Genoa - The world’s no. 2 container line Mediterranean Shipping Company (MSC)has acquired a 49% stake in smaller Italian counterpart Messina, in another sign of consolidation in the sector.
Container lines are battling their worst ever downturn due to a glut of ships and weaker demand - prompting rivals to form vessel-sharing arrangements or pursue other measures including mergers and acquisitions.
“Msc will be our industrial partner. But our family maintains the independence of the company,” said Stefano Messina, president of the Messina Group “MSC certainly has higher numbers than the Messina group but we have the same mentality.”
Founded in Genoa in 1921, Messina has a small fleet of specialised ro-ro container ships.