Dutch yachting media are today reporting that Jetten Shipyard cannot pay creditors, but that the Dutch motoryacht builder is confident it can avoid bankruptcy and is in acquisition negotiations.

The announcement follows a number of successful years. Jetten won European Motor Boat of the Year awards in 2015 and 2017. In an online report, the Jachtbouw Nederland trade magazine quoted director Jeannot Grim as blaming his financial woes on underselling and overreach.

"Simply put: we are too cheap,” he said, “Our costing has been too rosy making most of our boats in stock unprofitable.” He said Jetten also lacks engineering clout and takes on too much work.

The yard website lists the aluminium Jetten Beach series (45ft- 75ft) ranging from €695,350 to €3,980,000, excl. VAT.

Jetten Shipyard was founded in 1997 by brothers Marcel and Sander Jetten. In July 2017 they sold the company to then general manager Grim to spur international growth. They remained closely involved with the yard to focus on custom construction, engineering and refits.

Jetten makes steel and aluminium motoryachts from 38ft-65ft (11.6m-20m) in five model lines. To date, the yard has built more than 325 ships in five model lines, including its award winning Beach series (the Beach 45 is pictured). It outsources steel hulls but builds aluminium hulls itself. The yard employs about three dozen workers.