Astoria, OR -

A seafood trader who proposed a shipbreaking operation at the Port of Astoria says he and investors are pulling their money out.

Frank Allen of Blue Ocean Environmental had proposed the operation at North Tongue Point, a one-time submarine and destroyer base often mentioned as a site for dismantling derelict vessels.

The Daily Astorian reports the port has signed a memorandum of understanding with an undisclosed party that could end the port's operation of the 40-acre site, which it leases.

Allen told the paper he and unnamed Washington state investors need a site "free of commitments and unencumbered" by other projects.