In a significant move for the global towage sector, S&P Global Ratings has upgraded Boluda Towage S.L. to 'BB' from 'BB-', while assigning a 'BB' issuer rating to its parent company, Boluda Towage Holding S.A. This ratings action, released on March 20, 2026, reflects the group's resilient business model and its transformation into a clear market leader following the strategic acquisition of players such as MedTug and the Australian arm of Smit Lamnalco.
Boluda Towage currently operates a fleet of 762 tugboats, nearly double its pre-acquisition count of 463. This footprint now spans 184 ports across 39 countries, providing a level of scale that insulates the group from localized volume fluctuations. According to the S&P assessment, this geographic diversification is a key pillar of the company’s stability, as it mitigates risks related to regional trade downturns or specific weather events.
The group’s financial outlook is bolstered by a shift in its revenue mix. EBITDA contribution from long-term concessions and private contracts has climbed to 46%, up from 33% previously. Furthermore, Boluda now acts as the sole operator in 71% of its port locations, providing a predictable, recurring revenue stream. The ability to pass through cost inflation via periodic tariff reviews further preserves margins, which have historically averaged 34-35%.
Operational excellence is a hallmark of the Boluda strategy. The company has successfully integrated recent additions to its fleet, such as the Damen Song Cam-built VB FENIX and the RSD 2513-class VB FANTASTIC. These high-spec assets ensure that the company remains competitive in increasingly stringent port tender environments that prioritize sustainability and advanced technology.
Looking ahead to 2026-2027, the group expects to generate robust organic growth. S&P analysts project an adjusted EBITDA of €440-€460 million for 2026, fueled by the group’s entrenched position as an essential service provider. While the towage industry remains highly fragmented, Boluda’s current trajectory suggests it will continue to leverage its larger scale to capture market share and improve bargaining power with port authorities.
Management has committed to a disciplined financial policy, aiming to maintain leverage at approximately 4.0x EBITDA. With excess cash flow expected to reach €100 million in 2026, Boluda is well-positioned to cover capital expenditure and interest costs, providing the financial headroom necessary to support the 'BB' rating stable outlook.