(Updated 12:08 p.m. EDT) -- Faced with declining revenues and a lack of passengers during the global COVID-10 pandemic, some cruise lines are taking an unpopular but necessary step: Selling off older vessels for scrap.
Most modern cruise ships have service lives of 40 years or more. While it is not uncommon to see cruise ships built in the 1970's and 1980's go to the breakers, older vessels are usually transferred first to another, smaller cruise operator -- a market that is often referred to as "secondhand tonnage."
It's more unusual is to see relatively young vessels head to the breakers. Yet that is precisely what is beginning to happen, due to the coronavirus pandemic. On June 25,