Insolvency
After the global recession in 2009, container shipping demand fell sharply, and J.J. Sietas had to contend with numerous cancellations and a dwindling backlog, eventually turning away from container ship work and concentrating on specialty shipbuilding niches. These included heavy lift vessels, ferries, and offshore vessels. The last container ship was completed in November 2009. On November 6, 2009, the 393rd and last container ship, or feeder, was delivered. In December 2010, Sietas received an order for the first German-built offshore wind power transport and installation vessel, named Aeolus, which was completed in February 2014 for the Dutch Van Oord group. This ship was both the last and biggest ship built in the shipyard, before the takeover by the Russian Pella group in April 2014.[9]
At November 17, 2011 due to excessive debts, an application for bankruptcy was made; insolvency proceedings were made on 1 February 2012. Following the proceedings, the Sietas shipyard was sold to Pella, Norderwerft was sold to Bremer Lürssen, and Neuenfelder Maschinenfabrik (NMF), which makes cranes, was approved for acquisition by the Norwegian TTS Group ASA.
In February 2014, the Sietas shipyard was property of the Terra Line GmbH in Hamburg, owned by the St. Petersburg-based Pella Shipyard. Under the agreement, the yard would continue to operate for at least eight years, and 120 employees were retained. The name of the shipyard company was changed after the takeover to Pella Sietas GmbH.
The first ship constructed entirely in the new shipyard was a small passenger ferry named Elbphilarmonie for Hadag Hamburg.[10] In addition, repair services for Hamburg ferries and barges were developed. A second ferry named Kehrwieder was also completed in 2018. Since then, several ships' sections have been made for the Meyer shipyard in Papenburg for large cruise ships, and modular sections for a passenger ferry on Lake Constance.[11][12]
The new administration filed for insolvency in July 2021, due to cash flow problems.[13]
