What would have been one of the world’s largest cruise ships, and the world’s largest by passenger capacity, is being prepared for its maiden voyage – to a scrapyard.

This sad situation is the result of the collapse of Genting Hong Kong, which owned both the MV Werften shipyard in Germany and Dream Cruises, the Asia-based line where the mammoth ship was destined. The company also owned Crystal Cruises and Star Cruises.

Global Dream and the tentatively-named Global Dream 2 were in advanced stages of construction when Genting Hong Kong and shipbuilder MV Werften filed for bankruptcy in January.

Now German cruise industry magazine anBord is reporting that the lower hull of Global Dream 2 is to be sold for scrap price. Engines and some other equipment will be sold separately.

The shipyard itself has been sold to Thyssenkrupp’s naval unit, which will build military vessels there. It wants the ship gone by year-end.

The liquidators for MV Werften are still holding out hope that they can find a buyer for Global Dream, which is about 80% finished.

At 208,000 tons, the sister vessels would have been tied for the world’s sixth-largest cruise ships by size when complete, just behind Royal Caribbean’s five Oasis Class ships.

Both of the vessels were specifically designed for Asian travellers, and promised amenities including the largest cinemas at sea and the first ‘theme parks’ on the top deck of a cruise ship.