Italy’s illimity Bank is the lender behind domestic start-up Kalypso Compagnia di Navigazione’s entry into container ship owning.
The bank’s legal advisor, Watson Farley & Williams (WFW), said illimity acted as the lender, arranging and agent bank for the transaction, in which the company acquired the 3,426-teu MPC Group-linked Burgundy (built 2008) in September.
Illimity oversaw two loans: one secured under the SupportItalia guarantee issued by Italian export credit agency SACE, and the second under a guarantee granted by the European Investment Fund, owned by European Union member states.
Kalypso has now increased its fleet to four vessels, including chartered units.
The deal furthered its strategic aim of modernising the fleet to consolidate its standing as a leading global logistics company, WFW said.
Kalypso is a new subsidiary of Rome-headquartered RifLine International, part of the international logistics group led by Francesco Isola.
The WFW Italy maritime team that advised illimity was led by partner Michele Autuori, assisted by senior associate Antonella Barbarito and associates Beatrice D’Amato and Noemi D’Alessio.
Banchero Costa acted as broker on the Burgundy’s sale and purchase, and UniCredit provided Kalypso with a commercial credit line.
The ship changed hands for around $24m with a time charter attached, broking sources said.
It is now worth $28.75m, according to VesselsValue.
Working with Italian owners
illimity unveiled itself as a backer of Italian shipowners last May and told TradeWinds it was closing in on more maritime deals.
The lender, led by banker and former government minister Corrado Passera, refinanced domestic shipowner Navigazione Montanari in 2021.
In January this year, Italian owner Sider Navi tapped the bank for cash to buy two secondhand cargoships.
The undisclosed amount of finance took the form of two loans to partly pay for the 8,050-dwt Sider Bergen (built 2009) and Sider Sonja (built 2008) from a sister company, Nova Marine Carriers of Switzerland.
Chinese runs
Kalypso, which was launched at the end of last year, has built up a chartered fleet including its largest vessel, the 3,091-teu Hammonia Lipsia (built 2004).
The ships operate in services from China and Bangladesh to Italy, as well as in intra-Mediterranean services connecting Italy with Libya and Turkey.
The company also operates with Indonesian partner Kaiso Line as co-loader on services from Jakarta.
