Looking at 2021 forward cover of 89% of available days booked at TCE rates of $15.2k/day. Our 2021 EBITDA is $40.6 million based on TCE rates of $16.7k/day and visibility is very high. The recent Hydra charter at $20.0k/day for at least 23 months increased the forward cover and about 89% of 2021 available days of 5,000 are booked at average rates of $15.2k/day. Contracted EBITDA approximates $32.8 million and we are estimating that the open days are filled at an average TCE rate slightly above $20.0k/day.Looking at 2022 forward cover of 55% of available days booked at TCE rates of $19.6k/day. Due to recent charters signed for longer terms, visibility into next year is the highest in more than a decade. While the forward is not as high as 2021, the average rate is about 25% higher and contracted EBITDA approximates $28.8 million. Similar to 2021, we are estimating that the open 2,278 days are filled at an average TCE rate slightly above $20.0k/day. Even though forward cover is high, operating leverage remains high with each $1.0k/day change on the open days has an impact of $2.3 million, or about 4% of our current 2022 EBITDA estimate of $56.0 million.Capital structure moves should be positive this year. Stronger and more visible operating cash flow should improve the capital structure and enhance financial flexibility. We are seeing the early signs of improvement and believe that the capital structure could be net debt free by yearend 2022. Given that longer charters at higher rates have improved visibility into next year and the likely improvement in the capital structure, we believe that a regular dividend or special dividend could be considered by yearend 2021.Maintain Outperform rating and price target of $21.50/share. Our container market outlook remains favorable and new charters with longer terms at higher rates have created solid forward visibility. Even though the stock is up 169% this year, the stock has stalled recently is up only 1% in May. Combined with higher EBITDA estimates and we believe that the current valuation is attractive and the risk/reward profile warrants a positive rating. Moreover, improving operating results and declining financial leverage could allow shareholder friendly moves, like paying a regular and/or special dividend. Read More >>