Five Moby Ferries to Hit Auction Block Next Week to Repay MSC Debt

Italian officials are moving quickly to complete the settlement agreement that separates Moby Lines from MSC and its ferry company Grandi Navi Veloci (GNV). Antitrust officials accepted a proposed settlement after their finding that the consolidation of the brands by an MSC subsidiary threatened competition. 

One of the key elements of the plan calls for Moby to sell five of its current vessels and to use the proceeds to repay loans provided by MSC in 2023 to keep the company solvent. MSC’s Shipping Agencies Services had acquired 49 percent of Moby Lines after providing loans and acquiring two ferries. MSC agreed to relinquish to Onorato Group the 49 percent interest and its rights to acquire the additional 51 percent of Moby.

To repay the debt, the court has scheduled an online auction for next week, November 12, and the details have begun to emerge. Five of the company’s vessels will be offered in a single lot with a starting price of €229.9 million (US$264.2 million). Under the terms of the settlement agreement, if the auction does not raise enough money to repay the debt, the remainder will be placed in a third-party organization.

The auction lists two vessels, Moby Aki and Moby Wonder, that operate for Moby Lines, and under the terms of the auction, they must be chartered back to Moby for 15 years. The Moby Wonder (36,000 gross tons) was built in South Korea in 2001 and has a capacity for 2,200 passengers and 750 cars. The Moby Aki (36,000 gross tons) was built by Fincantieri in 2005 and carries up to 2,000 passengers and 665 cars.

The auction includes three other ferries which are sailing for Moby’s subsidiary Tirrenia. The Moby Ale Due (35,736 gross tons) was built in 2001 and has a capacity of 2,700 passengers and 900 cars. The sister ships Athara (2003) and Janas (2002) are also included. They are each 35,736 gross tons with a capacity of 27,00 passengers and 820 cars.

Moby said after the terms of the settlement were agreed, that the deal would place the company on a sound financial footing by eliminating its debt. It said it would be consolidating some services and focusing on the newer, more efficient ships of the fleet.

The antitrust decision was seen as the first setback for the Aponte family and MSC, which has been successful in rapid expansion, including many acquisitions. They had emerged in 2023 as the savior for Moby, which was in deep financial trouble and facing liquidation. The competing Grimaldi Group had fought the consolidation, citing the high barriers to entry and limited competition on Italy’s ferry routes. Grimaldi had opposed the settlement, but its opposition was overruled by the competition authority.

As part of the settlement, travelers who had booked passage on the ferries are also due compensation.