Date: Friday, February 25, 2005

Re:	U.S. SOUTH EUROPE CONFERENCE(USSEC) - BAF/CAF UPDATE

Dear NASA Member:

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

A)	The present Bunker Adjustment Factor published in USSEC tariffs will be extended unchanged for the month of April 2005 at the following levels:
	$192 per 20ft container   $384 per 40ft container   - all other cargo (W,WM or each) 16 per cent
B)	USSEC’s Tariff Currency Adjustment Factor (CAF) from April 1, 2005, will remain unchanged at 11% (Eleven Percent) through, at least, April 30, 2005

The BAF and CAF tariff positions from May 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