Two Ultra acquisitions look attractive. Two 2015-built Supras, built at Jiang Hontang, will be acquired for a total of $44 million in late 3Q2021, Both Supras, which are equipped with scrubbers, completed surveys over the past year.Pro forma fleet expands to 53 and is balanced with fleet consists of 26 Ultras and 27 Supras. Sale of older Supra also helps fleet profile. The sale of the Tern, a 2003-built Supra, for $9.7 million was also announced. This move is positive and it leaves only two other 2003-built Supras left to sell. Fine-tuning EBITDA estimates. The impact is positive due to higher ownership days, and we are moving our EBITDA estimates to $200.6 million in 2021 based on TCE rates of $19.4k/day and $232.5 million in 2022 based on TCE rates of $20.1k/day.ATM Equity issuance and asset sales fund acquisitions and temper financial leverage. The latest acquisitions will be funded with existing cash, including $22.5 million raised using the ATM program. In May, 475,894 shares were issued at average price of $47.39/share. The Tern asset sale of $9.7 million will also partially fund the acquisitions and temper financial leverage.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 and is well positioned to benefit from continued strong dry bulk market fundamentals. Operating leverage has expanded, the fleet profile has improved and the scrubbers should add value if/when fuel spreads recover. While the YTD gain of 149% has fully erased last year’s loss of 41% and partially discounts the strong dry bulk market fundamentals, we believe that the outlook remains bright and the risk/reward profile remains attractive. Read More >>