Date: Monday, May 11, 2009

Re:	June 2009 BAF Adjustment Europe and South America

Please be advised of the following JF Hillebrand USA BAF levels for June 2009.

For shipments from:

Europe North Continent and the Mediterrean  - no change to BAF for June 2009.   The BAF is based on the IFO 380 Rotterdam average index up/down 15%.  No change from May 2009.

South America - no change to BAF for June 2009.   The BAF is based on the IFO 380 Houston average index up/down 15%.  The BAF adjustment is currently at $37 per TEU (East Coast and West Coast) for May 2009.

Daily monitoring of the IFO 380 Rotterdam and IFO 380 Houston can be found at bunkerworld.com