Tune in to hear about Pangaea Logistics at today's Transportation & Logistics online forum. CEO Mark Filanowski, Managing Director Mads Boye Peterson and CFO Gianni Del Signore will present at 2:00pm EST. Free registration is available at www.channelchek.comPresentation should highlight positive 2021 developments. We expect a positive view on the dry bulk market fundamentals, especially for the Ice Class sector. 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.PANL is well positioned looking into next year. With a larger fleet, including four Ice Class new builds and solid financial position, the 2022 outlook appears bright. We are saddened that Founder Ed Coll passed away earlier this week, but believe that Ed built a durable operating platform and the current management team is well equipped to extend his legacy.Staying positive on dry bulk market, but expecting volatility and seasonality. The dry bulk market is expected to remain volatile and typical seasonality is expected, but our intermediate term outlook remains positive based on infrastructure projects plus port congestion and coal shortages. 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 has softened recently due to concerns about economic growth, mainly in China. We believe that supply/demand are close to balanced and expect a recovery next year. Plus, we like the consistency of the unique business model, the timely expansion of the fleet and the higher public market float following the likely exit of a former major shareholder. Since hitting a 2021 high of $6.20/share in September, the stock has dropped ~43%, and we believe that PANL is undervalued trading at an enterprise value multiple of 4.5x 2021E EBITDA. Read More >>