Do Upgrades Add To The Sellback Rate?

[Brown Beard]

I have recently purchased a Frigate for raiding and want to increase hull and sail armoring, however I don't want to lose 10,000 gold in the sellback. Do the upgrades you make on a ship increase its sell back value?

 

[Captain Cat]

"...You will sell the ship for half the price that you bought it for (you will not credit for any Ship Customization)." - Pirates Online Wiki, Shipwrights.

This is still holds true in TLOPO, as of v1.9.0 Beta