The stock of international shipping company Castor Maritime (NASDAQ: CTRM) has been soaring this week. As the market heads into the final hours of trading for the week, shares of Castor Maritime are more than 37% higher than last Friday's closing price, according to data provided by S&P Global Market Intelligence .
Before investors get too excited about the stock's big move this week, they should realize that even after the monster gain, Castor Maritime shares are still down 50% over the last 12 months.
But shares have been on the upswing since they bottomed in late January. That's when a severe downtrend in the Baltic Dry Index (BDI) reversed a three-month-long decline. Castor Maritime sets its charter rates based on the BDI.
For further details see:
Why Castor Maritime Stock Shot Higher This Week