Strong end to year and another dividend declared. Adjusted EBITDA of $91.6 million and TCE rates of $29.4k/day were very strong and in line with expectations. While opex and G&A were higher than expected due to acquisition and refinancing activity, both should moderate this year. 4Q2021 dividend of $2.05/share was declared based on EPS of $6.79/share.Call with management today at 8am EST. Number is 844-282-4411 and code is 2175087. Topics likely to include: 1) Macro dry bulk outlook given recent disruptions in Black Sea; 2) ROY forward cover; 3) 1Q2022 opex and G&A guidance; 4) current FFA book; 5) Fuel spreads and impact of higher oil prices; 6) Tone of asset market and potential for acquisitions/divestitures; and 7) potential for buy backs of stock and/or convert debt.Increasing 2022 EBITDA estimate and dividend estimate. Forward cover of 95% of 1Q2022 booked at TCE rates of $27.2k/day was well above our expectations. Moving 1Q2022 EBITDA estimate to $80.4 million based on TCE rates of $27.2k/day and dividend estimate to $1.38/share based on EPS of $4.59/share. Full year 2022 EBITDA estimate moves to $352.5 million based on TCE rates of $27.7k/day and dividend estimate to $6.23/share based on EPS of $20.75/share.Financial position remains solid. Including estimated unamortized financing costs, yearend net debt was $311.3 million, or total debt of $397.5 million and cash of $86.2 million. Recent rebound, but still attractive risk/reward profile. Maintain Outperform rating and price target of $84/share. The recent successes include record 4Q2021 operating results, a global refinancing and the shift to variable dividends. Plus, an expanded fleet positions EGLE to capitalize on attractive, albeit volatile, dry bulk market fundamentals. We viewed the drop of 10% in 4Q2021 as unwarranted and believe that the risk/reward profile remains very attractive even though the stock has rebounded with a gain of ~23% in 1Q2022. Read More >>