TACOMA, Wash. -

One of the last major shipyards in Tacoma may be closing next month after 90 years of building vessels on the Thea Foss Waterway.

The News Tribune reports J.M. Martinac Shipbuilding Corp. faces a foreclosure auction on July 18 unless it finds new business or an investor.

It owes $415,000 in payments and fees on a $5.4 million loan.

Since 1924, the shipyard has constructed 256 vessels. That last one left the shipyard a year ago.