Date: Friday, December 10, 2004

Re:	THE TRANS-ATLANTIC CONFERENCE AGREEMENT (TACA) announces

Dear NASA Member:

Based upon the latest monitoring of fuel prices, TACA’s Bunker Adjustment Factor (BAF)will be reduced with effect from January 16, 2005, to the following levels:

Traffic to/from and via

Atlantic/Gulf Coast $161 per 20ft container $322 per 40/45ft container WM $16.00

Ports Pacific Coast Ports $242 per 20ft container $484 per 40/45ft container WM $24.00

With respect to Currency Adjustment Factor (CAF), the Tariff published level, based on the latest monitoring exercise, will increase to 9% (nine percent) effective January 16, 2005, through, at least, February 15, 2005.

The TACA BAF and CAF to apply from February 16, 2005, will be announced no later than January 15, 2005. 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

Best regards,

North American Shippers Association (NASA)
Joan Barrett
NASA Administrator