(This story has been updated to reflect the DRYS closing price.)

DryShips (DRY) – Get a report climbed around 70% in trading on Tuesday and rose around 1,500% over the past week, one of the most dramatic short cuts the market has seen in a long time takes hold of this vehicle single investment.

DryShips shares jumped 70.3% to $ 73 on Tuesday following a huge increase in volumes. Over 10 million shares changed hands, roughly 20 times the average daily share volume below 500,000. DRYS had reached $ 102 earlier in the session and is up from just 4.56 $ per share at the close of last Tuesday.

This is a remarkable turn of events for a stock that was trading just above $ 1 a share last August. However, a lot has happened since this unusual title hit its summer lows.

DryShips undertook a 1-for-4 reverse split when the stock was trading at $ 1 a share, then devised a 1-for-15 reverse split in early November. As a result, there were just over a million shares in the public float, opening the door to exactly what’s happened now – a short squeeze of dramatic proportions. According to the ShortSqueeze.com website, 1.7 million shares of DryShips were in the hands of short sellers at the end of October, up from about 300,000 shares six months ago.

This is not to say that the DryShips rally is purely a function of the short sellers market. While he is Much of this, bets on the price direction of overseas shipments have risen sharply since the US presidential election last week.

Some investors are betting that the election of Donald Trump will have benefits for trade, which is reflected in things like the Baltic Dry Index, the best indicator of shipping prices. This index, which measures shipping prices, rose above 1,000 for the first time in 15 months.

Many other shipping stocks have also increased in recent trade. SAExportation (SAEX) – Get a report rose 25% to $ 10 a share on Tuesday afternoon, while Genco expedition (GNK) – Get a report climbed 10% to $ 9. Bulk Eagle Shipping (EGLE) – Get a report Also jumped 40% on Monday, although that stock has declined so far in Tuesday’s session.

None of these, however, match the remarkable firepower of DryShips, a development that absolutely falls outside of the company’s fundamentals. The company works with its lenders to manage the terms of its credit facilities. Three of its loan products matured and the company was unable to make the final lump sum payments and instead suspended principal and interest payments to preserve liquidity. DryShips actively sold vessels to repay revolving credit facilities. This means that DRYS will have much less influence over any real or perceived improvement in the fundamentals of the ocean freight industry.

What has happened, however, is the remarkable impact of the short selling market. With low interest in the stock spike, short sellers must scramble to earn the stocks necessary to hedge their bets before the market slips away from them completely. The more the market moves against them, the fiercer the competition to acquire these stocks becomes.

And, to repeat, there has been a significant reduction in the DryShips stock inventory. This means that the short squeeze phenomenon is forcing skeptics to pay significantly higher prices in order to lessen how unfavorable their bets are.

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