Date: Monday, November 29, 2004

Re:	U.S. South Europe Conference (USSEC) - BAF and CAF Update

Dear NASA Member:

Resulting from the latest of the regular monitoring exercises in regard to fuel prices and currency value, the United States South Europe Conference (USSEC) wishes to announce:

The present Bunker Adjustment Factor (BAF) published in USSEC tariffs will be extended unchanged for the month of January 2005 at the following levels:

     $192 per 20' container
     $384 per 40' container
     All other cargo (W, WM or each) 16 percent

USSEC's Tariff Currency Adjustment Factor (CAF) from January 1, 2005, will increase from 8% to 11% (eleven percent) through, at least, January 31, 2005.

The BAF and CAF tariff positions from February 1, 2005, will be advised in due course.

The Members of USSEC are: A.P. Moller-Maersk Sealand
                                          Hapag Lloyd Container Linie GmbH
                                          P&O Nedlloyd Ltd

Best regards,

North American Shippers Association (NASA)
Joan Barrett
NASA Administrator