The same thing being requested in the Canary Islands but in Portugal. The global consolidation strategy of Vicente Boluda has collided head-on with the administrative rigor of Lisbon. The Portuguese Competition Authority (AdC) has ruled out the effective prohibition of Boluda Towage’s acquisition of Remolcanosa Portugal, the towing division of the Valencian business giant. The resolution, based on Article 41 of Portuguese Competition Law, blocks a transaction that, according to the regulator, would have curtailed competition at the Port of Sines, transforming an asymmetric duopoly into a de facto absolute monopoly.
The decision of the AdC goes beyond mere administrative scale to become a statement of principles regarding the governance of critical infrastructure. While in other jurisdictions the consolidation of large national champions has been viewed favorably, Portugal has identified that the exclusive control granted to Boluda would give the resultant entity the capacity to exercise unsustainable market power. The regulator warns of an imminent risk of price increases and a degradation of service for users of one of the deepest and most strategic ports on the European Atlantic façade.
The Gordian knot of Sines
The Port of Sines, a masterpiece of energy and container logistics in the Iberian Peninsula, was presented as the crown jewel in this acquisition. The operation directly affected the towing and mooring market for vessels that do not carry dangerous goods, a segment where Boluda and Remolcanosa were the only real competitors. The elimination of this rivalry, in a context of very high entry barriers and mandatory demand for maritime safety, has been classified by the AdC as a ‘significant obstacle to effective competition.’
Boluda Towage tried to salvage the transaction by presenting two packages of commitments (remedies) aimed at alleviating the regulator’s concerns. However, the exhaustive assessment by the Portuguese technicians concluded that these proposals lacked the necessary adequateness and certainty. For the AdC, the patches offered by the Spanish firm presented high risks of ineffectiveness and did not guarantee the viability of a third competitor that could balance the scales in the immediate future.
Uncertainty versus market realities
Boluda’s defense attempted to invoke supervening facts, such as the impending termination of current concessions in Sines and the announcement of a new public bidding process by the port authorities. However, the AdC has rejected these arguments as based on scenarios ‘uncertain in their scope and timeline.’ The Portuguese regulator has preferred to prioritize short-term prospective analysis, protecting the cost structure of shipping companies operating in Sines against a consolidation deemed irreversible.
This veto highlights a divergence of criteria between Iberian competition authorities. While Boluda’s growth has been meteoric in Spain and the rest of the world, Portugal has decided to draw a red line in the defense of its national logistics costs. The prohibition not only halts the growth of the Boluda Group in Portuguese territory but also sends a warning message to international investors about the rigidity of anti-monopoly controls in sectors where infrastructure is scarce and the service is captive.
A strategic setback for the ‘Spanish champion’
For Vicente Boluda, Lisbon’s refusal represents a significant hurdle in his ambition to dominate port services throughout the Atlantic and Mediterranean basin. The integration of Remolcanosa Portugal was the logical step following previous acquisitions in the North Sea and Southeast Asia. However, the ‘Sines effect’ now forces the group to reconsider its expansion policy in the regulated markets of the Peninsula.
The definitive resolution of the Board of Directors of the AdC, following an investigation initiated in December 2025, confirms that Portuguese ports will not necessarily follow the path of concentration that prevails in the global maritime sector. At a time when large alliances of shipping companies are already exerting massive pressure on ports, Por
