What's the cheapest option other than flying?
That was off-season. On March 29th 2013, Easter holidays, I traveled in the opposite direction. This time Naviera Armas would have cost 35,20 EUR, and interestingly Fred Olsen had a much lower price than before: 35 EUR. Possibly they were running ferries at a higher frequency. Naturally, I chose Fred Olsen: free bus transfer from Las Palmas to Agaete (1h), then ferry (1h)
Notes concerning Fred Olsen:
You can take the ferry with Fred Olsen. There should be buses from Tenerife South Airport to Santa Cruz de Tenerife. From the main bus station, there are then dedicated buses to the ferry terminal, from where there are several ferries per day to Gran Canaria. The bus from the intercambiador (bus station) to the ferry terminal (a short ride) is included in your ferry ticket.
I made the journey from Gran Canaria to La Palma, via Tenerife, last December. I have written a mini-travel report in this answer. Your journey will be:
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