Just Now, This Shipping Company Has Officially Applied For Bankruptcy!

It is reported that, early on, and chartering shipowners in the valley shipping dispute, resulting in a large number of Chinese owners of freight forwarding enterprises, container containers were seized by the Italian shipping company KCN Shipping, which recently suddenly applied for bankruptcy protection!

It is understood that in 2021, when the supply chain bottleneck caused by the epidemic is close to its peak, the Italian freight forwarding giant Rifline announced the establishment of a shipping company called KCN Shipping (full name: Kalypso Compagnia di Navigazione), in order to ensure that the customer's goods are delivered at the high freight rates and it is difficult to get space on the ship of the large shipping companies when it is expensive and difficult to get space on the big shipping companies.

However, the high tide of shipments caused by the epidemic has receded, with plummeting freight rates and reduced demand causing the companies, which were set up during the epidemic, to throw in the towel and admit defeat!

Local media are reporting that KCN Shipping, an Italian start-up container shipping company, has filed for bankruptcy protection with a court in the Italian port city of Genoa following plummeting freight rates and disruption of services to Israel.

It has been reported that the Nakatani Xiongnu vessel, chartered by KCN Shipping, recently received a notice of attachment from its creditors shortly after its arrival at the San Cataldo container terminal in the Port of Taranto (Taranto) for non-payment of its fuel supply costs (approximately US$2.2 million).

The companies that have filed insolvency claims against KCN Shipping are in fact multiple companies for whom there will now be no choice but to turn to the liquidators in order to obtain recognition of their debts, with little hope of obtaining a high level of repayment.

In fact, KCN Shipping does not control significant assets other than the number of containers it has acquired and therefore directly owns, and the container ships purchased in 2022 (historically at the highest market price) will be sold and chartered back to an Asian financial entity a few months later.

It has been reported that in early October 2023, due to a financial dispute between KCN and the chartered vessel owner Zhonggu Shipping, a KCN chartered vessel with a capacity of 2,518 TEUs, "Zhonggu Linyi," was seized by the ship's owner, resulting in the seizure of a large number of containers on board the vessel from Chinese forwarder-owner companies, which have been stranded for more than three months now!

The ship track provided by ShipHub shows that the vessel "Zhonggu Linyi," which was detained together with the cargo on board, has been stranded in Hong Kong waters for a long time. Previously, the two parties involved in the incident were rumored to be negotiating for a solution, but with the filing of KCN for bankruptcy protection, it is expected that the resolution of the incident will be further aggravated.

Initially, KCN Shipping's chartered vessels were said to serve only the Asia-Italy route, with a transatlantic service to New York added at the end of 2022.

Like many other emerging container shipping lines, KCN Shipping abandoned its Europe-U.S. East Coast service in early 2023 due to weak demand and plummeting and uneconomic freight rates.

With the abandonment of the Europe-U.S. East service, the company has only one remaining service between China and Italy, which is served by four smaller vessels chartered by KCN Shipping from Chinese shipowner Zhonggu Shipping.

The ports of call are: TAICANG, NINGBO, DACHAN BAY, CHATTOGRAM, ASHDOD, TARANTO, SALERNO, GAETA, LA SPEZIA, and VALENCIA.