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The global shipping industry is getting its biggest payday since 2008 as the combination of booming demand for goods and a global supply chain that’s collapsing under the weight of COVID-19 drives freight prices ever higher.

Times are getting tougher by the day for oil tanker owners.

Saudi Arabia’s oil production cuts have hit the tanker market so hard that owners of the biggest vessels are effectively subsidizing cargo deliveries on the industry’s main trade route.

Oil extended its slide to a second day on a cocktail of surging coronavirus cases in the U.S. and Europe, dwindling prospects for pre-election stimulus in Washington and a steady resumption of supply from Libya.

Oil fell below $42 a barrel in New York as OPEC+ gathered to assess its supply deal, with countries struggling to contain the virus that has hurt economies and fuel demand globally.

Oil surged after Saudi Arabia raised prices for its crude globally.

The world will run out of places to store oil in as little as three months, according to an industry consultant.

Oil tankers are starting to drop anchor as traders start deploying the vessels to keep barrels at sea in the wake of the price plunge.

Oil’s spectacular collapse deepened as widening global efforts to fight the spread of the coronavirus looked set to trigger the most severe contraction in annual oil demand in history.

Oil held its biggest gain in almost seven weeks after improved U.S. and Chinese economic data aided the demand outlook, while optimism increased that the U.S. and China will resolve their trade dispute.