Two acquisitions were completed and two others are slated to close in June. Acquisition financing lined up. The Hellaship and Flagship acquisitions have closed and both are working on charters based on the Baltic Capesize Index (BCI). The Patriotship and Tradership acquisitions should close in June. Financing of ~$48 million has been lined up or in process so funding for the total acquisition cost of $101 million appears in place.Debt of $3 million converted into equity. Jelco, the former major shareholder, converted sub debt of $3 million into 4.3 million shares and 4.3 million warrants with a strike price of $0.70/share. While an updated 13D has not been filed, we estimate that Jelco owns 7.8 million shares/pre-funded warrants, 12.3 million warrants with a strike price of $0.70/share and holds debt of $38.7 million convertible at $1.20/share.Increasing 2021 EBITDA estimate to $75.4 million based on TCE rates of $26.8k/day versus our prior estimate of $54.6 million based on TCE rates of $19.3/day. Current Cape rates in the $42k/day range is positive given that most of the Capes are working on charters at indexed rates. While FFAs were fixed on four Capes earlier this year prior to the move in the market, we are hopeful that management takes advantage of the recent strength in the Cape market to enhance cash flow visibility either through term charters and/or FFAs.Dry bulk market thesis is intact. Supply/demand fundamentals appear favorable and the year has started on a better-than-expected note. The order book and supply growth remain historically low due to rate volatility, regulatory uncertainty and declining capital availability, while demand should rebound on the back of global stimulus packages and major bulk demand is likely to recover this year.Maintain Outperform rating and price target of $1.50/share. The risk/reward profile remains favorable, especially after a slight gain of 3% 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 >>