Msc is stepping back from its 49 per cent shareholding in the ferry operator Moby Lines, effectively drawing a line under a saga that began in 2022, when it acquired the stake through its subsidiary Shipping Agencies Services in an effort to rescue the Aponte family’s company. This marks the conclusion of a long and complex affair involving rival operator Grimaldi and Italy’s competition authority. To fully understand the situation, it’s necessary to go back to 2012, when Compagnia Italiana di Navigazione, controlled by the Onorato group, acquired Tirrenia from the Italian state for 380 million euros, to be paid in instalments.
Moby was unable to meet the full payment and in 2020 filed for a court-approved debt restructuring procedure in Milan, facing debts of around 650 million euros. It was against this backdrop that Msc stepped in during March 2022, signing an agreement with the Onorato Group to acquire 49 per cent of Moby for 150 million euros. These funds were also used to settle an 82 million euro debt with Tirrenia in extraordinary administration. The deal was formalised in September 2023, and in December of the same year, Msc granted Moby a loan of 243 million euros to speed up the closure of the debt restructuring procedure.
This move was opposed by the Grimaldi Group, which filed complaints and appeals to the competition authority, prompting the launch of a formal investigation on 13 November 2023 into Moby, Grandi Navi Veloci (owned by Msc), and Shipping Agencies Services. The inquiry sought to determine whether the agreement led to anti-competitive practices. In particular, the authority focused on the emerging relationship between Moby and Gnv. The investigation revealed that on four ferry routes — three to Sardinia and one to Sicily — services were mainly operated by Moby and Gnv, with at most a third competitor present on each route.
Faced with the prospect of sanctions, Msc opted to pre-emptively offer a series of commitments to the authority. On 15 July 2025, the authority published these commitments in ruling number 31624. The first is the immediate disposal of Msc’s 49 per cent stake in Moby, with the relinquishment of any payment for it, in favour of the majority shareholder Onorato Armatori. This effectively means Msc will forgo the 150 million euros it originally paid for the stake. The second commitment involves Msc waiving its option to acquire the remaining 51 per cent, and the third requires it to transfer its 243 million euro loan to Moby to an independent third party by the end of 2025, or alternatively, to write it off entirely.
Is the matter therefore closed? Not quite, as before the case can be officially concluded, the competition authority has ordered a public consultation in two stages. Market operators have until 16 August to submit their comments on the proposed commitments — at which point Grimaldi may once again play a role — and the companies involved will then have until 15 September 2025 to respond to any observations received.
