Adjusted 1Q2021 EBITDA million in line with expectations. The year has started off well and EBITDA of $31.5 million was in line with expectations and above 4Q2021 EBITDA of $22.0 million. Given the 1Q2021 forward cover of 93% of available booked at $15,085/day, the quarter was mostly locked in, and it was the third quarter in a row of improving results.Impressive 2Q2021 forward cover positively impacts 2021 EBITDA and TCE rate estimates. Introducing 2022 EBITDA estimate of $227.7 million. Forward cover of 71% of available days booked at $20.1k/day is impressive and we are increasing our 2021 EBITDA estimate to $201.7 million based on TCE rates of $19.4k/day. Our 2022 EBITDA estimate is based on TCE rates of $20.1k/day and ownership days of 18,980 (+663).Fleet renewal program takes a twist. Asset sales and equity offering partially fund acquisitions and temper financial leverage. A combination of asset sales and equity issuance should dampen the impact of the Ultramax/Supramax acquisitions. Operating results are also positively impacting on the financial position. Debt increased $32.2 million and cash dropped $8.1 million to $80.7 million. Including unamortized financing costs of $21.6 million, total debt was $507.7 million and net debt was $427.0 million.Dry bulk market thesis intact. Supply/demand fundamentals appear favorable and the year has started on a better-than-expected note. The order book and supply growth remain historically low due to rate volatility, regulatory uncertainty and declining capital availability, while demand should rebound on the back of global stimulus packages and solid secular minor bulk trends. While we still expect some late 2021/early 2022 seasonality, the 2Q2020 forward cover at higher TCE rates and the forward curve are very positive.Maintain Outperform rating and increasing price target to $65/share from $45/share. EGLE's track record of TCE rate outperformance is strong and execution on the fleet renewal program is solid, moving the fleet to the highest level to benefit from a strong market recovery. Operating leverage expanded, the fleet profile improved and scrubbers should add value if/when fuel spreads recover. While the YTD gain of 155% has fully erased last year’s loss of 41% and partially discounts the dry bulk market recovery, we believe that the outlook remains bright and the risk/reward profile remains attractive. Read More >>