JUNEAU, Alaska (AP) – The new owner of Alaska’s former ferry named Taku says the ship is on its way to a scrapyard.

CoastAlaska News reports that the Taku sailed past Singapore on Friday on the way to being scrapped. Jabal Al Lawz Trading bought the 55-year-old ship earlier this year.

Co-owner Ben Evans of New Zealand said it will end its sailing days in India later this month. Evans said the company sailed it across the Pacific Ocean in hopes of finding a buyer to keep it in service, but that didn’t work out.

The state sold the ship for $170,000. Evans said his company will probably get about $1.5 million for the ship, but that costs associated with sailing it across the ocean will knock down the profit.

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