SHADOW PRICES - as of 09/14/09

*** SHADOW PRICES ***
ALTERNATIVE SHIP RESALE VALUES.
CALCULATED AS OF 09/14/09.
(ALL PRICES IN MILLIONS OF US$).
.
SHADOW PRICES FOR BULK CARRIERS.
DWT         AGE 5     AGE 10   AGE 15   AGE 20
52,000    $ 28.6M  $ 20.2M  $ 13.0M  $ 7.4M
74,000    $ 35.1M  $ 25.6M  $ 17.4M  $ 10.4M
172,000  $ 54.1M  $ 40.9M  $ 29.3M  $ 16.7M
.
SHADOW PRICES FOR TANKERS.
DWT         AGE 5     AGE 10   AGE 15   AGE 20
45,000    $ 30.3M  $ 20.2M  $ 13.3M  $ 7.3M
105,000  $ 39.4M  $ 25.9M  $ 14.3M  $ 7.3M
305,000  $ 69.9M  $ 44.3M  $ 23.6M  $ 13.4M
.
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.