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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.
