Strong quarter ever. Adjusted EBITDA was $91.0 million was driven by TCE rates of $29.1k/day. Results would have been even higher absent realized FFA/bunker swap hedging losses of $15.4 million. Opex also increased due to acquisition activity. The dry bulk market has pulled back this quarter, but 4Q2021 forward cover is high and management comments should remain positive on today's 8:00am EST call. Number is 833-282-4411 and code is 7077196. Limited changes to EBITDA estimates. Despite recent weakness, forward cover of 75% of available days booked at $32.4k/day supports our 4Q2021 EBITDA estimate of $108.4 million based on TCE rates of $30.6k/day and our 2021 EBITDA estimate of $293.6 million based on TCE rates of $24.3/day. With visibility into next year limited and typical seasonality likely to return, our 2022 EBITDA is $304.0 million based on TCE rates of $23.9k/day.Higher than expected 3Q2021 dividend of $2.00/share declared. The first dividend under the new dividend policy was above our estimate of $1.73/share due to a positive variance in net income and rounding up. Even after dividends of $26 million, net debt should drop to $310 million in 4Q2021. We applaud the clarity of the policy since it is based on a straightforward formula of a minimum payout of net income.Positive impact of global refinancing. Terms on five-year loan of $300 million are attractive. A revolver of $100 million, which is fully available, and a stock buy back program of $50 million add flexibility to financial tool kit.Recent weakness creates opportunity. Maintain Outperform rating and price target of $84/share. The successful global refinancing and the shift to variable dividends are major positives. Plus, an expanded fleet positions EGLE to capitalize on attractive, albeit volatile, dry bulk market fundamentals. We view the 21% drop since since the early October exit of the second largest shareholder as unwarranted and believe that the risk/reward profile remains attractive. Read More >>