port in Morocco. The company provides more than 1.5k frozen high-cube containers, for the export of Moroccan perishable products.
Background
Marsa Maroc is expanding beyond Moroccan shores: The acquisition — which is carried out by the subsidiary Marsa Maroc International Logistics — would expand Marsa Maroc’s footprint to cover 34 terminals across 20 ports, including new ventures in East and West Africa. The company is investing in the development of an oil and gas port on Djibouti’s Gulf of Aden, and began operating two terminals in Benin’s Cotonou Port in late 2024.
It is also on its way to expand Morocco’s capacity with the formal launch of Nador West Med by late 2026, which will feature two terminals with an initial combined capacity of 5.2 mn TEUs.
