Date: Thursday, March 24, 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)	Due to substantial increases in fuel prices, the present Bunker Adjustment Factor published in USSEC tariffs will be adjusted to the following levels effective May 1, 2005: $260 per 20ft container $520 per 40ft container - all other cargo (W,WM or each) 22 per cent
B)	USSEC’s Tariff Currency Adjustment Factor (CAF) from May 1, 2005, will remain unchanged at 11% (Eleven Percent) through, at least, May 31, 2005

The BAF and CAF tariff positions from June 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