DOCTOR MARITIME EXPLAINS IT ALL ....

SHADOW PRICES - as of 12/07/09

*** SHADOW PRICES *** ALTERNATIVE SHIP RESALE VALUES. CALCULATED AS OF 12/07/09. (ALL PRICES IN MILLIONS OF US$). . SHADOW PRICES FOR BULK CARRIERS. _DWT_____AGE_5___AGE_10___AGE_15___AGE_20   52,000   $ 33.0M   $ 25.7M   $ 19.8M   $ 12.9M   74,000   $ 43.6M   $ 34.8M   $ 26.3M   $ 18.2M 172,000   $ 54.9M   $ 43.3M   $ 29.6M   $ 21.2M . SHADOW PRICES FOR TANKERS. _DWT_____AGE_5___AGE_10___AGE_15___AGE_20   45,000   $ 22.0M   $ 18.0M   $ 11.4M   $  5.4M 105,000   $ 53.2M   $ 32.6M   $ 17.9M   $  9.9M 305,000   $ 65.0M   $ 36.9M   $ 19.1M   $ 10.4M . 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.

SHADOW PRICES - as of 11/30/09

*** SHADOW PRICES *** ALTERNATIVE SHIP RESALE VALUES. CALCULATED AS OF 11/30/09. (ALL PRICES IN MILLIONS OF US$). . SHADOW PRICES FOR BULK CARRIERS. _DWT_____AGE_5___AGE_10__AGE_15__AGE_20   52,000   $ 33.1M   $ 26.8M   $ 21.2M   $ 14.2M   74,000   $ 37.7M   $ 31.1M   $ 22.2M   $ 15.3M 172,000   $ 56.8M   $ 46.7M   $ 32.9M   $ 21.4M . SHADOW PRICES FOR TANKERS. _DWT_____AGE_5___AGE_10__AGE_15__AGE_20   45,000   $ 26.0M   $ 19.2M   $ 12.4M   $  7.0M 105,000   $ 53.8M   $ 32.9M   $ 18.1M   $ 10.0M 305,000   $ 63.2M   $ 33.7M   $ 19.0M   $ 10.2M . 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 11/23/09

*** SHADOW PRICES *** ALTERNATIVE SHIP RESALE VALUES. CALCULATED AS OF 11/23/09. (ALL PRICES IN MILLIONS OF US$). . SHADOW PRICES FOR BULK CARRIERS. _DWT_____AGE_5___AGE_10__AGE_15__AGE_20   52,000   $ 34.5M   $ 27.1M   $ 22.0M   $ 14.3M   74,000   $ 46.3M   $ 36.0M   $ 27.2M   $ 18.9M 172,000   $ 55.1M   $ 41.8M   $ 31.7M   $ 20.7M . SHADOW PRICES FOR TANKERS. _DWT_____AGE_5___AGE_10__AGE_15__AGE_20   45,000   $ 22.3M   $ 18.6M   $ 11.7M   $  5.4M 105,000   $ 54.4M   $ 33.3M   $ 18.4M   $ 10.1M 305,000   $ 64.7M   $ 36.7M   $ 19.0M   $ 10.3M . 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 11/16/09

*** SHADOW PRICES *** ALTERNATIVE SHIP RESALE VALUES. CALCULATED AS OF 11/16/09. (ALL PRICES IN MILLIONS OF US$). . SHADOW PRICES FOR BULK CARRIERS. _DWT_____AGE_5___AGE_10___AGE_15___AGE_20   52,000   $ 34.0M   $ 25.9M   $ 20.3M   $ 12.9M   74,000   $ 40.9M   $ 33.5M   $ 25.6M   $ 16.6M 172,000   $ 60.9M   $ 47.5M   $ 35.0M   $ 23.3M . SHADOW PRICES FOR TANKERS. _DWT_____AGE_5___AGE_10___AGE_15___AGE_20   45,000   $ 27.9M   $ 16.8M   $ 11.1M   $  6.6M 105,000   $ 40.7M   $ 26.9M   $ 14.6M   $  7.5M 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.

SHADOW PRICES - as of 11/09/09

*** SHADOW PRICES *** ALTERNATIVE SHIP RESALE VALUES. CALCULATED AS OF 11/09/09. (ALL PRICES IN MILLIONS OF US$). . SHADOW PRICES FOR BULK CARRIERS. _DWT_____AGE_5___AGE_10__AGE_15__AGE_20   52,000   $ 34.7M   $ 27.1M   $ 22.2M   $ 14.2M   74,000   $ 41.3M   $ 32.7M   $ 25.0M   $ 16.8M 172,000   $ 49.6M   $ 41.3M   $ 28.0M   $ 16.6M . SHADOW PRICES FOR TANKERS. _DWT_____AGE_5___AGE_10__AGE_15__AGE_20   45,000   $ 28.7M   $ 17.7M   $ 11.7M   $  6.8M 105,000   $ 40.4M   $ 26.7M   $ 14.6M   $  7.5M 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.

