Eight months after being seized, the fate of the stateless fishing vessel Bangun Perkasa has finally been decided. Despite earlier calls from Senator Mark Begich to scuttle the vessel, it will instead be sold for scrap metal, as the Associated Press first reported on Monday.

The Coast Guard seized the Bangun Perkasa on the high seas in October while it was driftnetting, a fishing practice banned worldwide because of its indiscriminate take of marine life.

The government estimates the current market value of the decrepit vessel at $250,000, about half the amount it paid for the combined costs of mooring and de-ratting the ship. However, the vessel’s replacement value - what it would cost the owner to buy a new vessel for the same purpose – is estimated at $7.5 million.

The scrap metal contract isn’t actually out to bid yet, but four companies have expressed interest in the project, if and when bidding does open. 

See photos of the vessel here.