Date: Friday, September 23, 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 further increases in fuel prices, the present Bunker Adjustment Factor published in USSEC tariffs will be adjusted to the following levels effective November 1, 2005:
	$401 per 20ft container $802 per 40ft container - all other cargo (W,WM or each) 34 percent
B)	USSEC’s Tariff Currency Adjustment Factor (CAF) from November 1, 2005, will remain unchanged at 9% (Nine Percent) through, at least, November 30, 2005

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

A.P.Moller-Maersk Sealand

Hapag-Lloyd Container Linie GmbH

P&O Nedlloyd Limited

Best regards,

North American Shippers Association (NASA)
Joan Barrett
NASA Administrator