Restructuring and new concept: From containership to special-purpose vessel

摘要

The hitherto very successful concentration of Sietas on containerships proved to be problem with the advent of the economic and financial crisis causing a sudden halt in demand particularly for this segment. While it still achieved profits between 2004 and 2006, it suffered a loss of approx. Euro 9 mio. in 2007. In summer 2008 the yard still had orders worth over Euro 1 billion, but up to spring 2009 this level dwindled away to only Euro 375 mio., corresponding to not more than a year's production. Containerships were almost impossible tornsell at a time of declining world trade, cutbacks in transport services and falling freight rates.