Yes it is a sad day for the North East. I was talking with the Captain (Queen of Scandinavia) and Bridge Crew on the day the press release went out. Suprisingly (or not) they were not aware of the release at least two hours after it had been made.
The Queen is an excellent ship, but totally unsuited to the route to Norway due to her size, weight and fuel consumption. The route has been carrying good numbers (75% to 80%) full passenger wise and similar freight decks. However passengers just do not want to pay the prices that would keep the route in service. The Queen costs £100,000 a week in fuel alone and that is before the crew, port charges, environmental taxes etc.
Personally I do think that we will sadly see more of the routes that are long and out on a limb so to speak being closed due to fuel prices and passenger prices etc.