Euroseas, TOP Ships, and SEANERGY MARITIME are all climbing in the market along with just about any other shipping stock out there. All of these stocks started the day off in the green and spent the rest of the session climbing to further highs. Today, we’ll talk about what we’ve seen from the stocks listed above, why, and what we’ll be watching for with regard to ESEA, TOPS, and SHIP ahead.
What We’re Seeing From ESEA, TOPS, And SHIP
As mentioned above, Euroseas, TOP SHIPS, and SEANERGY MARITIME are all having an incredible day in the market. After starting the day off in the green, these stocks have continued to soar higher. Currently (12:25), ESEA, TOPS, and SHIP, are trading at $4.08, $5.22, and $4.95 respectively. This comes after respective gains of $1.89 (86.30%), $1.82 (53.53%), and $2.20 (80.00%) thus far today.
Why Are Shipping Stocks Soaring?
If you look at the entire shipping sector, you’ll see that the stocks are soaring. So, why is it that ESEA, TOPS, SHIP, and many others are seeing gains? Well, the reason is relatively simple. Yesterday, investors saw an update to the Baltic Dry Index. This index tracks the shipping industry and gives us an idea of what demand is like at the moment and what we’ll be seeing ahead.
The update in the Baltic Dry Index was great for Euroseas, TOP SHIPS, and SEANERGY MARITIME because it showed that shipping demand was on the rise. The index climbed from 800 points to 1,000 points.
What We’ll Be Watching For Ahead
Moving forward, things are looking great for ESEA, TOPS, SHIP, and the rest of the shipping industry. However, keep in mind that just as the demand increase surprised, we could see a surprise decrease that has the opposite effect. However, with more and more consumers shopping online and holiday season just around the corner, I’m expecting to see more gains ahead.
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[Image Courtesy of Wikimedia]