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Italian startup container line Kalypso has decided to file for bankruptcy procedures, according to local media, following a collapse in freight rates and the disruption of its services to Israel. <\/p>\n
The freight forwarder Rif Line launched Kalypso in mid-2021 in response to the late pandemic era's soaring freight rates. Initially it chartered ships for direct runs from Asia to Italy, then added a transatlantic service to New York in late 2022. <\/p>\n
The latter route was the first to go. Like many other upstart container lines, Kalypso abandoned its Europe-U.S. East Coast service in early 2023 because of weak demand and plummeting, uneconomic freight rates. <\/p>\n
Kalypso was also hit by disruption of its Asia-Med service en route to the port of Ashdod, Israel. Ashdod is open, but the owner of Kalypso's chartered-in tonnage refused to allow port calls due to the ongoing conflict between Israel and Hamas. Two Chinese-owned boxships were affected, Kalypso confirmed to Shipping Italy in November. The carrier initiated a legal claim, but the shipowner refused to budge, even though other international container lines (including other Chinese state enterprises) have continued to call at Israeli ports. <\/p>\n
Kalypso is in financial trouble, the outlet reports: one of its ships has been arrested at Taranto, Italy for unpaid bunker bills, and other creditors are lining up for repayment. A consultancy has been appointed to administer the process of negotiating an orderly resolution. <\/p>\n
maritime-executive<\/p>\n","protected":false},"excerpt":{"rendered":"
Italian startup container line Kalypso has decided to file for bankruptcy procedures, according to local media, following a collapse in freight rates and the disruption of its services to Israel. The freight forwarder Rif Line launched Kalypso in mid-2021 in response to the late pandemic era's soaring freight rates. Initially it chartered ships for direct …<\/p>\n","protected":false},"author":1,"featured_media":36614,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[64],"tags":[82,2622,1426,13325,16922,16921,1745],"class_list":["post-36613","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-maritime-news","tag-container","tag-files","tag-line","tag-liquidation","tag-pandemicera","tag-rif-line","tag-startup"],"_links":{"self":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/36613","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/comments?post=36613"}],"version-history":[{"count":0,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/36613\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media\/36614"}],"wp:attachment":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media?parent=36613"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/categories?post=36613"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/tags?post=36613"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}