SHADOW PRICES - as of 06/01/09

*** SHADOW PRICES ***
ALTERNATIVE SHIP RESALE VALUES.
CALCULATED AS OF 06/01/09.
(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    $ 38.2M  $ 27.0M  $ 18.1M  $ 9.9M
172,000  $ 53.7M  $ 43.0M  $ 31.2M  $ 18.4M
.
SHADOW PRICES FOR TANKERS.
DWT         AGE 5      AGE 10   AGE 15   AGE 20
45,000    $ 32.5M  $ 21.1M  $ 14.0M  $ 7.8M
105,000  $ 49.2M  $ 31.2M  $ 17.3M  $ 9.4M
305,000  $ 80.8M  $ 53.8M  $ 30.7M  $ 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.