Date: Thursday, July 28, 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 September 1, 2005:
	$323 per 20ft container $646 per 40ft container - all other cargo (W,WM or each) 27 percent
B)	USSEC’s Tariff Currency Adjustment Factor (CAF) from September 1, 2005, will remain unchanged at 9% (Nine Percent) through, at least, September 30, 2005

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

The Members of TACA 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