In the Central Atlantic, a geopolitical and financial battle is being waged for control of the supply chain to West Africa. The protagonists are two shipping giants with opposing business models: DP World and Boluda Maritime Corporation. Their struggle is not visible on the docks of Las Palmas, but in the investment strategy and market share they seek to dominate, with the Canary port strategically caught in between.
DP World, the logistics operator based in Dubai, represents the vision of vertical integration and territorial dominance. Its strategy in West Africa is based on controlling large port infrastructures, transforming African ports into self-sufficient megahubs to divert transshipment traffic from Las Palmas.
DP World is a global colossus. In 2024, the company reached a record revenue of $20 billion, with an adjusted EBITDA of $5.5 billion. Its investment focuses on the construction and management of container terminals capable of accommodating Neo Panamax vessels at key points such as Dakar (Senegal) and Lomé (Togo). The goal is to eliminate the need for intermediate ports in the Canary Islands, directly connecting Africa with Asia and Europe and capturing handling fees (TEU). DP World views Las Palmas as a competitor to be neutralized.
Boluda Maritime Corporation, based in Valencia, represents the vision of specialized leadership and essential auxiliary service. The group has built its empire not by competing for container terminals, but by dominating the maritime services that any port or tanker needs. Boluda is a formidable European player. In 2024, its consolidated revenue approached €1 billion (with €757 million reported in 2024, and growing). Unlike DP World, its greatest strength lies in Boluda Towage, its towage division.
Following key strategic acquisitions, Boluda has become the global leader in port towage, with a presence in 148 ports across 50 countries. In West Africa, it has consolidated its dominance in essential services such as towing, mooring, and maritime salvage in a dozen ports, including Lomé. This dominance allows it to secure a steady flow of service income along the African coast, regardless of who operates the container terminal.
DP World’s investment in West Africa implies a drop in transshipment container traffic that historically served as the engine of La Luz. Boluda’s dominance in services ensures that even if large vessels call at Africa, the ship repair, bunkering, and auxiliary logistics sector in the Canary Islands remains vital. Boluda’s tugboats and auxiliary fleet require maintenance, bunkering, and EU certifications, businesses channeled through Las Palmas, which serves as Boluda’s logistical and technical base for the region.
