SHADOW PRICES - as of 07/06/09

*** SHADOW PRICES ***
ALTERNATIVE SHIP RESALE VALUES.
CALCULATED AS OF 07/06/09.
(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  $ 7.3M
74,000    $ 38.0M  $ 28.1M  $ 19.1M  $ 10.7M
172,000  $ 56.7M  $ 45.2M  $ 30.4M  $ 22.5M
.
SHADOW PRICES FOR TANKERS.
DWT         AGE 5    AGE 10    AGE 15   AGE 20
45,000    (INSUFFICIENT DATA FOR CALCULATION)
105,000  $ 40.3M $  26.3M  $ 14.6M  $ 7.3M
305,000  $ 72.2M $  45.6M  $ 26.0M  $ 15.6M
.
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.