DOCTOR MARITIME EXPLAINS IT ALL ....

SHADOW PRICEs - as of 01/30/12

*** SHADOW PRICES ***
ALTERNATIVE SHIP RESALE VALUES.
CALCULATED AS OF 01/30/12.
(ALL PRICES IN MILLIONS OF US$).
.
SHADOW PRICES FOR BULK CARRIERS.
_DWT_____AGE_5___AGE_10___AGE_15___AGE_20
 52,000  ******  INSUFFICIENT DATA  *******
 74,000    $ 29.1M   $ 20.5M   $ 13.1M   $  7.1M
172,000   $ 34.4M   $ 23.8M   $ 14.6M   $  7.8M
.
SHADOW PRICES FOR TANKERS.
_DWT_____AGE_5___AGE_10___AGE_15___AGE_20
 45,000  ******  INSUFFICIENT DATA  *******
105,000   $ 38.6M   $ 24.2M   $ 15.4M   $ 10.8M
305,000   $ 53.1M   $ 33.6M   $ 25.0M   $ 17.2M
.
SHADOW PRICES are based on the very strong
historic correlation between Charter Rates
and Ship Values.  Charter Rates measure a
vessel's earning power, which is a direct
determinant of its resale value.

SHADOW PRICES - as of 01/23/12

*** SHADOW PRICES ***
ALTERNATIVE SHIP RESALE VALUES.
CALCULATED AS OF 01/23/12.
(ALL PRICES IN MILLIONS OF US$).
.
SHADOW PRICES FOR BULK CARRIERS.
_DWT_____AGE_5___AGE_10___AGE_15___AGE_20
 52,000    $ 27.8M   $ 20.4M   $ 13.5M   $  7.7M
 74,000    $ 29.1M   $ 20.5M   $ 13.1M   $  7.1M
172,000   $ 36.4M   $ 24.9M   $ 15.4M   $  8.2M
.
SHADOW PRICES FOR TANKERS.
_DWT_____AGE_5___AGE_10___AGE_15___AGE_20
 45,000    $ 26.4M   $ 18.6M   $ 11.2M   $  6.0M
105,000   $ 38.5M   $ 24.2M   $ 15.4M   $ 10.9M
305,000   $ 54.0M   $ 34.2M   $ 25.9M   $ 17.2M
.
SHADOW PRICES are based on the very strong
historic correlation between Charter Rates
and Ship Values.  Charter Rates measure a
vessel's earning power, which is a direct
determinant of its resale value.

SHADOW PRICES - as of 01/16/12

*** SHADOW PRICES ***
ALTERNATIVE SHIP RESALE VALUES.
CALCULATED AS OF 01/16/12.
(ALL PRICES IN MILLIONS OF US$).
.
SHADOW PRICES FOR BULK CARRIERS.
_DWT_____AGE_5___AGE_10___AGE_15___AGE_20
 52,000    $ 29.9M   $ 22.0M   $ 14.8M   $  8.9M
 74,000    $ 31.3M   $ 21.7M   $ 13.7M   $  7.4M
172,000   $ 36.4M   $ 24.8M   $ 15.4M   $  8.2M
.
SHADOW PRICES FOR TANKERS.
_DWT_____AGE_5___AGE_10___AGE_15___AGE_20
 45,000    $ 26.2M   $ 18.6M   $ 11.3M   $  6.0M
105,000   $ 38.5M   $ 24.5M   $ 15.6M   $ 10.6M
305,000   $ 53.7M   $ 33.9M   $ 25.2M   $ 17.0M
.
SHADOW PRICES are based on the very strong
historic correlation between Charter Rates
and Ship Values.  Charter Rates measure a
vessel's earning power, which is a direct
determinant of its resale value.

