The new container ship stuck on a reef off New Caledonia will be scrapped.
The Kea Trader hit the Durand Reef in July on a voyage from Papeete to Noumea.
The Chinese-built vessel, which was almost 200 metres long, was reportedly travelling at about 35 kilometres per hour when it crashed onto the reef.
An environmental disaster was averted because the Maltese-flagged ship was double-hulled.
As part of rescue efforts, its fuel was pumped out and its cargo offloaded to prepare for the ship's refloating.
Reports said the salvage operation had, so far, cost about $US30 million which is more than the ship cost to build.
Once refloated, the ship will be scrapped.
There has been no word why the ship ran aground in what were excellent weather conditions.