Adjusted 3Q2021 EBITDA of $80.3 million ahead of our estimate of $78.0 million. TCE rates of $29.3k/day were $0.8k higher driven by Cape TCE rates of $30.8k/day and Supramax TCE rates of $32.0k/day which more than offset Ultramax TCE rates of $23.3k/day. Based on ownership days of 3,715, cash costs were slightly higher at $7,707/day, or opex of $5,775/day, G&A expenses of $1,500/day and management fees of $432/day.High forward cover boosts EBITDA estimates to $107.5 million in 4Q2021 based on TCE rates of $36.0k/day and EBITDA to $259.4 million based on TCE rates of $23.7k/day. 2022 EBITDA also moves up to $261.4 million based on TCE rates of $23.9k/day. 4Q2021 forward cover of 71% of available days booked at $36.9k/day is favorable. Eight time charters in place, but visibility is limited beyond one quarter out. We will fine tune our estimates after today's 8:30am EST call with management and once we review the quarterly presentation. Please see page two for call details.Dividend strategy starts next quarter. 4Q2021 dividend estimate is $33.1 million ($0.78/share) after debt repayment of $59 million, dry dock costs of $3.0 million and reserve of $10.75 million. 2022 dividend estimate is $3.86/share after debt pay down of $35.0 million, dry dock costs of $12.0 million and reserve of $43.0 million. Calculation is more complicated than others, but effective payout ratio likely to exceed 80%.Financial leverage below average despite closing four of six acquisitions. Despite acquisitions of $109 million this year, total debt slated to drop to $246 million in 4Q2021. Net debt should also drop into $129 million range in 4Q2021 and $106 million range in 4Q2022.Maintain OUTPERFORM rating and price target of $28. Despite recent volatility, dry bulk market outlook remains favorable due to firm demand and muted supply growth. Fleet renewal program, upside Cape optionality, variable dividend strategy and below average financial leverage. Even though the stock is up 122% this year, we believe the recent stock price weakness (down 19% in 4Q2021) is an attractive opportunity and the risk/reward profile remains very favorable. Read More >>