Shares of international shipping company Seanergy Maritime Holdings (NASDAQ:SHIP) have lost their price momentum over the past month. An ongoing supply-demand mismatch and labor crunch are making life difficult for companies in this space. So, considering SHIP's weak profitability and the industry headwinds, can the stock regain its lost momentum in the near term? Read more to find out.Seanergy Maritime Holdings Corp. (SHIP) is the first publicly traded pure-play Capesize ship owner in the United States. The company operates a modern fleet of Capesize vessels for maritime dry bulk shipping. SHIP operated a fleet of 11 Capesize vessels as of February 19, 2021.
SHIP’s shares have declined 28.1% in price over the past month to close yesterday’s trading session at $1.10. The stock is currently trading 55.1% below its 52-week high of $2.45, which it hit on February 26, 2021, indicating bearish investor sentiment.
Though the shipping and freight industry is witnessing a spike in demand ahead of the holiday season, an ongoing labor shortage at U.S. ports and a market supply-demand imbalance have caused historic cargo-ship backlogs. This could negatively impact SHIP’s growth prospects in the near term.