Over the last few weeks, certain industries that have were beaten down by COVID have finally started to show signs of life. One sector in particular that we’ve seen try and breakaway from their recent lows is the maritime industry. While some of these stocks are nowhere near their pre-COVIDlevels, they are attempting to reverse the downtrend that they’ve been riding since last March.
Maritime Standouts:
Seanergy Maritime Holdings Corp (NASDAQ:SHIP) has been slowly trying to come back to life ever since the stock hit a 52-week low of $.39/share back in September 2020. The stock has been trending upward since, making larger breakout moves this month as shares traded up to an intraday high of $0.86/share (+38.2%). With no significant headlines so far this year, one can assume this rally is just a sentiment-driven run as there are other maritime companies up as well.
Seanergy Maritime is an international shipping company that provides marine dry bulk transportation services through the ownership and operation of dry bulk vessels. It generates a majority of its revenue from the vessels. The company fleet of vessels includes Fellowship, Championship, Partnership, Knightship, Lordship, Gloriuship, Leadership, Geniuship, Premiership, and Squireship.
Another maritime stock that has been performing recently is Castor Maritime Inc. (NASDAQ:CTRM). After making a 52-week low of $0.1123/share back in October 2020, shares have rallied quite significantly as they’re trading above both the 50-day and 100-day SMA at around $0.21/share. While this almost 100% comeback in share price is impressive, honestly the stock probably would’ve continued the momentum it was experiencing to an even greater extent if it weren’t for the private placement announcements that the company did at just $0.19/share.
Castor Maritime is a provider of worldwide seaborne transportation services for dry bulk cargo, including iron ore, coal, grain, steel products, fertilizers, cement, bauxite, sugar, scrap metal, among others. The company's revenues are derived from time charter, bareboat charter and spot charter contracts.
