Recent F-3 filing should be positive for trading liquidity. Previously, two large shareholders had not been allowed to sell shares in US and the F-3 filing will facilitate sales of 8.09 million existing shares in US. Timing is uncertain, but trading will likely migrate to US over time. GRIN also filed to issue 3.86 million new shares, but we believe that filing creates flexibility with equity issuance near current stock prices very unlikely and stock buy backs are more likely.Fine tuning 2021 EBITDA estimate to $158.8 million from $153.7 million. Visibility is solid with forward cover of 3,012 3Q2021 available days (~75%) booked at an average TCE rate of $28.3k/day. Our 3Q2021 EBITDA estimate of $58.6 million is based on TCE rates of $30.0k/day for Supras/Ultras and $25.0k/day for Handys. Our 4Q2021 EBITDA of $45.0 million is based on TCE rates of $25.0k/day for Supras/Ultras and $21.8k/day for Handys. Read More >>