Date: Monday, July 12, 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), will be reduced with effect from August 16th, 2004 to September 15th, 2004 to the following levels:

Traffic to/from and via:

Atlantic/Gulf Coast Ports $ 160 per 20ft container $ 320 per 40/45ft container

Pacific Coast Ports $ 240 per 20ft container $ 480 per 40/45ft container

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