For senior writer “Compass Maritime Services, LLC: Valuing Ships”

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1. How much is the Bet Performer worth based on comparable transactions (no regression needed

here)? Which ship is the best reference transaction (the closest comparable)?

2. Regression Analysis

a. What is the expected relationship between ship price and each factor listed in Exhibit 4

(size, age, and charter rates)? What is the economic logic for why each factor might

affect ship value?

b. Can you think of other factors that might predict ship prices?

c. How well do all three factors jointly explain ship prices?

d. Using all three factors, what is the predicted price for the Bet Performer?

e. What would the price be if the Bet Performer were 5 years younger (6 years old rather

than 11 years old), if the ship were 20K DWT smaller (152K DWT rather than 172K DWT)

or if charter rates in May 2008 were 30% lower (the trailing Capesize Index were 8,735

instead of 12,479)? In each case, assume all other factors remain the same.

3. If you were Basil Karatzas, what would you recommend to your client regarding an offer price

for the Bet Performer? What concerns, if any, would you have? What recommendations would

you make?

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