Date: Thursday, October 27, 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 December 2005 at the following levels:
	$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 December 1, 2005, will remain unchanged at 9% (Nine Percent) through, at least, December 31, 2005

The BAF and CAF tariff positions from January 1, 2006, will be advised in due course.

For and on behalf of:

A.P.Moller-Maersk Sealand
P&O Nedlloyd Ltd.

Issued: Crawley, UK, October 27th, 2005
Website: www.ussec.com
Email: Secretariat@taafc.co.uk

Best regards,

North American Shippers Association (NASA)
Joan Barrett
NASA Administrator