Lease financing closed and new charter announced. A new lease on the Hellaship and Partnership was secured for $30.9 million with a Chinese firm on attractive terms of Libor plus 350 basis points. After delivery in August, the Worldship will chartered for 12-16 months at $31.75k/day.No change in financing stance. Post financings related to acquisitions for ~$160 million and sale for ~$12 million, pro forma cash should approximate $45-$50 million in 3Q2021, with one Cape will remain unencumbered. While the recent transactions will require cash of ~$6 million, financial flexibility should remain good and we believe that no additional equity will be issued despite the F-3 filing on July 2nd.Remain positive on dry bulk market, including Capes. Even though Cape TCE rates were volatile in 2Q2021, we believe that rates are likely to move higher in 2H2021. Once the last two acquisitions and one sale close in 3Q2021, the Cape fleet will increase to 16. Operating leverage will also be higher, with a $1.0k/day change in Cape TCE rates impacting cash flow/EBITDA by $5.8 million, or ~8% of our current 2021 EBITDA estimate.Adjusting 2021 EBITDA estimate to reflect recent rate pullback and acquisition update. New EBITDA estimate of $71.4 million (down from $81.4 million) is based on TCE rates of $23.1k/day (down from $24.9k/day). About half of the adjustment is driven by higher opex/startup costs from acquisitions in 2Q2021, and remainder is driven by lower TCE rate assumptions following recent rate volatility.Maintain Outperform rating and price target of $1.50/share. The risk/reward profile remains favorable, especially after the modest 6% gain in 2Q2021 has been offset by the 8% loss in 3Q2021 to date. The expansion of the Cape fleet and a bias toward time charters with indexed rates should help capture upside rate optionality and lower financial leverage by yearend 2021. Read More >>