FastShip files for Chapter 11

Now, though, the FastShip project has wound up in the bankruptcy court. ON March 22, FastShip, Inc. and two affiliates, FastShip Atlantic, Inc. and Thornycroft, Giles & Co., Inc. (collectively, the “Debtors”), filed for Chapter 11 protection in the US Bankruptcy Court of the District of Delaware.

Founded in 1997 the plan was for 40 knot containership service using gas turbine propulsion that would complete a transatlantic crossing in less than four days. It was initially planned to be launched as early as 2000, but the project was continuously delayed.

According to a declaration offered in support of the Chapter 11 petitions, the Debtors “are private companies that attempted to raise seed capital to implement a business plan using patented ship technology to revolutionise international freight transportation.”