SHADOW PRICES - as of 05/18/09

*** SHADOW PRICES ***
ALTERNATIVE SHIP RESALE VALUES.
CALCULATED AS OF 05/18/09.
(ALL PRICES IN MILLIONS OF US$).
.
SHADOW PRICES FOR BULK CARRIERS.
DWT        AGE 5     AGE 10   AGE 15   AGE 20
52,000    $ 28.6M  $ 20.0M  $ 12.9M  $ 7.2M
74,000    $ 33.9M  $ 23.5M  $ 14.6M  $ 7.7M
172,000  $ 42.7M  $ 30.0M  $ 19.5M  $ 10.4M
.
SHADOW PRICES FOR TANKERS.
DWT        AGE 5     AGE 10   AGE 15   AGE 20
45,000    $ 27.4M  $ 20.5M  $ 13.1M  $ 6.3M
105,000  $ 53.1M  $ 35.2M  $ 20.0M  $ 11.3M
305,000  $ 79.5M  $ 56.3M  $ 34.3M  $ 20.3M
.
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.