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Displaying items by tag: Africa Morocco Link

Swedish operator Stena Line has entered into an agreement to acquire 49 percent of the shares in Morocco based ferry company Africa Morocco Link (AML).

AML is headquartered in Tangier operating a ferry route between Tanger Med – Algeciras, Spain 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.

“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,” says Niclas Mårtensson, CEO at Stena Line.

He continues: “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.

Published in Stena Line

About Foyle Port

Foyle Port, located in the North West region of Northern Ireland, is estimated to handle around 2 million tonnes of cargo per year, with a trade value of approximately £1 billion. The port plays a crucial role in facilitating the import of essential agri-products, supporting around 20,000 farms in the region, as well as various local business sectors such as fuel/oil and construction industries. The organisation supports an estimated 1000 direct and indirect jobs.

Originally located in the bustling heart of Derry City, the Commissioners relocated the port to its current deep-water location at Lisahally in 1993. The terminal boasts an impressive 440 metres of quay and can accommodate large vessels of up to 62,000 DWT. Foyle Port is primarily a bulk port and a significant importer of essential commodities such as oil, coal, animal feed, fertiliser, and plywood, all of which are vital for the North West rural region.

Since 2003, the organisation has experienced significant growth, doubling both turnover and profit and attracting approximately £100 million of inward investment to the region. This investment has supported projects, including a fertiliser plant, an oil tank farm, and a biomass power station.

Established by Act of Parliament in 1854, the Londonderry Port & Harbour Commissioners is an independent statutory authority with a duty to develop, maintain and operate to the highest standards of efficiency, financial prudence, environmental awareness, safety, and security. The Port is independent of the Government and is self-financing. All financial surpluses are reinvested in the business for the benefit of future generations of stakeholders.