There is a lot to like about this large dry bulk shipper, not the least of which is its attractive 6.4% dividend yield. More specifically, the company is benefiting from a cyclical rebound in dry bulk shipping rates, on both the supply and demand sides. It’s expected to announce earnings on August 5th, and its 8.0% yield baby bonds are expected to be called at the end of this month. In this report, we review the business, market conditions, prospects, valuation and risks, and then conclude with our opinion on investing.