Germany's Sea Cloud Cruises is set to take delivery of a new cruiseship in June 2020 - 13 years after it was ordered.
The 4,200-gt Sea Cloud Hussar is being completed as Sea Cloud Spirit at Metalships & Docks in Vigo, Portugal, Clarksons data shows.
It was contracted for a reported $40m in 2007 at Factoria de Naval Marin, which went bust in 2010.
The vessel was originally due to launch in 2009.
Sea Cloud is part of Hansa Treuhand and has two other cruise vessels.
The new ship will carry 136 people.
In 2011, TradeWinds reported that the Hamburg-based company had demanded reimbursement of down payments, via bank guarantees, for the ship.
It was said at that time to be largely complete and almost ready for launching.
Fitting out the interior, however, was halted earlier in 2010 when a major supplier also filed for bankruptcy.
