Increasing 2021 EBITDA estimate to $102.7 million based on TCE rates of $24.9k/day from $95.6 million based on TCE rates of $24.3k/day. Looking at the finish to last year, the prospects look very good due to strong 4Q2021 forward cover. As of December 8th, close to 4,000 shipping days (~85%) were booked at an average TCE rate of $32.5k/day.PANL well positioned this year after positive developments last year. Moving 2022 EBITDA estimate to $85.6 million from $66.8 million and TCE rate estimate to $23.2k/day from $22.2k/day. Strong 2021 results make comps tough, but this year should be a good year. There are many reasons that PANL remains well positioned, including a consistent commercial strategy that adds value in different market environments, a leading Ice Class market position, substantial progress on renewing and expanding the fleet, and success financing several acquisitions, including one slated for 1Q2022.Dividend increase reflects solid financial position. Last week, the quarterly dividend increased to $0.05/share from $0.035/share, which is an increase of ~43%.Staying positive on dry bulk market, but expecting volatility and seasonality. The dry bulk market is expected remain volatile with typical seasonality, but our intermediate term outlook remains positive based on infrastructure projects and expanding demand plus port congestion. Also, the order book remains muted, and the January 1, 2023 implementation of new carbon emission regulations (EEXI) could trigger slow steaming that effectively lowers supply and tightens the market.Maintain Outperform Rating and price target of $6.50/share - Upside potential remains attractive. While the dry bulk market materially firmed over the first three quarters, it softened recently due to concerns about economic growth, mainly in China. We believe that supply/demand are close to balanced and a recovery appears on the horizon. Plus, we like the consistency of the unique business model, the timely expansion of the fleet and higher public market float following the exit of a former major shareholder. Since hitting a 2021 high of $6.20/share in September, the stock has dropped ~18%, and we believe that PANL is undervalued trading at an enterprise value multiple of 5.1x 2022E EBITDA. Read More >>