According to Italian media reports, Italian start-up container shipping company Kalypso has filed for bankruptcy due to plummeting freight rates and interruption of services to Israel. Kalypso Shipping Company provides its customers with fast and reliable services in the most important markets. It provides services and activities mainly in Spain, Turkey, Libya and Italy. Freight forwarder Rif Line launches Kalypso in mid-2021 and charters vessels to service trade between Asia and Italy. The company then launched transatlantic flights to New York in late 2022. The latter route was taken first. Like many other emerging container lines, Kalypso abandoned the Europe-U.S. East Coast route in early 2023 due to weak demand and low freight rates.
Due to the recent ongoing conflict between Israel and Hamas, Kalypso’s Asia-Mediterranean route to the Israeli port of Ashdod has also been disrupted. Ashdod is open, but Kalypso’s charter owners have refused to allow a port call due to the ongoing conflict between Israel and Hamas. Kalypso confirmed to Italian shipping lines in November that two Chinese-owned container ships were affected. The carrier filed legal claims but the shipowner refused to budge, even as other international container liner lines continued to call at Israeli ports.
Kalypso is reportedly in financial trouble, with one of its ships arrested in Taranto, Italy, over unpaid fuel bills and other creditors lining up to be repaid. A consultancy has been appointed to manage the negotiation process for the settlement. So Kalypso has decided to file for bankruptcy. From a global perspective, in the post-epidemic period, the global economy has been in a downturn, and shipping freight rates have fallen back to 2018. Without rising freight rates, cargo transportation volume has declined, resulting in the financial situation of many small and medium-sized shipping companies. question. In 2023, shipping companies or transportation companies have successively made decisions to lay off employees or streamline costs, and many companies have even experienced sudden bankruptcy and bankruptcy. These are all possible consequences of an economic downturn.
Looking at the two years after Covid-19, freight prices have gradually fallen below the prices before the epidemic, and many freight companies were overwhelmed and ended up closing down. In this uncertain economic environment, shippers should be cautious when looking for freight companies and partners, be prepared for the international situation that may change at any time, and choose the right one while ensuring that their goods reach their destination. A cost-effective and safe time to ship. In the overall economic downturn, shippers must try their best to arrange the delivery of goods while ensuring the safety of goods and property. Surviving in this cold winter is a relatively big challenge.
