The Italian Competition Authority (Autorità Garante della Concorrenza e del Mercato, AGCM) has approved and made binding the commitments submitted by SAS – Shipping Agencies Services SARL, a company controlled by MSC Holding, along with Moby S.p.A. and Grandi Navi Veloci S.p.A.
The proceedings were launched on November 5, 2024, to investigate a possible cartel in violation of Article 101 of the Treaty on the Functioning of the European Union due to the structural links between Moby and GNV.
These links arose after SAS acquired a 49% stake in Moby and strengthened following a significant loan granted by SAS to Moby in December 2023.
According to the Authority, these operations could have harmed competition on the routes where Moby and GNV both operate.
Under the commitments now made mandatory, SAS will transfer its 49% share in Moby to Onorato Armatori, which already controls Moby through a 51% stake, without receiving compensation, and will also waive the pledge on the remaining 51% that secured the 2023 loan.
Moby will appoint an independent third party to organize a transparent and open bidding process to sell a package of assets, identified based on an independent assessment. The proceeds from the sale will be used to repay the financing obtained from SAS. To maintain operations, certain assets will be subject to charter-back agreements.
If the sale proceeds are insufficient to repay the loan, any residual credit will be transferred to independent third parties under terms ensuring Moby’s financial sustainability.
Moby and GNV have also committed to compensating consumers who purchased tickets before July 16, 2025. The refunds apply to routes between Genoa-Olbia, Genoa-Porto Torres, and Civitavecchia-Olbia for trips scheduled from June to September 2025, and for the Naples-Palermo route on weekends between November 1, 2024, and March 31, 2025.
Moby will offer compensation equal to 5% of the ticket price (excluding taxes and fees) for refunds, or 10% for vouchers. GNV will provide €15 compensation for cabin trips and 7% of the fare for other bookings.
Shipping Agencies Services SARL is a Luxembourg-registered company controlled by MSC Holding. It operates within the maritime transport sector and holds stakes in ferry and shipping companies, including GNV.
MSC Holding is the parent entity of the Mediterranean Shipping Company group, a privately held global shipping conglomerate headquartered in Geneva, Switzerland, with operations in container transport, logistics, and passenger services.
Moby S.p.A. is an Italian joint-stock company active in maritime transport, operating passenger and freight ferry services primarily between mainland Italy and its islands. It is controlled by Onorato Armatori S.r.l.
Grandi Navi Veloci S.p.A. (GNV) is an Italian ferry company operating passenger and vehicle transport routes in the Mediterranean. It is fully controlled by SAS, which is part of the MSC Group.
Onorato Armatori S.r.l. is an Italian company holding the majority stake in Moby S.p.A., managing interests in maritime transport and related sectors.
