Stena Line, a Swedish ferry operator, has reportedly pulled out of a takeover bid for the Genting Dream in a bid to enter the cruise industry in Asia.

The news came via NDR, citing insolvency administrator Christoph Morgen, who said Stena was close to having a financing deal for the cruise ship, which sits about 80 percent completed at MV Werften.

The deal ultimately did not happen, with the news outlet citing uncertainties in the Asian market, including China’s No-COVID policy.

“Our prospect always said they wanted to buy a shipping company in Asia consisting of Dream Cruises and three ships,” said Morgen on NDR MV Live. 

Morgen said there were still two interested parties in the Global Dream, with one party being Genting’s Tan Sry Lim Kok Thay.

He noted that one party expressing interest wants to move the ship elsewhere to complete it.