Italian shipping companies targeting the Balearic Islands

The Grimaldi Group struck an agreement with Armas Trasmediterraneá Group on Tuesday for the sale of assets in Spain and earlier this month, the MSC shipping company announced that its subsidiary, Grandi Navi Veloci or GNV will start operating in the Balearic Islands in July, in direct competition with Grimaldi and Baleària.

Grimaldi

The Grimaldi deal includes the purchase of several ships; ‘City of Palma’, ‘City of Granada’, ‘City of Mahón’, ‘Teide Volcano’ and ‘Tijarafe Volcano’. The transfer of two terminals for handling rolling stock and passengers in the ports of Valencia and Barcelona, warehouses, offices and ticket offices in Valencia, Palma, Mahón and Ibiza are also part of the agreement.

Grimaldi will have the right to ferry goods and passengers from Barcelona-Mahón; Barcelona-Palma; Barcelona-Ibiza, Valencia-Mahón; Valencia-Palma and Valencia-Ibiza.

Armas Trasmediterraneá and Grimaldi have signed a memorandum of understanding, but not the final transfer agreement and the financial aspects of the deal have not been made public. Grimaldi says it plans to start operating this summer.

Armas Trasmediterránea Group President, Antonio Armas, is very satisfied with the agreement.

"It is not a departure from the routes of the Balearics,” said Armas. “It’s a broad commercial collaboration that will allow our customers to be part of an extensive network of International sea routes.”

Grimaldi CEO, Emanuele Grimaldi, highlighted the good relationship between the two groups, saying the foundations have been laid for a fruitful collaboration.

"Once this operation is completed, our group will expand its range of maritime services to the Spanish internal market, generating new synergies with the rest of the connections operated in the Mediterranean.”