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                 Table 5.4-2.  Comparison of implied lease prices from QS sales with lease prices


                                                                           QS+IFQ
                      IPHC                       Price for     Price for    and QS
                      mngt    Vessel            QS and IFQ     QS only     price     Leases
                      area    category      |       $/QS         $/QS        diff      $/QS


                       2C     Freezer       |        C            .           C        0.16
                              > 60 ft       |       1.23          .           .         .
                              36-60 ft      |       1.17         1.09        0.08       .
                              <= 35 ft      |       1.02         0.70        0.32       .

                       3A     Freezer       |        C            .           C        0.09
                              > 60 ft       |       0.84         0.79        0.05       .
                              36-60 ft      |       0.78         0.71        0.07       C
                              <= 35 ft      |       0.75         0.70        0.05       .

                       3B     Freezer       |        .            .           .         C
                              > 60 ft       |       0.47          C           C         .
                              36-60 ft      |       0.43         0.49        -.06       .
                              <= 35 ft      |        C            C           C

                       4A     Freezer       |        .            .           .         C
                              > 60 ft       |       0.83          C           C         .
                              36-60 ft      |       0.72          C           C         .
                              <= 35 ft      |       0.78          C           C         .

                       4B     Freezer       |        .            .           .         C
                              > 60 ft       |        C            .           C         .
                              36-50 ft      |        C            .           C         .