Date: Thursday, May 26, 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 July 2005 at the following levels:
	$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 July 1, 2005, will remain unchanged at 11% (Eleven Percent) through, at least, July 31, 2005

The BAF and CAF tariff positions from August 1, 2005, will be advised in due course.

Best regards,

North American Shippers Association (NASA)
Joan Barrett
NASA Administrator