SEANERGY MARITIME Common Stock (NASDAQ: SHIP)

SEANERGY MARITIME looks like it is going to have an incredible day in the market today. While the opening bell has yet to ring, the stock is already showing some impressive movement in pre-market trading. Below, we'll talk about what we're seeing, why, and what we'll be watching for with regard to SHIP ahead.

What We're Seeing From SHIP

As mentioned above, SEANERGY MARITIME is looking like it's going to have an overwhelmingly strong day in the market today. At the moment, the market isn't open quite yet. However, the stock is already trading on impressive pre-market gains. Currently (9:21), SHIP is trading at $1.50 per share after a gain of $0.20 per share (15.38%) thus far today.

Why The Stock Is Headed Up

As always, when our partners at Trade Ideas informed us that SHIP was making a run for the top, the CNA Finance team started digging to see exactly what it was that was causing the movement. In this particular case, it took a bit to piece together the story. At the end of the day, there has been no fundamental news released about SEANERGY MARITIME that would suggest such large gains would be on the way. Nonetheless, we did find something.

Yesterday, DryShips made a run for the top after announcing $200 million in funding and planned partnerships with two other shipping companies. For some time now, when DryShips runs upward, the rest of the shipping sector tends to follow. With strong gains on DryShips yesterday, it makes sense that shipping sector investors are becoming excited. Ultimately, this is what's pushing SHIP upward.

What We'll Be Watching For Ahead

While I hate to say this, I'm watching for steep declines in the shipping sector as a whole. While the DRYS news was positive, the Baltic Dry Index is falling. This generally signals bad news for the shipping sector in the market. Nonetheless, we'll keep an eye on the news and bring you the story as it breaks!

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[Image Courtesy of Wikimedia]

Hey everyone, I'm Joshua Rodriguez. I'm the founder of CNA Finance as well as several other sites. If you'd like to connect with me, follow me on or Twitter! I'd love to see ya there. Also, if you're looking for top quality content for your blog, news outlet, or any other website for that matter, please reach out to me at CNAFinanceHelp@gmail.com! Legal Disclaimer - The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. The author wrote this article themselves, and it expresses their own opinions. The author is not receiving compensation for it (other than from CNAFinance). The author has no business relationship with any company whose stock is mentioned in this article.

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