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Three months to merge Boluda Towage with MSC's MedTug
Two large tug owners are merging their operations to create the world’s largest company supporting ships in harbours worldwide
By the end of May 2025, Boluda Group and Mediterranean Shipping Co (MSC) will be owning the world’s largest tugboat fleet in a deal that has been in progress for the past two years.
In what could be seen as the deal of the decade, MSC will acquire a 49% stake in Boluda Towage through the contribution of its subsidiary MedTug. This transaction will add 180 tugboats to Boluda’s fleet, which the Spanish group says includes more than 300 tugs distributed in the main ports of Europe, Africa, Latin America and the Indian Ocean. The company’s website lists this at 369 vessels.
This merger still requires approval from competition regulators in several countries, but is anticipated to complete in April or May this year, when Boluda Towage will overtake Danish group Svitzer to become the largest global tugowner. Svitzer owns and operates a fleet of 456 vessels in 141 ports.
Boluda confirmed to Riviera, the transaction is expected to be completed in H1 2025. In this transaction, MSC will contribute all MedTug’s assets in its home market of Italy and in subsidiaries and affiliates within Colombia, Greece, Malaysia, Malta, Norway and Singapore.
This merger process started in December 2022 when MSC acquired 7% of Boluda Towage for a reported €87M (US$91M). MSC’s stake later increased to 16% through the contribution of around 20 MedTug vessels, mainly in northern Europe, to Boluda Towage, all with their names changed to acknowledge the ownership changes.
According to reports in Spain, this stake will rise to 49%, and all Med Tug vessels will come under Boluda management when the merger process is completed.
With a 51% stake, Boluda will retain control and management of the merged company and another shipping group as a client for towage and ship-handling services, plus a source of funds for further corporate acquisitions.
MedTug built its fleet mainly through corporate acquisitions, such as purchasing Italian group Rimorchiatori Mediterranei in 2022 through MSC’s Luxembourg-based subsidiary SAS Shipping Agencies Services. This has been supplemented by newbuild deliveries in the past few years.
Valencia, Spain-headquartered Boluda has also built its fleet through acquisitions and newbuild deliveries, having purchased SMS Towage in the UK, Les Abeilles in France and Resolve Marine’s assets in Gibraltar in 2024, followed by purchasing Finnish harbour services and ice-breaking company Yxpila Hinaus-Bogsering in Q4 2024.
In reference to a request for information by Riviera, Boluda Corporación Marítima responded:
"We confirm that Boluda Corporación Marítima and SAS Shipping Agencies (SAS) have reached an agreement to contribute MedTug and its subsidiaries to Boluda Towage Holding (BTH), therefore increasing SAS’ participation in BTH.
"The transaction, subject to regulatory approval, is expected to close in the first half of 2025. Following completion of the transaction, Boluda Corporación Marítima will continue to be responsible for the management and operations of the business."
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