Stena Line Acquires Stake in Africa Morocco Link Ferry Company
The Swedish maritime company, Stena Line, has reached an agreement to acquire 49% of the shares of the ferry company Africa Morocco Link (AML). The agreement is subject to approval from Moroccan authorities.
This summer, AML will launch a new high-speed connection between Tangier and Tarifa. In detail, the first link will be open to cargo and passenger customers. The second will be a link for passengers and vehicles.
"We are always looking for new business opportunities that will enable us to endure and be resilient in the long term. The Strait of Gibraltar is a strategic location for passengers traveling between Africa and Europe, as well as for global trade, and cargo volumes in the region are expected to increase in the coming years due to positive industrial growth and international trade in Morocco," says Niclas Mårtensson, CEO of Stena Line. He adds: "These routes, their ports, and the surrounding industries are developing and should drive healthy growth in the cargo market over the next ten years. It's a very exciting region for us to operate in."
This announcement comes just days before the Moroccan Transport Company (CTM) announced the acquisition of a majority stake (51%) in AML from Bank Of Africa.