SHADOW PRICES - as of 05/04/09

*** SHADOW PRICES ***
ALTERNATIVE SHIP RESALE VALUES.
CALCULATED AS OF 05/04/09.
(ALL PRICES IN MILLIONS OF US$).
.
SHADOW PRICES FOR BULK CARRIERS.
DWT          AGE 5     AGE 10   AGE 15   AGE 20
52,000    $ 26.5M  $ 18.2M  $ 11.5M  $ 6.2M
74,000    $ 32.4M  $ 22.7M  $ 14.4M  $ 8.0M
172,000  $ 38.8M  $ 27.0M  $ 17.9M  $ 9.9M
.
SHADOW PRICES FOR TANKERS.
DWT          AGE 5     AGE 10   AGE 15   AGE 20
45,000    $ 31.5M  $ 22.2M  $ 13.7M  $ 6.8M
105,000  $ 54.5M  $ 36.6M  $ 21.8M  $ 12.9M
305,000  $ 77.1M  $ 55.1M  $ 33.3M  $ 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.