Date: Monday, January 19, 2004 Re:  TRANS-ATLANTIC CONFERENCE AGREEMENT (TACA) Dear NASA Member: THE TRANS-ATLANTIC CONFERENCE AGREEMENT (TACA) announces: Based upon the latest monitoring of fuel prices, TACA's Bunker Adjustment Factor (BAF), applicable for the period January 16th - February 15th, 2004, will continue unchanged for a further period of 30 days, through March 15th, 2004, at the following levels: Traffic to/from and via: Atlantic/Gulf Coast Ports $ 158 per 20ft container $ 316 per 40/45ft container Pacific Coast Ports $ 237 per 20ft container $ 474 per 40/45ft container The BAF to apply from March 16th, 2004, will be announced no later than February 15th, 2004. The members of TACA are: Atlantic Container Line A.B. Hapag-Lloyd Container Linie GmbH Mediterranean Shipping Co. A.P. Moller-Maersk Sealand Nippon Yusen Kaisha (NYK) Line Orient Overseas Container Line P&O Nedlloyd Limited Regards, Judy Mannix Administrator