New buy back program of $10.0 million half way done. Convert debt of $5.0 million has been bought back at par. Non-cash charge of ~$1.5 million will hit 1Q2022 numbers. Buy back reduces potential share issuance and fully diluted share count drops by ~4.2 million since conversion price was $1.20/share.Capital Link webinar today at 10am EST likely to highlight substantial progress last year. Well positioned entering this year due to fleet expansion, debt financings, 1Q2021 equity offering and January debt restructuring. In addition, the $22 million buy back program to date, is a solid example of better execution and improving financials.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 forward cover of <20% at average TCE rates of $30.0k/day. Typical seasonality factored in, 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.Remain positive on Cape market, but expect 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 Cape market has been volatile and the stock was down 39% in 4Q2021, we remain positive on the dry bulk market outlook and believe that the sharp 4Q2021 weakness creates a favorable risk/reward profile. SHIP heads into 2022 well positioned, with an expanded Cape fleet, a bias toward time charters with indexed rates should capture upside rate optionality and moderating financial leverage. Also, the remaining $5 million buy back program is likely to focus on retiring convert debt, with stock buy backs a close second. Read More >>