Date: Monday, December 1, 2003

Re:	UNITED STATES SOUTH EUROPE CONFERENCE USSEC BUNKER ADJUSTMENT FACTOR JANUARY 1, 2004 TO JANUARY 31, 2004

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 January, 2004, at the following levels:

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

The above will apply through January 31, 2004.

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