Madrid, 16 October 2023.

The Armas Trasmediterránea Group (the ‘Group’), a leader in the maritime transport of goods and passengers in Spain, is pleased to announce the appointment of Kent S. Hagbarth as the group’s new CEO.

Kent S. Hagbarth is an international executive with more than 35 years of experience in the maritime transport sector. Kent brings a strong background in growth and transformation situations, from working in numerous executive positions. This will be extremely useful to help guide the Armas Trasmediterránea Group during its next growth and development phase.

Hagbarth developed his entire professional career at Maersk, playing a key role in cultural change, transformation and customer experience. His last role was as Senior Vice President and CEO, and he was responsible for global operations of the lines at Maersk (over 800 ships, 22 million loading/unloading containers TEU containers, 2,000 employees). Previously, from 2014 to 2017, he was CEO for the Mediterranean Region, responsible for 22 countries, 1,100 employees and 4,200 million dollars in turnover. He has lived in Spain for over 15 years.

Kent S. Hagbarth is particularly excited to be joining the Armas Trasmediterránea Group and made the following statement: ‘I’m delighted to be joining a company as iconic as the Armas Trasmediterránea Group. Now is the time to put in place a plan that, building on the transition and transformation achieved in 2023, will grow further so we can seize all opportunities, consolidating a leading, profitable and customer-focused operator.’

In April 2023, the Armas Trasmediterránea Group signed an agreement with its main creditors, including a group of Noteholders, to implement a comprehensive restructuring of the Group's capital structure and deleverage its balance sheet. The Restructuring Plan was filed with the court on 27 September 2023 and the Group is currently waiting for approval.

Sergio Vélez, the manager of FTI Consulting in Spain, led the Group as the interim CEO since April 2023. The Board of Directors at the Armas Trasmediterránea Group is grateful for the work carried out by Sergio Vélez during his term, leading the Group’s transition and turnaround, returning to positive EBITDA (operating profit). Mr. Vélez will remain associated with the group as a member of the Board of Directors. FTI Consulting will continue providing its support to ensure the most seamless transfer possible.


About the Armas Trasmediterránea Group  

The Armas Trasmediterránea Group is the leading shipping group in Spain and one of the top groups in Europe in the maritime transport of passengers and ro-ro cargo. It transports over three million passengers every year, has a fleet of 24 ships that connect the ports of three countries and operates 24 passenger and cargo routes between each of the Canary Islands, from the Canary Islands to the Peninsula and the Gibraltar Strait.

It also owns the main inter-island land transport operator between the Canary Islands and the Balearic Islands, with more than 500 trailers.