Date: Tuesday June 2, 2009 Re:  BAF Adjustment for July 2009, Europe and South America Please be advised of the following JF Hillebrand USA BAF levels for July 2009. For shipments from: Europe North Continent and the Mediterrean  - BAF adjustment (increase) of $59/TEU (East and West Coast) for July 2009. The BAF is based on the IFO 380 Rotterdam average index up/down 15%.  There was no BAF adjustment in June or May 2009.  South America - no change to BAF adjustment for July 2009. The BAF is based on the IFO 380 Houston average index up/down 15%.  The BAF adjustment is currently set at $37 per TEU (East Coast and West Coast) since May 2009. Daily monitoring of the IFO 380 Rotterdam and IFO 380 Houston can be found at bunkerworld.com