SHADOW PRICES - as of 05/25/09

*** SHADOW PRICES ***
ALTERNATIVE SHIP RESALE VALUES.
CALCULATED AS OF 05/25/09.
(ALL PRICES IN MILLIONS OF US$).
.
SHADOW PRICES FOR BULK CARRIERS.
DWT         AGE 5     AGE 10   AGE 15   AGE 20
52,000    $ 28.6M  $ 20.1M  $ 13.0M  $ 7.2M
74,000    $ 35.1M  $ 25.5M  $ 17.3M  $ 10.2M
172,000  $ 49.8M  $ 36.0M  $ 23.8M  $ 12.6M
.
SHADOW PRICES FOR TANKERS.
DWT         AGE 5     AGE 10   AGE 15   AGE 20
45,000    $ 31.1M  $ 19.3M  $ 13.8M  $ 7.5M
105,000  $ 49.1M  $ 31.1M  $ 17.2M  $ 9.4M
305,000  $ 80.2M  $ 53.4M  $ 30.5M  $ 18.8M
.
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.