Why Castor Maritime Stock Is Soaring This Week

Shares of shipping company Castor Maritime (NASDAQ: CTRM) are popping this week, and there are two logical reasons for it. At its peak the stock was up more than 33% during the week, and shares remained 18% above last week's closing price as of late Thursday afternoon.

Castor Maritime operates a fleet of ocean-going vessels, most of which are dry bulk carriers. Once all recently acquired ships are delivered, Castor's fleet will consist of 27 vessels including 19 dry bulk carriers. The company sets charter rates based on the Baltic Dry Index (BDI), which itself has jumped 17% over the past week.

Image source: Getty Images.

Source Fool.com