DOCTOR MARITIME EXPLAINS IT ALL ....

SHADOW PRICES - as of 06/29/09

*** 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

SHADOW PRICES - as of 06/22/09

*** SHADOW PRICES ***
ALTERNATIVE SHIP RESALE VALUES.
CALCULATED AS OF 06/22/09.
(ALL PRICES IN MILLIONS OF US$).
.
SHADOW PRICES FOR BULK CARRIERS.
DWT         AGE 5     AGE 10   AGE 15   AGE 20
52,000    $ 28.5M  $ 19.4M  $ 11.8M  $ 6.2M
74,000    $ 37.1M  $ 27.3M  $ 18.7M  $ 10.4M
172,000  $ 66.4M  $ 52.2M  $ 40.3M  $ 28.1M
.
SHADOW PRICES FOR TANKERS.
DWT         AGE 5     AGE 10   AGE 15   AGE 20
45,000    (THESE VALUES CURRENTLY UNSTABLE.)
105,000  $ 41.0M  $ 26.3M  $ 14.6M  $ 7.4M
305,000  $ 77.0M  $ 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.

SHADOW PRICES - as of 06/15/09

*** SHADOW PRICES ***
ALTERNATIVE SHIP RESALE VALUES.
CALCULATED AS OF 06/15/09.
(ALL PRICES IN MILLIONS OF US$).
.
SHADOW PRICES FOR BULK CARRIERS.
DWT         AGE 5     AGE 10   AGE 15   AGE 20
52,000    $ 28.5M  $ 19.4M  $ 11.8M  $ 6.2M
74,000    $ 38.1M  $ 28.2M  $ 19.2M  $ 10.6M
172,000  $ 60.6M  $ 51.0M  $ 34.1M  $ 24.6M
.
SHADOW PRICES FOR TANKERS.
DWT         AGE 5     AGE 10   AGE 15   AGE 20
45,000    $ 19.2M  $ 18.8M  $ 11.8M  $ 4.8M
105,000  $ 40.8M  $ 26.2M  $ 14.6M  $ 7.4M
305,000  $ 76.5M  $ 51.0M  $ 29.5M  $ 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.

SHADOW PRICES - as of 06/08/09

*** SHADOW PRICES ***
ALTERNATIVE SHIP RESALE VALUES.
CALCULATED AS OF 06/08/09.
(ALL PRICES IN MILLIONS OF US$).
.
SHADOW PRICES FOR BULK CARRIERS.
DWT         AGE 5     AGE 10   AGE 15   AGE 20
52,000    $ 32.2M  $ 23.4M  $ 15.8M  $ 8.7M
74,000    $ 46.1M  $ 36.6M  $ 28.2M  $ 19.3M
172,000  $ 53.0M  $ 40.7M  $ 30.9M  $ 17.6M
.
SHADOW PRICES FOR TANKERS.
DWT         AGE 5     AGE 10   AGE 15   AGE 20
45,000    $ 31.4M  $ 19.5M  $ 13.9M  $ 7.6M
105,000  $ 45.6M  $ 28.0M  $ 15.3M  $ 8.1M
305,000  $ 80.4M  $ 54.0M  $ 30.8M  $ 17.8M
.
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.

SHADOW PRICES - as of 06/01/09

*** SHADOW PRICES ***
ALTERNATIVE SHIP RESALE VALUES.
CALCULATED AS OF 06/01/09.
(ALL PRICES IN MILLIONS OF US$).
.
SHADOW PRICES FOR BULK CARRIERS.
DWT         AGE 5      AGE 10   AGE 15   AGE 20
52,000    $ 30.5M  $ 21.7M  $ 14.4M  $ 8.3M
74,000    $ 38.2M  $ 27.0M  $ 18.1M  $ 9.9M
172,000  $ 53.7M  $ 43.0M  $ 31.2M  $ 18.4M
.
SHADOW PRICES FOR TANKERS.
DWT         AGE 5      AGE 10   AGE 15   AGE 20
45,000    $ 32.5M  $ 21.1M  $ 14.0M  $ 7.8M
105,000  $ 49.2M  $ 31.2M  $ 17.3M  $ 9.4M
305,000  $ 80.8M  $ 53.8M  $ 30.7M  $ 18.8M
.
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.

