Strainge request, and the background behind your question would be nice to know? May be you could arrange with certain cruise lines that call at Arrecife to join the cruise there and get off wherever the cruise finishes? They would obviously be able to advise you on that. If you are talking about starting and finishing a cruise in Arrecife, then I think the answer is no! Thomson do circular canaries cruises, but only start from Gran Canaria or Tenerife I believe. There is a ferry connection to both of these from Arrecife, so a "two part" cruise would be a possible option? Happy cruising.
I can't find any line who starts of would allow you to join but Thomson Destiny do a cruise from Palma to Santa Cruz and the penultimate port is Arrecife, but only available 30th October, 2008.