Date: Friday, June 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)	The present Bunker Adjustment Factor published in USSEC tariffs will be extended unchanged for the month of August 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 August 1, 2005, will be reduced to 9% (Nine Percent) through, at least, August 31, 2005

The BAF and CAF tariff positions from September 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