One Cape delivery down, one to go. The acquisition of the Friendship, a 2009—built Cape, closed, which leaves only the Worldship closing to go. Debt of $13.0 million at Libor plus 300 bps was approved by an existing lender, with debt amortization of $2.8 million in year one, $1.5 million in years two through four and a balloon payment of $5.7 million due in 2025.2Q2021 results BMO out on July 29th and call scheduled for 10am EST. Call number is 877-870-9135 and code is 5697340. EBITDA estimate is $10.1 million based on TCE rates of $19.5k/day. No change in EBITDA estimate of $71.4 million based on TCE rates of $23.1k/day. About half of the last EBITDA adjustment was driven by higher opex/startup costs from acquisitions in 2Q2021, and remainder is driven by lower TCE rate assumptions following recent rate volatility.No change in financing stance. Post financings related to acquisitions for ~$160 million and sale for ~$12 million, pro forma cash should approximate $45-$50 million in 3Q2021, with one Cape will remain unencumbered. While the recent transactions will require cash of ~$6 million, financial flexibility should remain good and we believe that no additional equity will be issued despite the F-3 filing on July 2nd.Remain positive on dry bulk market, including Capes. Even though Cape TCE rates have been volatile into 3Q2021, we believe that rates are likely to move higher in 2H2021. Once the last acquisition and one sale close in 3Q2021, the Cape fleet will increase to 16. Operating leverage will also be higher, with a $1.0k/day change in Cape TCE rates impacting cash flow/EBITDA by $5.8 million, or ~8% of our current 2021 EBITDA estimate.Maintain Outperform rating and price target of $1.50/share. The risk/reward profile remains favorable, especially after the modest 6% gain in 2Q2021 has been offset by the 8% loss in 3Q2021 to date. The expansion of the Cape fleet and a bias toward time charters with indexed rates should help capture upside rate optionality and lower financial leverage by yearend 2021. Read More >>