An agreement regarding the sale and leaseback of Crystal Endeavor, the first of three high end of the market 19,500 gross ton expedition cruise vessels Crystal Cruises has on order, has fallen through, the cruise line’s parent company Genting Hong Kong said in a statement.

The Covid-19 pandemic has led to a significant delay in the construction of the ship at MV Werften, which is also part of the Genting Hong Kong group. This together with constrains for cruise operations to resume led both parties to agree to terminate the proposed transaction.

“Further, the parties agreed that the First Installment to be refunded to the Purchaser under the Acquisition Contract shall be set off against the Subordinated Loan to be repaid to the Seller under the Subordinated Loan Agreement,’ Genting Hong Kong said, adding that its board considers that the terms of the Termination Agreement are fair and reasonable and in the interest of the company and its shareholders as a whole.