Tune in to hear about Genco Shipping at today's Transportation & Logistics online forum. CEO John Wobensmith and CFO Apostolos Zafolias will present at 1:00pm 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, while highlighting record 3Q2021 operating results. There are several reasons that GNK remains well positioned, including a bar bell asset strategy that includes Capes and Ultras, solid progress on the fleet renewal program, a successful debt refinancing and the shift in capital allocation towards dividends.GNK is well positioned looking into next year. With a larger fleet, lower financial leverage, and more flexible capital structure, the 2022 outlook appears bright. Large dividends are on the horizon with the shift in capital allocation higher payouts. Dividend estimates are $0.80/share in 4Q2021 and $3.55/share in FY2022, or potential yield of~24%.Staying positive on dry bulk market. Even though dry bulk TCE rates remain volatile, the bias has been upward due to higher demand from infrastructure projects and global stimulus programs and port congestion issues. Also, the order book remains muted, and the January 2023 implementation of new carbon emission regulations (EEXI) could trigger slow steaming that effectively lowers supply.Maintain OUTPERFORM rating and price target of $28. The dry bulk market outlook remains favorable due to firm demand and low supply growth. The shift to the variable dividend policy is attractive, and the fleet renewal program, upside Cape optionality, and higher public float are positives. We are surprised by the recent weakness (down 27% this quarter), but believe that the risk/reward profile is very attractive and a rebound is likely given our view that intermediate dry bulk market fundamentals are favorable. Read More >>