There isn’t a lot happening in the stock market today, however shares of Castor Maritime Inc. (NASDAQ: CTRM) are up 7.33% as we go into the lunch time break. I don’t own this stock, but I just noticed it when I ran a scan of all the stocks trading on the major US stock exchanges and ranked them by year to date performance. These are the top results.
Castor Maritime Inc (NASDAQ: CTRM) is number seven on the list with a 570% gain so far this yeark, since the first stock trading day of the year. The stock has a $633 million market cap and the Cyprus based company operates six dry bulk shipping vessels. There is excitement on Twitter over the stock. It has even gone up high enough and fast enough to attract Robinhood stock chasers.
Here is the chart of the stock so you can see it has indeed gone on a tear.
What is helping to drive the stock up is a simple rally throughout the shipping sector. I actually bought several shipping stocks a few weeks ago and wrote about them a week ago here. I didn’t buy Castor, because I was looking to buy ones that pay a dividend, which Castor does not. They also are mostly larger companies with more vessels in operation, but the fact that Castor is one of the top gaining stocks in the entire US stock market demonstrates the importance of being invested in the right sectors in the financial markets. This company is looking to grow. Yesterday it announced in a press release that it had completed a deal to “purchase a 2010 Korean-built Kamsarmax dry bulk carrier from an unaffiliated third-party for a purchase price of $14.8 million”