The freight forwarder Rif Line launched Kalypso in mid-2021 and chartered ships to service the trade between Asia and Italy. It then added a transatlantic service to New York in late 2022. 

Kalypso abandoned its Europe - US East Coast service in early 2023 because of weak demand and low freight rates. 

Kalypso was also hit by disruption of its Asia-Med service enroute to the port of Ashdod, Israel, due to the ongoing conflict between Israel and Hamas.

Kalypso is in financial trouble, said 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.