SHADOW PRICES - as of 11/02/09

*** SHADOW PRICES *** ALTERNATIVE SHIP RESALE VALUES. CALCULATED AS OF 11/02/09. (ALL PRICES IN MILLIONS OF US$). . SHADOW PRICES FOR BULK CARRIERS. _DWT_____AGE_5___AGE_10__AGE_15__AGE_20   52,000   $ 32.9M   $ 24.7M   $ 17.5M   $ 10.2M   74,000   $ 37.8M   $ 28.1M   $ 19.2M   $ 10.9M 172,000   $ 52.5M   $ 38.0M   $ 25.9M   $ 14.1M . SHADOW PRICES FOR TANKERS. _DWT_____AGE_5___AGE_10__AGE_15__AGE_20   45,000   $ 29.3M   $ 18.6M   $ 12.2M   $  7.0M 105,000   $ 40.0M   $ 26.4M   $ 14.5M   $  7.4M 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.

SHADOW PRICES - as of 10/26/09

*** SHADOW PRICES *** ALTERNATIVE SHIP RESALE VALUES. CALCULATED AS OF 10/26/09. (ALL PRICES IN MILLIONS OF US$). . SHADOW PRICES FOR BULK CARRIERS. _DWT_____AGE_5___AGE_10__AGE_15__AGE_20   52,000   $ 33.0M   $ 24.7M   $ 17.5M   $ 10.2M   74,000   $ 37.8M   $ 28.1M   $ 19.2M   $ 10.9M 172,000   $ 52.5M   $ 38.0M   $ 25.9M   $ 14.1M . SHADOW PRICES FOR TANKERS. _DWT_____AGE_5___AGE_10__AGE_15__AGE_20   45,000   $ 29.9M   $ 19.4M   $ 12.8M   $  7.2M 105,000   $ 39.7M   $ 26.1M   $ 14.4M   $  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.

SHADOW PRICES - as of 10/19/09

*** SHADOW PRICES ***
ALTERNATIVE SHIP RESALE VALUES.
CALCULATED AS OF 10/19/09.
(ALL PRICES IN MILLIONS OF US$).
.
SHADOW PRICES FOR BULK CARRIERS.
_DWT_____AGE_5___AGE_10__AGE_15__AGE_20
  52,000   $ 32.0M   $ 22.9M   $ 15.5M   $  8.9M
  74,000   $ 37.4M   $ 27.6M   $ 18.9M   $ 11.1M
172,000   $ 45.9M   $ 33.1M   $ 22.0M   $ 11.8M
.
SHADOW PRICES FOR TANKERS.
_DWT_____AGE_5___AGE_10__AGE_15__AGE_20
  45,000   $ 25.8M   $ 11.4M   $  8.5M    $  4.6M
105,000   $ 42.6M   $ 27.9M   $ 15.3M   $  8.1M
305,000   $ 71.6M   $ 46.4M   $ 26.4M   $ 15.9M
.
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 10/12/09

*** SHADOW PRICES *** ALTERNATIVE SHIP RESALE VALUES. CALCULATED AS OF 10/12/09. (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   $ 37.4M   $ 27.6M   $ 18.9M   $ 11.0M 172,000   $ 45.9M   $ 33.0M   $ 21.9M   $ 11.7M . SHADOW PRICES FOR TANKERS. _DWT_____AGE_5___AGE_10__AGE_15__AGE_20   45,000   $ 26.1M   $ 11.2M   $  8.7M    $  4.5M 105,000   $ 42.1M   $ 27.5M   $ 15.1M   $  8.0M 305,000   $ 71.4M   $ 46.2M   $ 26.3M   $ 15.8M . 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 10/05/09

*** SHADOW PRICES *** ALTERNATIVE SHIP RESALE VALUES. CALCULATED AS OF 10/05/09. (ALL PRICES IN MILLIONS OF US$). . SHADOW PRICES FOR BULK CARRIERS. _DWT____AGE_5____AGE_10___AGE_15___AGE_20   52,000   $ 31.9M   $ 23.4M   $ 15.9M   $  8.8M   74,000   $ 38.0M   $ 27.1M   $ 18.2M   $ 10.1M 172,000   $ 45.8M   $ 32.9M   $ 21.8M   $ 11.6M . SHADOW PRICES FOR TANKERS. _DWT____AGE_5____AGE_10___AGE_15___AGE_20   45,000   $ 26.2M   $ 11.2M   $  8.5M    $  4.5M 105,000   $ 41.6M   $ 27.1M   $ 15.0M   $  7.8M 305,000   $ 71.3M   $ 45.9M   $ 26.1M   $ 15.8M . 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.