SHADOW PRICES - as of 09/21/09

*** SHADOW PRICES ***
ALTERNATIVE SHIP RESALE VALUES.
CALCULATED AS OF 09/21/09.
(ALL PRICES IN MILLIONS OF US$).
.
SHADOW PRICES FOR BULK CARRIERS.
DWT ______AGE 5 _AGE 10__AGE 15__AGE 20
52,000    $ 32.0M  $ 23.4M  $ 15.9M  $ 8.8M
74,000    $ 37.8M  $ 28.1M  $ 19.2M  $ 10.8M
172,000  $ 47.5M  $ 36.8M  $ 25.4M  $ 13.9M
.
SHADOW PRICES FOR TANKERS.
DWT______ AGE 5_ AGE 10__AGE 15__AGE 20
45,000    $ 26.4M  $ 19.6M  $ 12.7M  $ 7.1M
105,000  $ 54.9M  $ 33.3M  $ 18.6M  $ 10.2M
305,000  $ 65.7M  $ 39.7M  $ 21.8M  $ 11.7M
.
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.