SHADOW PRICES - as of 06/22/09

*** SHADOW PRICES ***
ALTERNATIVE SHIP RESALE VALUES.
CALCULATED AS OF 06/22/09.
(ALL PRICES IN MILLIONS OF US$).
.
SHADOW PRICES FOR BULK CARRIERS.
DWT         AGE 5     AGE 10   AGE 15   AGE 20
52,000    $ 28.5M  $ 19.4M  $ 11.8M  $ 6.2M
74,000    $ 37.1M  $ 27.3M  $ 18.7M  $ 10.4M
172,000  $ 66.4M  $ 52.2M  $ 40.3M  $ 28.1M
.
SHADOW PRICES FOR TANKERS.
DWT         AGE 5     AGE 10   AGE 15   AGE 20
45,000    (THESE VALUES CURRENTLY UNSTABLE.)
105,000  $ 41.0M  $ 26.3M  $ 14.6M  $ 7.4M
305,000  $ 77.0M  $ 51.0M  $ 29.4M  $ 17.6M
.
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.