Las Palmas Port Authority weighs an emergency board meeting
The Las Palmas Port Authority would consider holding an extraordinary board meeting on September 3—coinciding with the UN World Day for Hygiene—to urgently address authorisation for the transfer of the public-domain concession from the alliance between Hamilton and Compañía SA and Tecnavin to the Laskadiris Group, the parent company of Astilleros Canarios SA (Astican). The legal risks of authorising a position that could amount to alleged abuse of a dominant position would be neutralised by a statement of intent from the Laskadiris Group that it does not plan to impose a restrictive framework, as the CNMC had warned from Madrid at the time.
The “stress” point and the rush to set the agenda
If Beatriz Calzada, president of the Port of Las Palmas, has opted for prudence this month of July, the port’s director Francisco Trujillo has accelerated what was planned for the end of the next month to prepare an extraordinary agenda. It is possible that Hamilton is looking for immediate liquidity, given that its parent Transcoma has crossed the threshold of a Commercial Court of Barcelona over the debt of one of its subsidiaries, worth 50 million euros.
The emergency call aims to resolve the administrative standstill issued on July 23, when Calzada decided to remove the matter from the agenda to provide the file with greater legal guarantees. The ratification of the transfer of 8,076 square metres—intended for afloat naval repairs and a multi-purpose terminal for non-food solid bulk such as barite, bentonite and cement—was made conditional on proving that the operation would not create an abusive dominant position that would harm free competition among competitors such as Hidramar or Zamakona.
An emergency report on competition
Unlocking the file at the September 3 sitting would be carried out through a fast-track procedure originating from the company’s own Greek-capital terminal. The decision would include a formal statement of intent issued by Astican, in which the company says explicitly that it would not contemplate, in its commercial strategy, interfering with or blocking the operations of other offshore-sector players in the Gran Canaria dock. With this self-regulation and commitment formula, the port administration seeks to shield the subrogation of the title granted in 2019 against possible challenges or contentious appeals from third parties. It would also aim to prevent the CNMC from taking very precautionary measures that would block the procedure until a “in-depth” review.
The financial gap at the Barcelona parent
The administrative freeze increases pressure on Hamilton’s balance-sheet situation. The consigning firm completed a historic 2024 in the islands after reaching revenue of 60 million euros, up from 42 million euros in 2023, and raised its net profit to 4.5 million euros from 2 million euros the previous year. Despite these results, the Canary Islands subsidiary’s operational liquidity is close to its limit due to severe financial difficulties and the level of debt carried by its Catalan parent company, Transcoma, following the negative evolution of its businesses in Barcelona that have brought it to the courts. This situation makes the sale of this Las Palmas Port asset a priority route for liquidity for the parent group.
Imminent outcome for Atlantic logistics
With the economic terms of the purchase and sale agreed between Hamilton and the Laskadiris Group, the extraordinary September meeting appears set to be the decisive step to formalise the transfer of the plot. If the board members give the go-ahead, the transaction will consolidate the Greek group’s operational weight in Atlantic naval repairs and will allow an injection of financial oxygen into the cash position of the historic consigning firm.
The article “Emergency board meeting in Las Palmas to let Hamilton and Laskadiris split the deal at the Reina Sofía Quay” was first published on canarymaritime.com.
