Another solid quarter as pure dry bulk play. Adjusted 4Q2019 EBITDA of $3.8 million was above our estimate of $2.8 million mainly due to higher than expected TCE rates and and lower opex. Lowering 2020 estimates. Due to dry bulk market weakness, we are moving adjusted 2020 EBITDA estimate lower to $11.5 million based on TCE rates of $11,671/day down from $13.4 million based on TCE rates of $12,622/day.Given the current dry bulk market environment, we are forecasting that TCE rates weaken slightly in 1H2019 from 4Q2019 levels. There was limited change in the contract status, but one longer term contract will move from a fixed rate to indexed rate in 1Q2020 and another one is set to end in April. In addition, several others are already on indexed rates.Read More >>