Seanergy Maritime Holdings Continues To Deteriorate

Seanergy Maritime Holdings Corp. SHIP shares are trading lower by $0.24 (10 percent) at $2.71 in Monday's session. It was one of the issues that participated in the buying frenzy in the shipping sector instigated by the insane move in DryShips Inc. DRYS last week.

The issue, which peaked last Tuesday at $8.65, shed over $3 last Thursday and nearly another $1 on Friday to end the week at $2.95. This is quite a distance from Tuesday's closing price of $7.20.

After a higher open, it climbed another nickel to $3.10 before continuing its move lower. At this time, it has matched Friday's low of ($2.70).

If the decline continues, there is a string of 13 consecutive lows from $2.00 to $2.20 from October 27 through November 14.