Moving 2021 EBITDA higher to reflect higher TCE rate assumptions and timing of acquisitions. Our 2021 EBITDA estimate moves higher to $216.9 million based on higher TCE rates of $20.7k/day. Higher TCE rates more than offset updated timing on the closing of acquisitions. After all acquisitions close, operating leverage will be high, with each $1.0k/day change in TCE rates impacting cash flow/EBITDA by $18.4 million, or ~$1.44/share.Recent sales by large shareholder is a positive event due to reduced overhang, higher public float and higher trading liquidity. ATM equity offerings also expanding share count and public float. In June, GoldenTree Asset Management sold 1.95 million shares in a secondary offering priced at $46.50/share and reduced the ownership position from 3.0 million shares (22.6%) to 1.1 million shares (8.1%). Including ATM issuance, the public market float has expanded to 66% and trading liquidity appears to have improved.Financial position remains solid and bond refinancing likely before yearend 2021. The latest acquisitions will be funded with existing cash, including $27.9 million raised using the ATM program in 2Q2021. While cash should build up to a level sufficient to retire the $168.0 million balance of the Eagle Bulk Shipco 8.25% bonds (Norwegian Bonds) at maturity in November 2022, we expect a refinancing later this year. Not only is the interest rate the highest, other debt has less restrictive covenants. Given that the acquisitions will be partially financed with ATM issuance and revolver debt, a global financing might make sense.Maintain Outperform rating and price target of $65/share. EGLE's track record of TCE rate outperformance is strong and execution on the fleet renewal program is solid. Following the closing of the pending transactions, the fleet will expand to the highest level ever and is well positioned to benefit from continued strong dry bulk market fundamentals. Operating leverage has expanded, the fleet profile has improved and scrubbers should add value if/when fuel spreads recover. While the YTD gain of 100% fully erased last year’s loss of 41% and partially discounts the strong dry bulk market fundamentals, we view the recent pullback of 33% from the 2021 high of $56.47/share in June as unwarranted. We believe that the outlook remains bright and the risk/reward profile remains attractive. Read More >>