Tune in to hear about SHIP at today's Transportation & Logistics online forum. CEO Stamatis Tsantanis and CFO Stavros Gyftakis will present at 11:00am EST. Free registration is available at www.channelchek.comPresentation highlights should include substantial 2021 progress. The fleet expansion to 17 Capes and recent completion of the $17 million buy back program are good indications of better execution and an improved financial position. The retirement of convert debt and stock and warrant buy backs limits potential share issuance.Entering 2022 with positive momentum. With a larger Cape fleet of 17 for the full year and improved financial position that creates a more stable operating platform, SHIP is well positioned to benefit from elevated Cape TCE rates. Also, a new $10 million buy back program is likely to remain focused on retiring added convert debt, with stock buy backs a close second.Staying positive on Cape market, but expecting 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 response to the recent buy back announcement was very positive, the stock has fallen back and is down 35% in 4Q2021 after dropping 23% in October and 14% in November. We believe that the sharp 4Q2021 stock price weakness has created a favorable risk/reward profile. The fleet expansion and a bias toward time charters with indexed rates should help capture upside rate optionality and reduce financial leverage. Read More >>