Swedish shipping company Stena Line announced on Monday it is acquiring a 49% stake in Moroccan ferry company Africa Morocco Link (AML) as part of its expansion plans in the Strait of Gibraltar. Headquartered in Tangier, AML operates a ferry route between Tangier Med and Algeciras, with plans to launch a new high-speed route between Tangier Ville and Tarifa this summer. The first route caters to both freight and passengers, while the second will be dedicated to passengers and cars. «We continually seek new business opportunities to ensure our long-term sustainability and resilience», said Niclas Mårtensson, CEO at Stena Line. «The Strait of Gibraltar is a strategic location for passengers traveling between Africa and Europe, as well as for global trade. Freight volumes in the area are expected to grow in the coming years due to positive industrial development and international trade in Morocco». «These routes, their ports, and surrounding industries are under development and are anticipated to drive healthy freight market growth in the coming decade. It's an exciting area for us to operate in», Mårtensson added. Stena Line will be acquiring the shares currently owned by Greek shipowner Attica Holdings SA. Last week, Moroccan transport company Compagnie de Transports au Maroc (CTM) acquired AML's majority stake (51%) from Bank of Africa (BOA). The agreement is subject to approval by Moroccan authorities.
