TOP Ships (TOPS) Stock: Here’s What’s Happening

Top Ships TOPS Stock News

TOP Ships Inc (NASDAQ: TOPS) is having an incredibly strong start to the trading session this morning. However, if you’re looking for press releases or SEC filings, you’re not going to find any. So, what’s the deal? Today, we’ll talk about:

  • Why TOPS is headed up;
  • what we’re seeing from the stock; and
  • what we’ll be watching for ahead.

TOPS Is Climbing

As mentioned above, TOP Ships is having a great start to the trading session today, but the company hasn’t released any news. So, what’s the deal? Here’s what’s happening:

If you take a look at the shipping sector as a whole, you’ll see that TOPS isn’t the only stock that’s flying. We’re seeing strong movement out of GLBS, DCIX, DRYS, ESEA and others. Like TOP Ships, none of these companies have released any news. Nonetheless, there’s a good reason for the gains.

First and foremost, shipping stocks are a beneficiary of the trade talks between the United States and China. At the moment, tensions seem to be starting to die down as leaders from both countries are in the midst of trade talks. So, things may be going in the right direction for shippers and investors seem to be taking note.

Another key factor here has to do with oil prices. When it comes to the shipping sector, one of the largest costs that must be considered for TOPS, or any other for that matter, is the cost of fuel. With oil prices being relatively low at the moment, this large cost has been greatly reduced for players in the sector. Recent news, like the slashing of Goldman Sachs oil price expectations for the year, oil production growth in Canada, and more are likely to keep prices relatively low. This is good news for the shipping sector as a whole and investors seem to be taking note.

What We’re Seeing From The StockĀ 

One of the first lessons that we learn when we start to dive into the market is that the news leads to moves. When it comes to TOP Ships or any of the other big gainers in the shipping sector for that matter, the companies haven’t released any news of their own. Nonetheless, sector-wide news seems to be great, exciting investors and sending the stock and sector screaming for the top. As is just about always the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:23), TOPS is trading at $1.20 per share after a gain of $0.22 per share or 22.55% thus far today.

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What We’ll Be Watching For Ahead

Moving forward, the iWatch Markets team will continue to keep a close eye on TOPS and the shipping sector as a whole. In particular, we’re interested in following the story surrounding low oil prices, trade war talks, and how the various companies across the sector work to take advantage of changing tides. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!

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