Date: Friday, June 11, 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, which have shown exceptionally high price increases, TACA's Bunker Adjustment Factor (BAF), will be adjusted with effect from July 16th, 2004 to August 15th, 2004 to the following levels:

Traffic to/from and via:

Atlantic/Gulf Coast Ports $ 198 per 20ft container $ 396 per 40/45ft container

Pacific Coast Ports $ 297 per 20ft container $ 594 per 40/45ft container

The BAF to apply from August 16th, 2004, will be announced no later than July 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