Date: Wednesday, November 3, 2004

Re:	MED BAF - EFFECTIVE DECEMBER 1, 2004

Dear NASA Member:

Please allow this to update you on the current BAF situation out of the Med. As it stands right now, the majority of the trade will remain as indicated in the last USSEC announcement, namely:

$192/TEU

The two current exceptions are MSC and CP Ships (Italia Line) which will charge:

$245/TEU

The rates as indicated above are effective December 1, 2004. Please do not hesitate to contact us with any questions.

Best regards,
NASA

Joan Barrett
Administrator