SHADOW PRICES - as of 05/11/09

*** SHADOW PRICES ***
ALTERNATIVE SHIP RESALE VALUES.
CALCULATED AS OF 05/11/09.
(ALL PRICES IN MILLIONS OF US$).
.
SHADOW PRICES FOR BULK CARRIERS.
DWT         AGE 5     AGE 10   AGE 15   AGE 20
52,000    $ 30.5M  $ 21.7M  $ 14.4M  $ 8.3M
74,000    $ 33.3M  $ 23.3M  $ 15.3M  $ 8.4M
172,000  $ 44.6M  $ 33.1M  $ 23.0M  $ 13.1M
.
SHADOW PRICES FOR TANKERS.
DWT         AGE 5     AGE 10   AGE 15   AGE 20
45,000    $ 31.6M  $ 22.3M  $ 13.9M  $ 6.9M
105,000  $ 54.7M  $ 36.7M  $ 22.0M  $ 12.9M
305,000  $ 78.9M  $ 56.0M  $ 34.1M  $ 20.2M
.
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.