DOCTOR MARITIME EXPLAINS IT ALL ....

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.

SHADOW PRICES - as of 09/28/09

*** SHADOW PRICES ***
ALTERNATIVE SHIP RESALE VALUES.
CALCULATED AS OF 09/28/09.
(ALL PRICES IN MILLIONS OF US$).
.
SHADOW PRICES FOR BULK CARRIERS.
DWT_____AGE_5___AGE_10__AGE_15__AGE_20
52,000    $ 31.7M  $ 23.1M  $ 15.7M  $ 9.1M
74,000    $ 35.1M  $ 25.6M  $ 17.4M  $ 10.4M
172,000  $ 46.9M  $ 34.0M  $ 23.2M  $ 13.1M
.
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  $ 40.9M  $ 26.7M  $ 14.8M  $ 7.6M
305,000  $ 71.1M  $ 45.7M  $ 26.0M  $ 15.7M
.
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.

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.

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.

SHADOW PRICES - as of 09/07/09

*** SHADOW PRICES ***
ALTERNATIVE SHIP RESALE VALUES.
CALCULATED AS OF 09/07/09.
(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  $ 25.6M  $ 17.4M  $ 10.3M
172,000  $ 49.8M  $ 36.2M  $ 24.0M  $ 12.8M
.
SHADOW PRICES FOR TANKERS.
DWT         AGE 5     AGE 10   AGE 15   AGE 20
45,000    $ 30.9M  $ 20.5M  $ 13.5M  $ 7.5M
105,000  $ 38.9M  $ 25.6M  $ 14.3M  $ 7.1M
305,000  $ 69.6M  $ 44.1M  $ 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.