May 14, 2020

The next ‘Decreto Rilancio’ law expected to be approved by the Italian government this week will extend the public subsidies to Tirrenia – CIN (Compagnia Italiana di Navigazione) for a maximum of 12 months, from the end of the current general state of emergency which expires on July 31.

In case the emergency will be prolonged, the expiring date of the public subsidies follows.

According to the agreement signed in 2012 (when Moby purchased the former public company Tirrenia trough CIN), the subsidies should end on July 18. (EUR 72 million per year)

Now the Italian government allocated another EUR 30.2 million and 42.4 million for 2020 and 2021 respectively, subject to approval of the European Commission.

CIN, company of the Moby group, did not pay the first and the second deferred payments, expired in April 2016 and 2019, and worth respectively EUR 55 and 60 million. Therefore the ‘bad’ company Tirrenia in Amministrazione Straordinaria, controlled by the Italian economic development ministry, is still looking for a solution. According to some rumours (and not denied) by, the Italian government is considering a ‘rescue plan’ similar to the one planned for the national airlines Alitalia in the recent past. In case, a new company, in which the State participates, and in partnership with one or more private investors would take control of Tirrenia’s assets and pay EUR 180 million to the bad company. One of them might be Grimaldi Group.