Tune in to hear about Eagle Bulk Shipping at today's Transportation & Logistics online forum. CEO Gary Vogel will present at 9:00am EST. Free registration is available at www.channelchek.comPresentation should highlight positive 2021 developments. We expect the presentation to offer a positive view on the dry bulk market fundamentals, especially in the Ultra/Supra sector, while highlighting record 3Q2021 operating results. There are several reasons that EGLE remains well positioned, including a consistent commercial strategy that adds value in different market environments, solid progress on renewing and expanding the fleet, a successful debt refinancing and the shift in capital allocation towards dividends. The first dividend of $2.00 for 3Q2021 was paid and our 4Q2021 dividend estimate is $2.03/share.EGLE is well positioned looking into next year. With a larger fleet and more flexible capital structure, the 2022 outlook appears bright and FY2022 dividends, which are based on a minimum of 30% of net income, should be in the $5.25/share range. Buy back program of $50 million might also focus on retiring convert debt.Staying positive on dry bulk market, but expecting volatility and seasonality. The dry bulk market is expected to remain volatile and typical seasonality is expected, but our intermediate term outlook remains positive based on infrastructure projects plus port congestion and coal shortages. Also, the order book remains muted, and the January 1, 2023 implementation of new carbon emission regulations (EEXI) could trigger slow steaming that effectively lowers supply and tightens the market.Recent weakness creates opportunity. Maintain Outperform rating and price target of $84/share. The recent successes include record 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 view the 4Q2021 drop of 22% as unwarranted and believe that the risk/reward profile remains attractive. Read More >>