Capable of overcoming the interference of the entire apparatus of a Government but with the risk of colliding with the maritime brotherhood of Santa Cruz de Tenerife, that is, the ‘deep state’ of port officials of the island of eternal spring. Naturgy challenges the dominance in the Atlantic with its foray into Canary bunkering based in Tenerife. The energy company’s arrival faces increasing institutional friction within the Port Authority of Santa Cruz de Tenerife. Sources from the sector indicate that Sebastián Calani’s operations department is applying regulatory rigidity that local operators qualify as arbitrary. This tense climate, exacerbated by the silence of business associations regarding potential administrative reprisals, threatens to weigh down the operational efficiency of Tenerife compared to other island hubs such as Las Palmas or Agadir.
In public administrations with high political exposure, technical staff (such as the Director of Operations) are often used to implement a strategy of blocking or slowing down that the presidency of the Port does not want to sign directly to avoid diplomatic wear. If Calani projects an image of ‘absolute inflexibility’, it allows his superiors to maintain a friendly face before the business associations while, in practice, the market remains closed.
Tenerife has sun insurance and risk premium
In comparative terms, if the Port Authority of Santa Cruz Tenerife had debt trading in financial markets, the role of Calani would increase the risk premium for investors, since regulatory uncertainty is the greatest enemy of long-term business plans. In the logistics sector, this often leads to complaints before the CNMC if it is perceived that this ‘administrative zeal’ benefits some operators over others or blocks free competition. From the operator’s standpoint, one thing is clear: things must be clear before starting operations and, if they have to go to Las Palmas, they will relocate to Gran Canaria and let Tenerife remain a monoculture of current operators. ‘There are many brotherhoods and the saintly calendar is very broad; we know what the Litany of All Saints is, let’s see how long Naturgy can hold on,’ a port entrepreneur from Tenerife told Canarymaritime.
How is this possible?
The fact that business associations maintain a ‘silence of panic‘ is the most alarming symptom. In a healthy market, chambers of commerce and associations of stevedores or ship agents are usually vocal. When there is fear of reprisals, the market ceases to be efficient and becomes an administrative fiefdom. In Brussels, this scenario would be fodder for an external audit by the CNMC. Is Calani’s management a guarantee of safety or is it a discretionary bottleneck that is diverting bunkering investments to Las Palmas or Algeciras?
We are nobody
The IFM fund, owner of 15.17% of Naturgy’s capital, confirmed this Friday that it does not rule out increasing its presence in the energy company by purchasing part of the percentages slated for sale by CVC (former partners of Boluda) and Blackrock (owners of 30% of Opcsa in Las Palmas) up to 29.9%, surpassing the 26% stake held by Criteria (CaixaBank, owners of the former Cajacanarias).
The centerpiece of this movement is the Mistral LNG, a vessel whose construction has already begun and born from an industrial alliance with Enagás. Under a long-term charter contract that will take effect in 2028, Naturgy will transform its operational model: it will shift from limited supply via trucks (truck-to-ship) to an oceanic service capacity capable of fueling large cargo and cruise ships transiting the Atlantic. Initially, the company will base its operations in Tenerife. In theory.
The end of the truck era: Scale and efficiency
So far, Naturgy has operated in this segment peripherally. Since 2018, the company has supplied liquefied natural gas (LNG) mainly through tankers at port. However, the new decarbonization requirements from the International Maritime Organization (IMO) and Brussels’ guidelines have skyrocketed the demand for alternative fuels with projected double-digit growth. With the Mistral LNG, Naturgy gains not only scale but flexibility. The vessel, measuring 138.8 meters in length, will have a cargo capacity of 18,900 cubic meters (m³) and cutting-edge technology to supply both conventional LNG and BioLNG (liquefied biomethane), a carbon-neutral fuel poised to be key for shipping lines to avoid increasing penalties for emissions in European waters.
A three-band market: The Strait, Canary Islands, and the Atlantic
The geography of the agreement is not coincidental. The vessel will have its primary market in the Iberian Peninsula, with a surgical focus on Tenerife. These points are not just tourist or commercial enclaves; they are critical service stations on global transport routes. By consolidating this area, Naturgy seeks to safeguard its market share against Swiss competitors such as Axpo, which recently successfully completed its first BioLNG operation in Spain supplying the shipping company MSC Cargo. Naturgy’s ambition is clear: to make the Canary Islands the definitive hub for sustainable fuels in southern Europe. But that is a theory that depends on the efficiency of officials in command at strategic ports like Granadilla.
Enagás: The silent shipowner of southern Europe
For Enagás, through its subsidiary Scale Green Energy, the Mistral LNG reinforces its position as the reference shipowner in the Mediterranean and the Atlantic. With this vessel, its fleet adds muscle to an infrastructure that already includes vessels chartered by Shell (Haugesund Knutsen) and Península (Levante LNG). The physical infrastructure is already in place: Spain’s seven regasification plants are fully adapted for bunkering. The ports of Barcelona, Cartagena, Huelva, and Gijón are already injecting BioLNG into the logistics network, creating an ecosystem where Naturgy can load its new vessel with the guarantee of a diversified supply.
Market Analysis: The risk of being the first mover
Naturgy’s bet for 2028 comes at a time of uncertain but necessary transition. The maritime sector faces the challenge of renewing entire fleets to meet greenhouse gas reduction objectives. By chartering a dual-fuel vessel with a range of 4,500 nautical miles, Naturgy ensures a competitive advantage in responsiveness and sustainability. The success of the operation will depend on the speed at which shipping lines adopt BioLNG as a standard. If demand follows the projected curve, the Mistral LNG will not only be a ship but the spearhead of a Naturgy that seeks to redefine its energy identity at sea.
News written by Gara Vega H. Edited and verified by Pedro Marrero. Cross-checked information without institutional filters. This analysis has not been funded by official advertising nor conditioned by lobby interests.
