Italy’s Kalypso Compagnia di Navigazione has suspended its transatlantic service due to a severe drop in freight rates.

The Genoa-based company is closing its fortnightly service from the Western Mediterranean to the US East Coast.

Kalypso, a subsidiary of Rome-based logistics group RifLine, launched the service last October with two 1,800-teu to 3,000-teu ships.

Since then, the freight market has deteriorated heavily and the company has decided to quit the service, managing director Gianfranco Gazzolo confirmed.