Compass Maritime Services, LLC: Valuing Ships

Harvard Business School Case 211-014

Courseware 9-211-702

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Exhibit 4: Sales of Capesize Ships from January 2007 to May 2008

Sale Price Year Age at Sale

Sale Date Vessel Name ($US millions) Built (Years)

1 Jan-07 Lowlands Beilun $73.0 1999 8

2 Jan-07 CHS Moon $45.0 1991 16
3 Jan-07 Spring Brave $62.0 1995 12
4 Jan-07 Martha Verity $60.0 1995 12
5 Jan-07 TMT TBN $61.3 1993 14
6 Feb-07 Pantelis SP $83.0 1999 8
7 Feb-07 Amazon $45.0 1990 17
8 Mar-07 Cape Kassos $100.0 2004 3
9 Mar-07 Johnny K $65.0 1994 13
10 Mar-07 Zorbas $70.0 1996 11
11 Mar-07 Americana $33.0 1987 20
12 Mar-07 Martha Verity $63.0 1995 12
13 Mar-07 Ullswater $43.0 1990 17
14 Apr-07 Formosabulk Brave $95.0 2001 6
15 Apr-07 Formosabulk Clement $95.0 2001 6
16 Apr-07 Nautical Dream $63.5 1994 13
17 Apr-07 Formosabulk Allstart $67.0 1995 12
18 Apr-07 Arimathian $62.0 1994 13
19 Apr-07 Boss $31.0 1985 22
20 May-07 Zorbas II $86.0 1996 11
21 May-07 Fertilia $50.5 1997 10
22 May-07 Ingenious $64.2 1996 11
23 Jun-07 Anangel Dawn $67.0 1994 13
24 Jun-07 Orient Fortune $28.0 1984 23
25 Jul-07 Great Moon $30.0 1984 23
26 Jul-07 Gran Trader $105.0 2001 6
27 Aug-07 Cape Brazil $22.0 1981 26
28 Sep-07 Thalassini Kyra $133.0 2002 5
29 Oct-07 Tiger Lily $90.0 1995 12
30 Oct-07 Dong-A-Helios $47.0 1986 21
31 Oct-07 Marine Hunter $45.0 1984 23
32 Oct-07 Peace Glory $57.0 1984 23
33 Nov-07 Sumihou $106.0 1996 11
34 Nov-07 Gran Trader $152.0 2001 6
35 Nov-07 Netadola $97.0 1993 14
36 Nov-07 Nordstar $38.0 1983 24
37 Nov-07 Captain Vangelis L $87.5 1992 15
 38 Dec-07 Voutakos $78.0 1987 20
39 Dec-07 Sachuest $35.0 1986 21
40 Jan-08 Sinfonia $83.7 1991 17
41 Jan-08 Jin Tai $155.0 2004 4
42 Feb-08 Dias $58.0 1988 20
43 Mar-08 Desimi $83.0 1989 19
44 Mar-08 Samos $25.0 1982 26
45 Mar-08 Cape Sun $135.0 1999 9
46 Apr-08 Nightflight $158.0 2004 4
47 May-08 Cape Falcon $87.2 1993 15
48 May-08 Castle Peak $82.0 1990 18

Source: Adapted from Compass Weekly Market Report (various issues) and Thompson Reuters Datastream, accessed 7/25/10
 Trailing 1-Year
Dead-Weight Average Monthly
Tons Baltic Dry
(000) Capesize Index

170.2 4,647
150.2 4,647
151.1 4,647
158.0 4,647
174.7 4,647
169.9 4,878
149.5 4,878
170.0 5,245
165.3 5,245
165.1 5,245
149.0 5,245
158.0 5,245
123.5 5,245
170.1 5,752
170.1 5,752
151.4 5,752
150.4 5,752
149.8 5,752
139.8 5,752
174.5 6,201
172.6 6,201
170.0 6,201
149.3 6,618
161.4 6,618
146.0 6,980
172.5 6,980
140.8 7,441
164.2 8,181
149.2 8,886
146.9 8,886
164.5 8,886
166.1 8,886
171.1 9,663
172.6 9,663
149.5 9,663
150.7 9,663
148.2 9,663
 188.3 10,299
98.4 10,299
184.4 10,526
173.9 10,526
135.0 10,844
207.1 11,193
137.0 11,193
171.7 11,193
170.0 11,614
161.5 12,479
145.4 12,479

uters Datastream, accessed 7/25/10.