115-year-old German yard files for bankruptcy

115-year-old German yard files for bankruptcy

German shipyard Nordseewerke has filed for bankruptcy. Based in the northern German city of Emden, the ailing yard has been close to shutting its doors for many years. Its most recent work has been providing segments for cruiseships being built by Meyer-Werft. This is actually the third time the yard has filed for bankruptcy this decade with the local Lower Saxony government forking out millions of euros to try and keep it solvent.

The yard was founded in 1903 and belonged to Thyssenkrupp until 2010, when it was taken over by Schaaf Industrie. After the first bankruptcy in 2012, DSD Steel took it over until its second bankruptcy in 2015. Today it has just 80 employees. The local government has decided to stop funding the site and it will now close.

Emden, once a thriving shipbuilding centre on the world stage, last delivered an actual ship nine years ago.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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