DOCTOR MARITIME EXPLAINS IT ALL ....

SHADOW PRICES - as of 08/31/09

*** SHADOW PRICES ***
ALTERNATIVE SHIP RESALE VALUES.
CALCULATED AS OF 08/31/09.
(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   $ 25.5M   $ 17.3M   $ 10.2M
172,000   $ 49.8M   $ 36.1M   $ 23.9M   $ 12.7M
.
SHADOW PRICES FOR TANKERS.
DWT          AGE 5      AGE 10    AGE 15    AGE 20
45,000     $ 31.6M   $ 21.1M   $ 14.0M   $  7.6M
105,000   $ 38.1M   $ 25.2M   $ 14.1M   $  6.9M
305,000   $ 69.4M   $ 44.0M   $ 23.6M   $ 13.3M
.
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 08/24/09

*** SHADOW PRICES ***
ALTERNATIVE SHIP RESALE VALUES.
CALCULATED AS OF 08/24/09.
(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   $  9.0M
74,000     $ 38.1M   $ 27.1M   $ 18.2M   $ 10.0M
172,000   $ 49.5M   $ 41.3M   $ 28.0M   $ 16.6M
.
SHADOW PRICES FOR TANKERS.
DWT          AGE 5      AGE 10    AGE 15    AGE 20
45,000     $ 32.4M   $ 21.2M   $ 14.3M   $  7.8M
105,000   $ 37.5M   $ 24.8M   $ 14.0M   $  6.8M
305,000   $ 69.4M   $ 44.0M   $ 23.6M   $ 13.3M
.
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 08/17/09

*** SHADOW PRICES ***
ALTERNATIVE SHIP RESALE VALUES.
CALCULATED AS OF 08/17/09.
(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    $ 37.8M  $ 28.1M  $ 19.2M  $ 10.8M
172,000  $ 64.6M  $ 51.5M  $ 37.5M  $ 25.0M
.
SHADOW PRICES FOR TANKERS.
DWT         AGE 5     AGE 10   AGE 15   AGE 20
45,000    $ 33.0M  $ 21.5M  $ 14.3M  $ 7.8M
105,000  $ 55.3M  $ 33.3M  $ 18.7M  $ 10.1M
305,000  $ 69.3M  $ 44.0M  $ 23.6M  $ 13.3M
.
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 08/10/09

*** SHADOW PRICES ***
ALTERNATIVE SHIP RESALE VALUES.
CALCULATED AS OF 08/10/09.
(ALL PRICES IN MILLIONS OF US$).
.
SHADOW PRICES FOR BULK CARRIERS.
DWT         AGE 5     AGE 10   AGE 15   AGE 20
52,000    $ 33.2M  $ 24.8M  $ 17.6M  $ 10.1M
74,000    $ 40.4M  $ 32.1M  $ 23.5M  $ 15.3M
172,000  $ 59.7M  $ 48.3M  $ 34.7M  $ 21.5M
.
SHADOW PRICES FOR TANKERS.
DWT         AGE 5     AGE 10   AGE 15   AGE 20
45,000    $ 34.3M  $ 22.2M  $ 14.1M  $ 7.7M
105,000  $ 55.0M  $ 33.2M  $ 18.8M  $ 10.1M
305,000  $ 68.9M  $ 43.8M  $ 23.6M  $ 13.3M
.
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 08/03/09

*** SHADOW PRICES ***
ALTERNATIVE SHIP RESALE VALUES.
CALCULATED AS OF 08/03/09.
(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  $ 15.8M  $ 8.7M
74,000    $ 37.0M  $ 27.3M  $ 18.7M  $ 10.6M
172,000  $ 61.0M  $ 49.9M  $ 36.0M  $ 22.4M
.
SHADOW PRICES FOR TANKERS.
DWT         AGE 5     AGE 10   AGE 15   AGE 20
45,000    $ 37.3M  $ 24.6M  $ 17.6M  $ 9.4M
105,000  $ 40.3M  $ 26.3M  $ 14.6M  $ 7.3M
305,000  $ 73.7M  $ 46.1M  $ 26.1M  $ 15.5M
.
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 07/27/09

*** SHADOW PRICES ***
ALTERNATIVE SHIP RESALE VALUES.
CALCULATED AS OF 07/27/09.
(ALL PRICES IN MILLIONS OF US$).
.
SHADOW PRICES FOR BULK CARRIERS.
DWT         AGE 5     AGE 10   AGE 15   AGE 20
52,000    $ 32.1M  $ 23.4M  $ 15.8M  $ 8.7M
74,000    $ 37.0M  $ 27.3M  $ 18.7M  $ 10.5M
172,000  $ 61.9M  $ 48.4M  $ 35.8M  $ 24.2M
.
SHADOW PRICES FOR TANKERS.
DWT         AGE 5     AGE 10   AGE 15   AGE 20
45,000    $ 37.7M  $ 25.0M  $ 18.1M  $ 9.7M
105,000  $ 40.3M  $ 26.3M  $ 14.6M  $ 7.3M
305,000  $ 73.4M  $ 46.0M  $ 26.1M  $ 15.6M
.
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 07/20/09

*** SHADOW PRICES ***
ALTERNATIVE SHIP RESALE VALUES.
CALCULATED AS OF 07/20/09.
(ALL PRICES IN MILLIONS OF US$).
.
SHADOW PRICES FOR BULK CARRIERS.
DWT         AGE 5     AGE 10   AGE 15   AGE 20
52,000    $ 31.8M  $ 23.0M  $ 15.6M  $ 8.9M
74,000    $ 37.9M  $ 28.1M  $ 19.1M  $ 10.8M
172,000  $ 71.7M  $ 55.6M  $ 43.4M  $ 31.1M
.
SHADOW PRICES FOR TANKERS.
DWT         AGE 5     AGE 10   AGE 15   AGE 20
45,000    (INSUFFICIENT DATA FOR CALCULATION)
105,000  $ 40.3M  $ 26.3M  $ 14.6M  $ 7.3M
305,000  $ 73.0M  $ 45.9M  $ 26.1M  $ 15.6M
.
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 07/13/09

*** SHADOW PRICES ***
ALTERNATIVE SHIP RESALE VALUES.
CALCULATED AS OF 07/13/09.
(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  $ 7.3M
74,000    $ 38.1M  $ 27.0M  $ 18.1M  $ 9.9M
172,000  $ 76.8M  $ 60.5M  $ 47.4M  $ 34.2M
.
SHADOW PRICES FOR TANKERS.
DWT         AGE 5     AGE 10   AGE 15   AGE 20
45,000    (INSUFFICIENT DATA FOR CALCULATION)
105,000  $ 40.3M  $ 26.3M  $ 14.6M  $ 7.3M
305,000  $ 72.6M  $ 45.8M  $ 26.1M  $ 15.6M
.
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 07/06/09

*** SHADOW PRICES ***
ALTERNATIVE SHIP RESALE VALUES.
CALCULATED AS OF 07/06/09.
(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  $ 7.3M
74,000    $ 38.0M  $ 28.1M  $ 19.1M  $ 10.7M
172,000  $ 56.7M  $ 45.2M  $ 30.4M  $ 22.5M
.
SHADOW PRICES FOR TANKERS.
DWT         AGE 5    AGE 10    AGE 15   AGE 20
45,000    (INSUFFICIENT DATA FOR CALCULATION)
105,000  $ 40.3M $  26.3M  $ 14.6M  $ 7.3M
305,000  $ 72.2M $  45.6M  $ 26.0M  $ 15.6M
.
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 06/29/09

*** 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