Date: Monday, January 10, 2005

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), applicable for the period January 16, 2005 , through February 15, 2005 , will continue unchanged for a further period of 30 days, through March 15, 2005 , at the following levels:

Traffic to/from and via:
 

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

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

Based upon the latest monitoring of currencies, TACA's Currency Adjustment Factor (CAF), applicable for the period January 16, 2005, through February 15, 2005 , will remain at 9% (nine percent) through, at least, March 15, 2005.

The TACA BAF and CAF to apply from March 16, 2005, will be announced no later than February 11, 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