Lloyd Werft may be shutting down at the end the year, according to German news sources.

The shipyard, which is a key cruise ship drydock and has been involved in newbuildings over the years, was acquired by Genting in 2015.

With the pandemic having a negative effect on the global cruise industry, the yard’s workforce was informed on Friday that the yard may close at the end of the year due to a significant downturn in business.

Workers were also asked to enter into negotiations to help keep the yard open. German news reports also said that there is a prospective buyer for the yard.