Date: Friday, March 11, 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 March 16, 2005, through April 15, 2005, will continue unchanged for a further period of 30 days through May 15, 2005, at the following levels:

Traffic to/from and via:

Atlantic/Gulf Coast $211 per 20ft container $422 per 40/45ft container WM $21.00

Ports Pacific Coast Ports $317 per 20ft container $633 per 40/45ft container WM $32.00

With respect to CAF, the Tariff published level, based on the latest monitoring exercise, will remain at 9% (Nine percent) through, at least, May 15, 2005.

The TACA BAF and CAF to apply from May 16, 2005, will be announced no later than April 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