We are assuming coverage of PANL maintaining an Outperform rating and a $7.50 price target. We believe PANL will do well in a positive Dry Bulk pricing environment given its low order book and expanded fleet. We view the flexibility and a global presence as attributes that will allow it to take advantage of changing shipping demand. Increased liquidity following insider sales makes investing in PANL easier.Management laid out a positive case for investing in PANL at NobleCon18. In the presentation, CFO Gianni Del Signore stressed that 1) the company is in a unique position to capitalize on an improving dry bulk market, 2) PANL is a good steward of investor capital that grows the business in a sustainable manner, and 3) its integrated platform results in consistent, higher margins. A link to the presentations can be found at Channelchek.com. Read More >>