Watkins, Richard Howells "Sea Room for a Sailor"

A World War 2 North Atlantic convoy story. Young Nova Scotian Neil Cameron, commanding the THURSO, a Canadian corvette, off the coast of Iceland, has to keep a watch out for both Germans and also a freighter in his convoy, the ELSPETH MacDONALD, captained by his own father, John Cameron. The elder Cameron chafes at being placed in a “slow” convoy when his own vessel can make a fast 17+ knots, and impetuously strikes out alone. Neil Cameron takes the THURSO after the errant ELSPETH MacDONALD and sights a German U-boat at the same time that he locates his father’s freighter. In the ensuing battle, the corvette succeeds in sinking the submarine, but only after she herself has suffered a mortal injury. The corvette’s crew is rescued by Capt. Cameron’s freighter, and the old man is disheartened by what his folly has wrought. His son’s rejoinder is that a “corvette for a submarine” has been a good exchange.
“Ay, true,” said John Cameron keenly. “But it’s still your ship that’s sunk, son, and I know how sad a business losing a ship — “

”No!” said Neil. He flung a hand downward. “There’s my ship – the best, irreplaceable part of it, down there in your forecastle, getting hot drinks and warm words. I lost no more than a bit of wood and steel stuff that they’re turning out by the mile.” His voice sounded steady enough to his ears. “The real ship is the boys down there, what’s left of ‘em, ranks and ratings alike, the real ship, Dad. And so you’ll see after we make port.” — p. 80.