A ship that used to hold a floating restaurant in Toronto's harbour will be sold to the Marine Recycling Corporation and removed.

Ports Toronto received a federal court approval on Monday afternoon to sell the dilapidated ship, located at Queens Quay and Yonge Street.

According to Ports Toronto, a company will come in to tow and recycle the former iconic ship in a “safe and reliable manner.”

It is estimated that the ship will be removed by the end of May.