INDEX FLEET RATE AND PRICE VALUATIONS

JUNE 30, 2008

The SHIPPING INTELLIGENCE INDEX FLEET is a theoretical group of fifteen ships chosen to be representative of the world fleet. (See below for details of the INDEX FLEET composition.) Changes in resale value or charter rates for the world fleet are mirrored in the INDEX FLEET. The figures below represent the resale value of the entire INDEX FLEET, by type, and the average 6 to 12 month time charter rate for the entire INDEX FLEET, by type. The figures shown were derived from a statistical analysis of thousands of actual ship sales and charters. 

                          INDEX FLEET TOTAL RESALE VALUE
                               (In Millions of $US)
                  .-----------------------------------------------.
                  |  Current     1 Month    6 Months     1 Year   |
                  |   Level        Ago        Ago          Ago    |
                  |-----------------------------------------------|
   BULK CARRIERS  |  $ 562.2     $ 587.0     $ 570.5     $ 387.9  |
                  |-----------------------------------------------|
         TANKERS  |  $ 438.0     $ 388.4     $ 383.6     $ 343.9  |
                  `-----------------------------------------------'
 
 
                   INDEX FLEET TOTAL 6-12 MONTH TIME CHARTER RATE
                           (In Thousands of $US Per Day)
                  .-----------------------------------------------.
                  |  Current     1 Month    6 Months     1 Year   |
                  |   Level        Ago        Ago          Ago    |
                  |-----------------------------------------------|
   BULK CARRIERS  |  $ 590.1     $ 596.7     $ 581.1     $ 387.8  |
                  |-----------------------------------------------|
         TANKERS  |  $ 223.2     $ 216.6     $ 202.2     $ 199.7  |
                  `-----------------------------------------------'

INDEX FLEET COMPOSITION


                BULK CARRIERS                    TANKERS
                -------------                    -------
           35,000 DWT, 10 Years Old      40,000 DWT, 11 Years Old
           35,000 DWT, 15 Years Old      65,000 DWT, 13 Years Old
           45,000 DWT,  5 Years Old      95,000 DWT, 12 Years Old
           45,000 DWT,  7 Years Old     100,000 DWT,  8 Years Old
           60,000 DWT, 16 Years Old     145,000 DWT,  8 Years Old
           65,000 DWT, 12 Years Old     290,000 DWT, 11 Years Old
           70,000 DWT,  8 Years Old
           75,000 DWT,  5 Years Old
          140,000 DWT,  6 Years Old