Gianluigi Aponte, the 85-year-old founder of Mediterranean Shipping Company, has handed control of the world's largest container shipping line to his two children. Son Diego, who became group chief executive in 2014, and daughter Alexa, the CFO, now assume greater operational authority. Aponte built MSC from a single second-hand ship in 1970 into a maritime empire with almost 800 vessels and an estimated personal fortune of $44bn. The company overtook Denmark's Maersk in 2022 and now controls about 20% of the global container market.

MSC recently expanded into oil tankers by acquiring a 50% stake in South Korea's Sinokor, just before the US-Israel war with Iran. The conflict has proven lucrative — tanker rates have jumped to $200,000 per day from $40,000 a year earlier. However, the geopolitical risk became clear this week when Iran seized two MSC ships, with at least seven vessels still stuck in the Gulf. MSC is one of the few European shipping companies willing to transit the Strait of Hormuz.

The family keeps an iron grip on management while maintaining extreme secrecy. MSC has never disclosed financial results, though leaked 2022 figures showed €36.2bn net profit on €86.4bn turnover with €63bn in cash reserves. Industry executives describe MSC as ruthless and cost-focused, with a philosophy of doing whatever benefits MSC's business. The company declined to comment on the leadership transition.