Date: Thursday, December 2, 2010 Re:  January 2011 BAF Remains Unchanged January BAF - Unchanged Be advised that the BAF adjustment levels on imports will remain at current levels for January 2011 from Europe, South Africa and South America. Oceania BAF levels are only adjusted quarterly. Europe, South Africa to USA Based on IFO 380 Rotterdam rolling 3-month average Month Adjustment 20' 40' Nov 2010 No change, remains at $231 per TEU $231 $462 Dec 2010 No change, remains at $231 per TEU $231 $462 Jan 2011 No change, remains at $231 per TEU $231 $462 South America to USA Based on IFO 380 Houston rolling 3-month average Month Adjustment 20' 40' Nov 2010 No change, remains at $177 per TEU $177 $354 Dec 2010 No change, remains at $177 per TEU $177 $354 Jan 2011 No change, remains at $177 per TEU $177 $354 Australia, New Zealand to USA Based quarterly BAF average Quarter Adjustment 20' 40' Oct-Dec 2010 BAF adjustment of $10 per TEU $530 $1,060 Jan-Mar 2011 No change, remains at $530 per TEU $530 $1,060 Europe/South Africa and South America Bunker Adjustment Factor (BAF) is based on rolling three-month averages of the IFO 380 Rotterdam and Houston Fuel Indexes respectively. Adjustments to the BAF are made when the prior month's average exceeds +/- 15%. IFO 380 Rotterdam and Houston Indexes are published at www.bunkerworld.com. Click here for JF Hillebrand USA historical BAF information on imports.