SHADOW PRICES - as of 01/09/12

*** SHADOW PRICES ***
ALTERNATIVE SHIP RESALE VALUES.
CALCULATED AS OF 01/09/12.
(ALL PRICES IN MILLIONS OF US$).
.
SHADOW PRICES FOR BULK CARRIERS.
_DWT_____AGE_5___AGE_10___AGE_15___AGE_20
 52,000  ******  INSUFFICIENT DATA  *******
 74,000    $ 31.3M   $ 21.7M   $ 13.7M   $  7.4M
172,000   $ 36.4M   $ 24.8M   $ 15.4M   $  8.1M
.
SHADOW PRICES FOR TANKERS.
_DWT_____AGE_5___AGE_10___AGE_15___AGE_20
 45,000  ******  INSUFFICIENT DATA  *******
105,000   $ 36.2M   $ 24.1M   $ 16.4M   $ 10.5M
305,000   $ 54.9M   $ 35.4M   $ 25.4M   $ 17.6M
.
SHADOW PRICES are based on the very strong
historic correlation between Charter Rates
and Ship Values.  Charter Rates measure a
vessel's earning power, which is a direct
determinant of its resale value.

SHADOW PRICES - as of 01/02/12

*** SHADOW PRICES ***
ALTERNATIVE SHIP RESALE VALUES.
CALCULATED AS OF 01/02/12.
(ALL PRICES IN MILLIONS OF US$).
.
SHADOW PRICES FOR BULK CARRIERS.
_DWT_____AGE_5___AGE_10___AGE_15___AGE_20
 52,000    $ 27.9M   $ 20.4M   $ 13.5M   $  7.7M
 74,000    $ 31.4M   $ 21.7M   $ 13.7M   $  7.4M
172,000   $ 38.4M   $ 25.9M   $ 15.6M   $  8.2M
.
SHADOW PRICES FOR TANKERS.
_DWT_____AGE_5___AGE_10___AGE_15___AGE_20
 45,000    $ 26.1M   $ 18.5M   $ 11.3M   $  6.0M
105,000   $ 36.0M   $ 24.8M   $ 15.6M   $ 10.4M
305,000   $ 55.2M   $ 35.7M   $ 25.5M   $ 17.7M
.
SHADOW PRICES are based on the very strong
historic correlation between Charter Rates
and Ship Values.  Charter Rates measure a vessel's earning power, which is a direct determinant of its resale value.

SHADOW PRICES - as of 12/26/11

*** SHADOW PRICES ***
ALTERNATIVE SHIP RESALE VALUES.
CALCULATED AS OF 12/26/11.
(ALL PRICES IN MILLIONS OF US$).
.
SHADOW PRICES FOR BULK CARRIERS.
_DWT_____AGE_5___AGE_10___AGE_15___AGE_20
 52,000    $ 27.9M   $ 19.5M   $ 12.0M   $  6.4M
 74,000    $ 28.3M   $ 20.0M   $ 12.8M   $  6.9M
172,000   $ 36.3M   $ 24.7M   $ 15.2M   $  8.0M
.
SHADOW PRICES FOR TANKERS.
_DWT_____AGE_5___AGE_10___AGE_15___AGE_20
 45,000  ******  INSUFFICIENT DATA  *******
105,000   $ 36.0M   $ 24.9M   $ 15.5M   $ 10.4M
305,000   $ 55.6M   $ 36.1M   $ 25.2M   $ 17.7M
.
SHADOW PRICES are based on the very strong
historic correlation between Charter Rates
and Ship Values.  Charter Rates measure a
vessel's earning power, which is a direct
determinant of its resale value.

SHADOW PRICES - as of 12/19/11

*** SHADOW PRICES ***
ALTERNATIVE SHIP RESALE VALUES.
CALCULATED AS OF 12/19/11.
(ALL PRICES IN MILLIONS OF US$).
.
SHADOW PRICES FOR BULK CARRIERS.
_DWT_____AGE_5___AGE_10___AGE_15___AGE_20
 52,000    $ 27.9M   $ 20.4M   $ 13.5M   $  7.7M
 74,000    $ 29.2M   $ 20.4M   $ 13.1M   $  7.0M
172,000   $ 38.5M   $ 25.9M   $ 15.5M   $  8.1M
.
SHADOW PRICES FOR TANKERS.
_DWT_____AGE_5___AGE_10___AGE_15___AGE_20
 45,000    $ 26.4M   $ 18.8M   $ 11.4M   $  6.0M
105,000   $ 36.0M   $ 25.1M   $ 15.3M   $ 10.4M
305,000   $ 54.7M   $ 35.1M   $ 27.3M   $ 17.4M
.
SHADOW PRICES are based on the very strong
historic correlation between Charter Rates
and Ship Values.  Charter Rates measure a vessel's earning power, which is a direct determinant of its resale value.

