SHADOW PRICES - as of 06/08/09

*** SHADOW PRICES ***
ALTERNATIVE SHIP RESALE VALUES.
CALCULATED AS OF 06/08/09.
(ALL PRICES IN MILLIONS OF US$).
.
SHADOW PRICES FOR BULK CARRIERS.
DWT         AGE 5     AGE 10   AGE 15   AGE 20
52,000    $ 32.2M  $ 23.4M  $ 15.8M  $ 8.7M
74,000    $ 46.1M  $ 36.6M  $ 28.2M  $ 19.3M
172,000  $ 53.0M  $ 40.7M  $ 30.9M  $ 17.6M
.
SHADOW PRICES FOR TANKERS.
DWT         AGE 5     AGE 10   AGE 15   AGE 20
45,000    $ 31.4M  $ 19.5M  $ 13.9M  $ 7.6M
105,000  $ 45.6M  $ 28.0M  $ 15.3M  $ 8.1M
305,000  $ 80.4M  $ 54.0M  $ 30.8M  $ 17.8M
.
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.