No details were given regarding the vessels, except that they would be of a medium size, and would replace chartered-in tonnage. Balearia currently have five vessels chartered-in and have noted the world-wide rise in Time Charter rates as a result of the lack of availability of suitable tonnage.

Mr Utor stated "We have five vessels chartered-in, and we will replace them with new ships. Further expansion will take place with chartered-in vessels, with the new vessels being dedicated to consolidated, mature routes, where the market is known by us."

Mr. Utor confirmed that both vessels currently being negotiated, would be propelled by LNG as its main fuel. It will be recalled that recently, Balearia ordered a mega-sized LNG ferry for €187million, with an option for a second.

Balearia believe the future lies with LNG both because of price and its low contamination.

Utor used the conference to cover Balearia's recent history and commented that the plans to open a route between Florida and Cuba have gone somewhat cold recently, mainly due to uncertainties arising from the Cuban side. He stated that Balearia had completed all the paperwork on the American side and had all the appropriate licenses, but that the necessary repeal of two existing laws regarding trade with Cuba had come to a halt, due to the forthcoming elections, and that progress would depend on the outcome of the elections themselves. "When the bell rings, we will be the first to provide a service to Cuba" he stated, adding "We might not make any money, but we will make history".

Balearia's strategy calls for the company to generate 50% of its income from foreign routes. Currently these include a route from Florida to the Bahamas with a Fast Ferry, the line between Algeciras and Tangier-Med (Morocco), and new routes opened this summer between Almeria and Motril to Nador (Morocco) and Valencia and Mostaganem (Algeria). These routes currently provide 20% of revenues, so consolidating them appears to be high on the company's list.