SHADOW PRICES - as of 12/12/11

*** SHADOW PRICES ***
ALTERNATIVE SHIP RESALE VALUES.
CALCULATED AS OF 12/12/11.
(ALL PRICES IN MILLIONS OF US$).
.
SHADOW PRICES FOR BULK CARRIERS.
_DWT_____AGE_5___AGE_10___AGE_15___AGE_20
 52,000    $ 28.0M   $ 19.5M   $ 12.0M   $  6.4M
 74,000    $ 28.3M   $ 20.0M   $ 12.8M   $  6.9M
172,000   $ 34.3M   $ 23.7M   $ 14.5M   $  7.6M
.
SHADOW PRICES FOR TANKERS.
_DWT_____AGE_5___AGE_10___AGE_15___AGE_20
 45,000    $ 26.0M   $ 18.6M   $ 11.3M   $  6.0M
105,000   $ 35.7M   $ 25.3M   $ 14.8M   $ 10.4M
305,000   $ 56.2M   $ 36.7M   $ 24.0M   $ 17.8M
.
SHADOW PRICES are based on the very strong
historic correlation between Charter Rates
and Ship Values.  Charter Rates measure a vessel's earning power, which is a direct determinant of its resale value.

SHADOW PRICES - as of 12/05/11

*** SHADOW PRICES ***
ALTERNATIVE SHIP RESALE VALUES.
CALCULATED AS OF 12/05/11.
(ALL PRICES IN MILLIONS OF US$).
.
SHADOW PRICES FOR BULK CARRIERS.
_DWT_____AGE_5___AGE_10___AGE_15___AGE_20
 52,000   ******  INSUFFICIENT DATA  *******
 74,000    $ 28.2M   $ 19.6M   $ 12.2M   $  6.5M
172,000   $ 33.1M   $ 22.3M   $ 13.1M   $  6.8M
.
SHADOW PRICES FOR TANKERS.
_DWT_____AGE_5___AGE_10___AGE_15___AGE_20
 45,000  ******  INSUFFICIENT DATA  *******
105,000   $ 35.6M   $ 25.4M   $ 14.5M   $ 10.4M
305,000   $ 56.9M   $ 37.7M   $ 21.8M   $ 17.6M
.
SHADOW PRICES are based on the very strong
historic correlation between Charter Rates
and Ship Values.  Charter Rates measure a
vessel's earning power, which is a direct
determinant of its resale value.

SHADOW PRICES - as of 11/28/11

*** SHADOW PRICES ***
ALTERNATIVE SHIP RESALE VALUES.
CALCULATED AS OF 11/28/11.
(ALL PRICES IN MILLIONS OF US$).
.
SHADOW PRICES FOR BULK CARRIERS.
_DWT_____AGE_5___AGE_10___AGE_15___AGE_20
 52,000    $ 28.0M   $ 20.4M   $ 13.5M   $  7.7M
 74,000    $ 28.3M   $ 20.0M   $ 12.7M   $  6.9M
172,000  ******  INSUFFICIENT DATA  *******
.
SHADOW PRICES FOR TANKERS.
_DWT_____AGE_5___AGE_10___AGE_15___AGE_20
 45,000  ******  INSUFFICIENT DATA  *******
105,000   $ 35.3M   $ 25.4M   $ 14.4M   $ 10.3M
305,000   $ 57.6M   $ 38.9M   $ 22.0M   $ 17.9M
.
SHADOW PRICES are based on the very strong
historic correlation between Charter Rates
and Ship Values.  Charter Rates measure a
vessel's earning power, which is a direct
determinant of its resale value.