Date: Monday, September 29, 2003

Re:	UNITED STATES SOUTH EUROPE CONFERENCE USSEC BUNKER ADJUSTMENT FACTOR NOVEMBER 1, 2003 TO NOVEMBER 30, 2003

Dear NASA Member:

THE UNITED STATES SOUTH EUROPE CONFERENCE (USSEC) based on its latest monthly monitoring of fuel prices, the currently published BAF will be extended, unchanged, to apply for the month of November, 2003, at the following levels:

         $ 176 per 20ft container
         $ 352 per 40ft container

The above will apply through November 30, 2003.

The BAF thereafter will be announced prior to the end of October, 2003.

The Members of USSEC are:
A.P.Moller-Maersk Sealand, Hapag Lloyd Container Linie GmbH, P&O Nedlloyd Ltd.

Best regards,
The North American Shippers Association

Judy Mannix
Administrator