The Italian Competition Authority has resolved to launch an investigation into the acquisition of the entire share capital of the Genoese terminal operator Terminal San Giorgio (TSG) by Ignazio Messina & C. ( of 5 July 2023). The antitrust authority recalled that the transaction, as well as as presented, would appear to involve the acquisition of control exclusive by Gruppo Messina Spa, which together with Marinvest of the MSC shipping group controls Ignazio Messina & C., of the terminal activities carried out on the concession area to the ATI Messina-San Giorgio, previously subject to the control of the Messina Group (through Ignazio Messina & C.) and TSG, the acquisition of sole control by Ignazio Messina & C., of the terminal under concession to TSG located on Ponte Somalia and consequently the acquisition by the Group Messina and Marinvest of joint control, through Ignazio Messina & C., of the terminal under concession to TSG located on Somalia Bridge, which does not appear to fall into the covered business terminal the shareholders' agreement on the basis of which Ignazio Messina & C. jointly controlled by Gruppo Messina and Marinvest.

Examining the transaction, the AGCM found that all of the rolling stock terminal services provided by TSG is loan to the Grimaldi shipping group and noted that 'On the basis of the evidence acquired so far, it is necessary to believe that there is a for Marinvest, the ability to exclude from the markets of the maritime transport of goods on rolling stock, by virtue of the circumstance that the compendium in concession to TSG on Ponte Somalia, which, as a result of this merger, will be under the joint control of Marinvest and which carries out approximately [40-45%] of freight traffic on rolling stock developed by Grimaldi in the port of Genoa, is not easily substitutable for the Grimaldi Group. In fact, the terminal of the ATI Messina-San Giorgio - pointed out the AGCM - does not have sufficient capacity to traffic carried out on the Somalia Bridge and there would be no unused capacity sufficient to replace that of the Compendium of Ponte Somalia at other terminals of the ports of Genoa and Savona, Vado Ligure and Marina di Carrara. Regarding Marinvest's incentive to exclude, it could exist in the form of partial exclusion, i.e. in the in the form of an increase in the costs of rival Grimaldi or the limitation of the space available to it. In fact, it is precisely in virtue of the irreplaceability of the areas for Grimaldi managed by TSG, the latter would not be able to move the traffic on another terminal in the face of an increase in price of terminal services in these areas. So Grimaldi would be forced to increase the cost of its services end customers, immediately becoming less competitive in the GNV (shipping company of the MSC group, ed.), or to reduce its margins and therefore the funds available for sustain its competitiveness in the medium to long term. The existence of an incentive to exclude on the part of Marinvest - has observed again by the Antitrust Authority - appears to be confirmed by the comparison between the profitability of the terminal services offered by TSG and the profitability of maritime freight transport operated by GNV in the overlapping sections with Grimaldi'.

Highlighting, among other things, that "ultimately, Marinvest appears to have the ability and incentive to increase the price TSG's services to competitors in the maritime transport of goods on rolling stock' and 'considers, therefore, that the operation in examination appears likely to hinder, within the meaning of Article 6, paragraph 1 of Law No 287/1990, significantly competition, including due to the creation of a dominant position in the market for freight terminal services on rolling stock and in some vertically linked markets of the maritime transport of goods on rolling stock', the AGCM resolved to start the investigation.

In the meantime, in recent days, the ship Adam Asnyk of the historic shipping company Chipolbrok, who thus returned after a long time to the port of Genoa, on which the operational staff of Terminal San Giorgio managed the embarkation operation of a plant destined for China, for a total of over 2,000 tons including some forged steel elements weighing 100 tons and crates of various sizes and weights containing machinery for a sophisticated installation of a high-performance pumping system pressure.

Terminal San Giorgio, which is controlled by the Autosped G of the Gavio group, has announced that the growth of its traffic volumes, which have been in place for years now, in the first two months of 2024 continued with an increase of more than +40% in breakbulk handling compared to the same period of 2023.