Marsa Maroc Hits 67 Million Tons, Shares Rally 77%
Beni Mellal — Morocco’s leading port operator, Marsa Maroc, capped 2025 with record operational metrics and a decisive stock market re-rating. Total cargo traffic reached 67 million tons, up 6% year-on-year, while revenue climbed 16% to nearly MAD 5.8 billion ($580 million). The dual surge in volumes and earnings, underpinned by scaling new terminals and efficiency gains, anchored the group’s standing among Africa’s foremost port and container operators.
Container throughput exceeded 3 million TEUs for the first time, placing the company as the continent’s fourth-largest container operator. Growth was broad-based: container volumes rose 4%; bulk and general cargo advanced to 22 million tons, up 4%; liquid bulk increased 5% to 11 million tons; new vehicle handling jumped 50% to 154,000 units; and roll-on/roll-off traffic surpassed 27,000 units, an 11% gain versus 2024.
Investment, partnerships and expansion
Geographic expansion defined the year. Marsa Maroc entered Europe via a 45% stake in Spain’s Boluda Maritime Terminals, which operates across mainland ports and the Canary Islands. The move extends the company’s presence to both sides of the Strait of Gibraltar and deepens Morocco–Spain trade integration, strengthening cross-Strait connectivity in container and multipurpose flows.
At home, the group consolidated its role at Nador West Med. It signed strategic agreements with MSC to operate the East Container Terminal and with CMA CGM for the West Container Terminal. A separate partnership with Boluda Towage covers towing and port-assistance services, positioning the hub for accelerated ramp‑up and improving service breadth for global liners.
Capital expenditure reached an all-time high in 2025, totaling MAD 2.415 billion ($241.5 million). The program includes 18 ship‑to‑shore gantry cranes and 50 RTG cranes for Nador West Med and Casablanca, alongside extensive superstructure works for two new container terminals at Nador West Med. These investments target higher quay productivity, resilient yard capacity, and reduced turnaround times as traffic densifies.
The operator’s network now spans 34 terminals across 20 ports, reflecting a marked step-up in scale. Financial resilience remains notable, with negative net debt of MAD -753 million, comprising MAD 1.367 billion in financial debt offset by MAD 2.12 billion in available liquidity. The balance sheet position provides headroom to fund expansion while safeguarding flexibility through cycles.
Market confidence tracked operational momentum. Marsa Maroc’s share price advanced 77% over the year, propelling the group to fourth place by market capitalization on the Casablanca Stock Exchange. By year-end, market value approached MAD 70 billion ($7 billion). The stock ranked as the third most actively traded in 2025, underscoring liquidity and its emergence as a benchmark industrial listing.
Most recently, the company secured a management contract with Liberia’s National Port Authority to operate the Port of Monrovia starting in 2026, awarded through an international tender. The mandate becomes the group’s third African operation and aligns with Morocco’s broader pan‑African strategy of exporting port expertise, strengthening South–South cooperation, and positioning national champions in high‑growth markets.
Taken together, record volumes, the commissioning of advanced equipment, anchor partnerships with MSC and CMA CGM, the Spanish terminal foothold, and the Monrovia mandate consolidate Marsa Maroc’s role in regional and global logistics chains as it enters 2026.
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