SHADOW PRICES - as of 04/27/09

*** SHADOW PRICES ***
ALTERNATIVE SHIP RESALE VALUES.
CALCULATED AS OF 04/27/09.
(ALL PRICES IN MILLIONS OF US$).
.
SHADOW PRICES FOR BULK CARRIERS.
DWT          AGE 5      AGE 10    AGE 15    AGE 20
52,000    $ 26.4M   $ 18.2M   $ 11.5M   $ 6.2M
74,000    $ 32.3M   $ 22.6M   $ 14.4M   $ 8.0M
172,000  $ 38.2M   $ 26.5M   $ 17.6M   $ 9.6M
.
SHADOW PRICES FOR TANKERS.
DWT          AGE 5     AGE 10   AGE 15   AGE 20
45,000    $ 30.1M  $ 20.1M  $ 11.5M  $ 6.0M
105,000  $ 54.3M  $ 36.4M  $ 21.6M  $ 12.8M
305,000  $ 78.0M  $ 54.1M  $ 31.5M  $ 19.8M
.
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.