Geniuship debt refinanced on favorable terms. High cost debt of $20 million secured by the Geniuship and Gloriuship Capes will be partially refinanced with a new five-year loan of $15 million secured by the Geniuship priced at Libor plus 350 basis points. Positive impact from extending out the maturity by 1.5 years and reducing interest expense by ~600 basis points, or $0.9 million in 2022. Pro forma for refinancing, total debt is ~$243 million and cash is ~$45 million.Transportation & Logistics online forum presentation by CEO Stamatis Tsantanis and CFO Stavros Gyftakis highlighted the substantial progress this year. The fleet expansion, debt financings, 1Q2021 equity offering and January debt restructuring, in addition to a $17 million buy back program, are solid examples of better execution and improved financials.Entering 2022 with positive momentum. SHIP starts the year with a larger Cape fleet of 17 and an improved financial position. The end result is a more stable platform that is well positioned to benefit from elevated Cape TCE rates. Also, a new $10 million buy back program is likely to focus on retiring convert debt, with stock buy backs a close second.Staying positive on Cape market, but expecting continued volatility. Cape market volatility has been high and 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 $1.85/share. While the initial response to completion of the buy back was very positive, the stock has fallen back by ~10% and is now down 37% in 4Q2021. We believe that SHIP is well positioned heading into 2022 and the sharp 4Q2021 stock price weakness creates a favorable risk/reward profile. The fleet expansion and a bias toward time charters with indexed rates should help capture upside rate optionality and reduce financial leverage. Read More >>