Buyback program of $16.6 million completed. The buyback program included the buy back of convert debt for $14.0 million, Class E warrants for $1.0 million from Jelco, the former principal shareholder. In addition, 1.6 million shares were bought on the open market for $1.6 million, or an average price of $0.998/share. Non-cash charges of ~$7.0 million will be recognized in 4Q2021 numbers.Buyback program eliminates potential share issuance. Since the convert debt was convertible at $1.20/share and the warrants had a strike price of $0.70/share, the fully diluted share count drops by 15.9 million. Pro forma for the transaction, current shares out are in the 173.1 million range and the fully diluted share count drops to ~199.3 million, including 8.6 million share from warrants and 17.6 million shares from conversion of debt.Financial flexibility remains good and new buy back of $10.0 million. Net of acquisition financing and buy backs, pro forma should approximate $41 million at yearend 2021 and the Dukeship remains unencumbered. Focus of new buy back will be on retiring rest of convert debt and buying shares on the open market.No change in 2021-2 EBITDA estimates. Our 2021 EBITDA estimate of $87.0 million is based on TCE rates of $24.5k/day. For 4Q2021, cover is 50% at ~$32.0k/day and EBITDA of $40.2 million is based on TCE rates of $35.0k/day. Our 2022 EBITDA estimate of $102.2 million is based on TCE rates of $24.5k/day, with visibility limited into next year with only three Capes fixed at a TCE rate north of $30.0k/day (forward cover of <20%). We have factored in typical seasonality, with TCE rates of $21.0k/day in 1Q2022, $24.5k/day in 2Q2022, $30.0k/day in 3Q2022 and $22.5k/day in 4Q2022.Staying positive on Cape market, but expecting continued volatility. Cape market volatility has been high, with 4Q2021 Cape rates moving sharply higher into the $80k/day range and then into the $20k/day range before rebounding into the $40k/day range. Added volatility and seasonality is expected, but our intermediate term outlook remains positive based on infrastructure projects and global stimulus programs 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. Read More >>