In a important move to resolve antitrust concerns, MSC-controlled SAS Shipping Agencies has agreed to divest its 49% stake in Italian ferry operator Moby back to Onorato Armatori.
The decision aims to pre-empt sanctions from the Italian Competition Authority (AGCM) and expedite the conclusion of an ongoing investigation into alleged breaches of EU competition rules, WorldCargonews reported.
SAS Shipping Agencies acquired the stake in 2023 through a €150 million investment, which was crucial in rescuing the Onorato-controlled Moby from insolvency and halting restructuring proceedings before the Milan courts. However, the acquisition soon drew regulatory scrutiny due to the structural ties it created between Moby and MSC’s existing ferry business, Grande Navi Veloci (GNV), which the group acquired in 2010.
The AGCM launched a formal investigation in November 2024 into potential competition distortions on ferry routes to Sardinia and Sicily — key maritime corridors traditionally served by GNV, Moby, and Grimaldi. The authority is examining whether the overlap in MSC’s interests in both GNV and Moby reduced effective competition in these markets.
As part of the proposed commitments now published for public consultation, SAS has agreed to exit Moby without compensation, which includes foregoing the €243 million loan granted to Moby in December 2023 and relinquishing its pledge on the remaining 51% stake. Additionally, SAS will either sell or write down its credit claims by the end of 2025. Moby, in turn, has pledged to sell certain assets to facilitate debt repayment and support the transfer of shares back to Onorato Armatori.
Furthermore, Moby and GNV have jointly proposed financial compensation for consumers who travelled on the affected routes, aiming to mitigate the impact of the alleged competition restrictions.
The AGCM has deemed the commitments sufficient to trigger the formal consultation phase. Interested third parties have until August 16, 2025, to submit observations, while the involved companies may amend their commitments by September 15. A final decision is expected no later than March 31, 2026.
Implications for Fleet Development
The divestment also raises questions about MSC’s ongoing fleet renewal plans. The group recently placed an order for four additional ro-pax ferries from Guangzhou Shipyard International (GSI), bringing to eight the total number of newbuilds scheduled for delivery to GNV between 2025 and 2030. Two of these state-of-the-art vessels were originally intended for deployment with Moby.
These new ferries, designed by OSK Design and based on the same specifications as the Moby Fantasy and Moby Legacy — both delivered in 2023 — are among the largest in the Mediterranean, with a capacity of 3,853 lane metres and 2,370 passengers. It remains unclear whether the divestment will affect the final allocation of these vessels or alter the delivery schedule.
As the AGCM review enters its final stages, the outcome will not only determine the future structure of Italy’s ferry sector but could also set a precedent for how overlapping investments in strategic transport markets are assessed under EU competition law.
