The story
The oldest existing shipyard in Hamburg until November 2013, it was founded in 1635, making it one of the oldest companies in the city. From its inception, the company was continuously owned by the founding family, in the ninth generation by 2009. Wooden boats were built in the early years, later followed by brigs and other types of ships. In the early 20th century, production shifted from wood to steel vessels. From the 1950s, the shipyard focused on constructing ships in sections. In recent years, small to medium-sized container vessels were built.
After the shipyard experienced financial difficulties due to rising steel prices, the rapid fall in demand for container ships and miscalculation of costs, the shipyard's largest creditor, HSH Nordbank took over management in early March 2009, the first time the company was managed by someone outside of the founding family since 1635.
From Wikipedia’s article on Pella Sietas, shared under CC BY-SA 4.0.4