MSC Required to Divest of Ferry Operator Moby by Antitrust Regulators

In a rare setback for the Mediterranean Shipping group and the Aponte family, the company is being forced to divest its investment in Moby, an operator of ferries between Italy and the islands of the Mediterranean. The Italian Competition Authority announced on October 24 that it has accepted and made binding a commitment offered by MSC’s Shipping Agencies Services, Moby, and Grandi Navi Veloci that sets the terms of the divestment.

The Competition Authority had announced in November 2024 that it was investigating the investment made into Moby by SAS, which also owns the ferry operator GNV. At the time, they said the market for ferries operating between Italy, Sardinia, Corsica, Sicily, and Elba is highly concentrated, with most of the cargo and passenger services provided by Moby or GNV, and occasionally a third company. They also noted that there were significant barriers to entry into these routes. Moby also operates under the brands of Tirrenia and Toremar which it acquired years ago.

The Aponte family had emerged in March 2022 as the savior for financially troubled Moby, which was controlled by the Onorato family. Under the terms of the deal that was finalized in 2023, SAS would acquire 49 percent of Moby for approximately €150 million while providing a loan for an additional €243 million. In January 2024, MSC also acquired two Moby RoPax ferries, Moby Vinci and Moby Sharden, for a further €109 million. The company also had a commitment to acquire the remaining 51 percent of the company from the Onoratos.

Under the terms of the settlement with the Competition Authority, SAS will transfer the 49 percent share, without consideration, to Onorato’s company and will relinquish its rights to the other 51 percent of the company. It has also agreed to provide compensation to consumers who purchased tickets on the Moby ferries.

It is also a setback for Moby, which has been ordered to repay the loan provided by the Apontes. Moby reports it will undertake a financial restructuring that will include the sale of assets. The proceeds will be used to repay the loan, while to maintain its services, the company will enter into charter-back agreements for some of the assets that are to be sold. If the proceeds are not enough to cover the debt, the remaining amount will be transferred to independent third parties on terms that safeguard Moby’s economic and financial stability.

The divestiture is a win for the Grimaldi group, which challenged the investment in Moby on competition grounds. However, a further appeal by Grimaldi on the terms of the settlement was rejected by the Competition Authority.

Moby said after the announcement of the agreement that the commitments from SAS would establish a path that could be used for “capital strengthening and reorientation of the business model.” Its goal is to reduce the company’s debt to zero. While it will be selling assets, which it is calling non-strategic assets, it said the refinancing would put the company on solid financial ground. However, Moby admitted it would require some consolidation of services, mostly to Sardinia. It said the company’s focus would be on larger capacity vessels and providing higher levels of customer service.

MSC, so far, has been able to proceed with its large-scale growth and acquisition. It grew to be the largest container carrier, building and acquiring ships as well as expanding into other operations. It bought a car carrier company, made investments in railroads, and took a key role in the Port of Hamburg. Recent reports even said MSC was looking at an investment in one of Europe’s budget airlines, something the Apontes denied in media reports.