Italian startup container line Kalypso has filed for bankruptcy following a collapse in freight rates and the disruption of its services to Israel, reported Italian media.

As the EU Emissions Trading System (EU ETS) became enforceable from 1 January conflict in the Red Sea has seen many vessels divert to the much longer route around the Cape of Good Hope, both impacting container freight rates.

Maersk announced it will extend a 48 hour pause to transits through the Red Sea and Gulf of Aden until further notice following the attack on one of its ships over the weekend.

As the end of 2023 approaches the Seatrade Maritime News team will be taking a short break.

The situation in the Red Sea, with vessels switching to longer voyages to avoid attacks, has been the subject of considerable commentary.

Three container ships, one each from MSC, Maersk and CMA CGM, were identified on VesselsValue AIS heading south in the Suez Canal towards the Red Sea danger zone despite the carrier’s saying they had re-routed vessels around the African Cape.

Malaysia has banned Israeli owned ships and vessels bound for the country’s ports in response to the war in Gaza.

Over 60% of Seatrade Maritime News readers expect the container shipping market to take three or more years to recover from its current downturn.