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

The Taku sailed past Singapore on Friday on the way to being scrapped, CoastAlaska News reported . 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 the Taku across the Pacific Ocean in hopes of finding a buyer to keep it in service but that didn’t work out. Evans called the situation a tragedy.

“She’s going to go to the scrapyard and sold for demolition. So that’s the end of the Taku,” he said.

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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.

“It costs us $55,000 to insure it for the voyage. My crew payroll’s running about $2,000 a day. The fuel bill was probably just under $400,000. There’s some big figures there, you know,” Evans said.

State officials put the Taku up for sale a little more than a year ago. The original minimum bid was $1.5 million. But it took several tries to sell it, each with a lower price.

The Taku has not been a working ferry for several years. It was tied up in 2015 because of its age, as well as budget cuts.

Evans said most of the Taku will be recycled. Some parts, such as generators, will be sold whole.

The cut-up hull will be reprocessed into rebar.