Date: Friday, November 5, 2004

Re:	TRANS-ATLANTIC CONFERENCE AGREEMENT AGREEMENT NO. 202-011375 St. Andrews House, 26 Brighton Road, Crawley, West Sussex, RH10 6AA, England Telephone: +44 (0)1293 519131 Fax: +44 (0)1293 540019

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 November 16th - December 15th, 2004, will continue unchanged for a further period of 30 days, through January 15th, 2005, at the following levels:

Traffic to/from and via:

Atlantic/Gulf Coast Ports $ 210 per 20ft container $ 420 per 40/45ft container WM $21.00

Pacific Coast Ports $ 315 per 20ft container $ 630 per 40/45ft container WM $32.00

With respect to Currency Adjustment Factor (CAF), the Tariff published level, based on the latest monitoring exercise, will remain at 7% (Seven percent) through, at least, January 15th, 2004.

The TACA BAF and CAF to apply from January 16th, 2004 , will be announced no later than December 15th, 2004. Such will be published in TACA's relevant tariffs and on its website.

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

Issued: Crawley, UK, November 5th, 2004
Email: secretariat@taafc.co.uk
Website: www.tacaconf.com