Another acquisition moves pro forma Cape fleet to 16. A 2012-built Cape, the Worldship, will be acquired for $33.7 million in 3Q2021. The Worldship has a scrubber and BWTS and a survey should be completed prior to delivery so downtime should be limited over the next two years. Combined with the Tradership and Patriotship, recent acquisitions total $135 million. Debt/lease financing of ~$48 million has been lined up or in process and existing cash should fund the remainder of the acquisition cost. If additional financing is required, flexibility is good since the Worldship, Patriotship and Hellaship should be unencumbered.Increasing 2021 EBITDA estimate to $77.1 million based on TCE rates of $26.8k/day versus our prior estimate of $75.4 million based on TCE rates of $26.8/day to reflect new acquisition. Current 2H2021 Cape FFA rates are holding above $30.0k/day and most of the Capes are working on charters at indexed rates. While FFAs were fixed on four Capes earlier this year at lower TCE rates, we view the new one-year time charter at $31.0k/day on the Patriotship as a step in the right direction of establishing cash flow visibility.1Q2021 results call today at 10:00am EST. Call number is (877) 553-9962 and code is Seanergy. Our 1Q2021 EBITDA estimate is $5.7 million with average TCE rates of $14.5k/day, and 1Q2021 results should mark the low point for the year. In addition to a dry bulk market update, we expect additional details on the plan to finance the pending acquisitions and the pro forma capital structure.Dry bulk market thesis is intact. Supply/demand fundamentals appear favorable and the market has been strong to date. The order book and supply growth remain historically low due to rate volatility, regulatory uncertainty and lower capital availability, while demand has rebounded with global stimulus moves and major bulk demand should move higher this year.Maintain Outperform rating and price target of $1.50/share. The risk/reward profile remains favorable, especially after the slight gain of 2% in 2Q2021. While Cape market volatility and financial leverage are above average, we believe that recent lackluster stock price performance compared to the move in Cape charter rates creates an attractive trading oriented opportunity. The Cape fleet expansion and a bias toward time charters with indexed rates should help capture upside rate optionality and lower financial leverage by yearend 2021. Read More >>