SHADOW PRICES - as of 08/31/09

*** SHADOW PRICES ***
ALTERNATIVE SHIP RESALE VALUES.
CALCULATED AS OF 08/31/09.
(ALL PRICES IN MILLIONS OF US$).
.
SHADOW PRICES FOR BULK CARRIERS.
DWT          AGE 5      AGE 10    AGE 15    AGE 20
52,000     $ 30.3M   $ 21.7M   $ 14.5M   $  8.5M
74,000     $ 35.1M   $ 25.5M   $ 17.3M   $ 10.2M
172,000   $ 49.8M   $ 36.1M   $ 23.9M   $ 12.7M
.
SHADOW PRICES FOR TANKERS.
DWT          AGE 5      AGE 10    AGE 15    AGE 20
45,000     $ 31.6M   $ 21.1M   $ 14.0M   $  7.6M
105,000   $ 38.1M   $ 25.2M   $ 14.1M   $  6.9M
305,000   $ 69.4M   $ 44.0M   $ 23.6M   $ 13.3M
.
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.