Date: Friday, June 25, 2004

Re:	UNITED STATES SOUTH EUROPE CONFERENCE USSEC BUNKER ADJUSTMENT FACTOR AUGUST 1, 2004

Dear NASA Member:

Resulting from the latest of the regular monitoring exercises in regard to fuel prices and currency values, the United States South Europe Conference (USSEC) wishes to announce that the present Bunker Adjustment Factor published in USSEC tariffs will be extended unchanged for the month of August, 2004:

$ 192 per 20ft container
$ 384 per 40ft container

The above will apply from August 1, 200 to August 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