Report: COVID scraps unused cargo ships, crude oil price climbs

Cargo ships and cruise liners are being scrapped in growing numbers as operators hit by the fallout from the pandemic look to turn their unemployed vessels into cash in the recycling market. Car-carrying vessels and iron-ore haulers lead the swelling fleet heading for demolition. Cruise ships, still idled by the restrictions, are joining the lineup at ship-breaking yards, where the vessels are pulled apart for their steel.
Crude oil is up this morning, adding to this week’s surge. After huge price boosts from positive coronavirus vaccine news and OPEC suggesting it may delay or reverse plans to ease oil production cuts, crude received another boost late yesterday from bullish data that showed a 5.2 million-barrel drop in U.S. crude stocks.