*** SHADOW PRICES ***
ALTERNATIVE SHIP RESALE VALUES.
CALCULATED AS OF 06/29/09.
(ALL PRICES IN MILLIONS OF US$).
.
SHADOW PRICES FOR BULK CARRIERS.
DWT AGE 5 AGE 10 AGE 15 AGE 20
52,000 $ 32.1M $ 22.9M $ 15.5M $ 8.8M
74,000 $ 41.1M $ 33.7M $ 25.8M $ 16.7M
172,000 $ 62.6M $ 48.5M $ 36.7M $ 26.1M
.
SHADOW PRICES FOR TANKERS.
DWT AGE 5 AGE 10 AGE 15 AGE 20
45,000 (INSUFFICIENT DATA FOR CALCULATION)
105,000 $ 43.5M $ 27.3M $ 14.9M $ 7.5M
305,000 $ 77.4M $ 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
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