SHADOW PRICES - as of 05/25/09

*** SHADOW PRICES ***
ALTERNATIVE SHIP RESALE VALUES.
CALCULATED AS OF 05/25/09.
(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  $ 7.2M
74,000    $ 35.1M  $ 25.5M  $ 17.3M  $ 10.2M
172,000  $ 49.8M  $ 36.0M  $ 23.8M  $ 12.6M
.
SHADOW PRICES FOR TANKERS.
DWT         AGE 5     AGE 10   AGE 15   AGE 20
45,000    $ 31.1M  $ 19.3M  $ 13.8M  $ 7.5M
105,000  $ 49.1M  $ 31.1M  $ 17.2M  $ 9.4M
305,000  $ 80.2M  $ 53.4M  $ 30.5M  $ 18.8M
.
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.

SHADOW PRICES - as of 05/18/09

*** SHADOW PRICES ***
ALTERNATIVE SHIP RESALE VALUES.
CALCULATED AS OF 05/18/09.
(ALL PRICES IN MILLIONS OF US$).
.
SHADOW PRICES FOR BULK CARRIERS.
DWT        AGE 5     AGE 10   AGE 15   AGE 20
52,000    $ 28.6M  $ 20.0M  $ 12.9M  $ 7.2M
74,000    $ 33.9M  $ 23.5M  $ 14.6M  $ 7.7M
172,000  $ 42.7M  $ 30.0M  $ 19.5M  $ 10.4M
.
SHADOW PRICES FOR TANKERS.
DWT        AGE 5     AGE 10   AGE 15   AGE 20
45,000    $ 27.4M  $ 20.5M  $ 13.1M  $ 6.3M
105,000  $ 53.1M  $ 35.2M  $ 20.0M  $ 11.3M
305,000  $ 79.5M  $ 56.3M  $ 34.3M  $ 20.3M
.
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.

SHADOW PRICES - as of 05/11/09

*** SHADOW PRICES ***
ALTERNATIVE SHIP RESALE VALUES.
CALCULATED AS OF 05/11/09.
(ALL PRICES IN MILLIONS OF US$).
.
SHADOW PRICES FOR BULK CARRIERS.
DWT         AGE 5     AGE 10   AGE 15   AGE 20
52,000    $ 30.5M  $ 21.7M  $ 14.4M  $ 8.3M
74,000    $ 33.3M  $ 23.3M  $ 15.3M  $ 8.4M
172,000  $ 44.6M  $ 33.1M  $ 23.0M  $ 13.1M
.
SHADOW PRICES FOR TANKERS.
DWT         AGE 5     AGE 10   AGE 15   AGE 20
45,000    $ 31.6M  $ 22.3M  $ 13.9M  $ 6.9M
105,000  $ 54.7M  $ 36.7M  $ 22.0M  $ 12.9M
305,000  $ 78.9M  $ 56.0M  $ 34.1M  $ 20.2M
.
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.

SHADOW PRICES - as of 05/04/09

*** SHADOW PRICES ***
ALTERNATIVE SHIP RESALE VALUES.
CALCULATED AS OF 05/04/09.
(ALL PRICES IN MILLIONS OF US$).
.
SHADOW PRICES FOR BULK CARRIERS.
DWT          AGE 5     AGE 10   AGE 15   AGE 20
52,000    $ 26.5M  $ 18.2M  $ 11.5M  $ 6.2M
74,000    $ 32.4M  $ 22.7M  $ 14.4M  $ 8.0M
172,000  $ 38.8M  $ 27.0M  $ 17.9M  $ 9.9M
.
SHADOW PRICES FOR TANKERS.
DWT          AGE 5     AGE 10   AGE 15   AGE 20
45,000    $ 31.5M  $ 22.2M  $ 13.7M  $ 6.8M
105,000  $ 54.5M  $ 36.6M  $ 21.8M  $ 12.9M
305,000  $ 77.1M  $ 55.1M  $ 33.3M  $ 19.8M
.
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.

SHADOW PRICES - as of 04/27/09

*** SHADOW PRICES ***
ALTERNATIVE SHIP RESALE VALUES.
CALCULATED AS OF 04/27/09.
(ALL PRICES IN MILLIONS OF US$).
.
SHADOW PRICES FOR BULK CARRIERS.
DWT          AGE 5      AGE 10    AGE 15    AGE 20
52,000    $ 26.4M   $ 18.2M   $ 11.5M   $ 6.2M
74,000    $ 32.3M   $ 22.6M   $ 14.4M   $ 8.0M
172,000  $ 38.2M   $ 26.5M   $ 17.6M   $ 9.6M
.
SHADOW PRICES FOR TANKERS.
DWT          AGE 5     AGE 10   AGE 15   AGE 20
45,000    $ 30.1M  $ 20.1M  $ 11.5M  $ 6.0M
105,000  $ 54.3M  $ 36.4M  $ 21.6M  $ 12.8M
305,000  $ 78.0M  $ 54.1M  $ 31.5M  $ 19.8M
.
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.