Co-Founder and CEO on medical leave. Yesterday morning, an 8-K was filed stating that Co-Founder and CEO Ed Coll has gone on medical leave for treatment of a sudden, non-COVID related medical issue. Once the medical issue is treated, he intends to return to PANL in the same capacity. We hope for a speedy recovery and look forward to his return.Interim CEO named. Mark Filanowski, who currently serves as COO and a Board Member, will assume the duties of CEO on an interim basis. We view this move as positive from a continuity standpoint and see no change in operation and/or strategy.Major shareholder drops under 5%. According to the last 13D filing, Cartesian Capital held 1.57 million shares, or about 3.4% of the shares outstanding. As a result of sales of 1.86 million shares since June 23rd at prices ranging from $4.70 to $5.35, Cartesian Capital is no longer a 5% shareholder and additional sales will not be reported. Due to the unwinding of the position, the public market float has increased into the 63% range and trading liquidity has improved. Given the recent strength in the stock price, we believe that is likely that Cartesian Capital sold additional shares and might no longer be a shareholder, which would imply that the public market float could be closer to 67%. Staying positive on dry bulk market. Even though dry bulk TCE rates remain volatile and fears about an economic slowdown in China have increased, the bias has been upward due to firm demand from infrastructure projects and global stimulus programs. 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 $6.50/share. The dry bulk market has materially firmed over the past three quarters, and we like the consistency of the unique business model. We believe that PANL is undervalued trading at an enterprise value multiple of 6.4x 2021E EBITDA and is an attractive way to benefit from continued favorable dry bulk market fundamentals. Read More >>