Record 4Q2021 EBITDA in line with expectations. Adjusted EBITDA of $38.8 million was in line with our estimate of $38.7 million. TCE rates of $36.6k/day were higher than expected and ownership days of 1,508 were in line, but opex and G&A expenses were higher than expected.Fine tuning 2022 EBITDA estimates to reflect updated forward cover and current market conditions. We are bumping our 2022 EBITDA estimate to $110.6 million, up from $101.9 million, based on TCE rates of $27.0k/day, up from $24.9k/day. 1Q2022 forward cover increased to 90% of available days booked at $19.8k/day. While 1Q2022 EBITDA will drop sequentially due to seasonality, we expect with a 2Q2022 pickup. It is also important to note that the exposure to higher bunker fuel prices is minimal due to the time charter approach.Limited financing this year and regular and special dividends declared this quarter. Well positioned to fund higher special dividends and/or buy backs of stock and/or convert debt. After buying back convert debt of $10.0 million, a regular dividend of 2.5 cents and a special dividend of 2.5 cents were declared. While there is no set formula for special dividends, we believe that operating results have improved to the point where higher special dividends are likely over the rest of the year.Dry bulk market remains volatile, but intermediate outlook appears promising. While TCE rates have been volatile due to weather disruptions and other factors, the outlook remains favorable based on expanding demand, upcoming emission regulations and a low order book. Positive macro and micro trends are intact, but there is near-term volatility triggered by the invasion of Ukraine and China's moves to limit inflation. While there was a sharp pullback in the FFA market earlier this year, Cape FFAs are indicating healthy rates ahead, with FFAs at ~$33k/day in 2Q2022 and ~$36.0k/day in 3Q2022, up ~$4.0k/day over the past week.Maintain Outperform rating and price target of $1.85/share. While the Cape market has been rebounding and YTD stock price performance has been strong, the stock is still down 8% since 3Q2021. Even after a 51% move in 1Q2022, we believe that the risk/reward profile and upside potential are attractive. SHIP headed into 2022 well positioned, with an expanded Cape fleet, a bias toward time charters with indexed rates to capture upside rate optionality and moderating financial leverage, and paying regular and special dividends sends a strong signal. Read More >>