Date: Wednesday, February 2, 2011 Re:  BAF Increase from Europe, South Africa, and South America for March 2011. No Change from Oceania. BAF Increase from Europe, South Africa, and South America for March 2011. No Change from Oceania. The BAF adjustment levels on imports are as follows: Europe, South Africa to USA Based on IFO 380 Rotterdam rolling 3-month average Month Adjustment 20' 40' Jan 2011 No change, remains at $231 per TEU $231 $462 Feb 2011 No change, remains at $231 per TEU $231 $462 Mar 2011 BAF adjustment, increase of $36 per TEU $267 $534 South America to USA Based on IFO 380 Houston rolling 3-month average Month Adjustment 20' 40' Jan 2011 No change, remains at $177 per TEU $177 $354 Feb 2011 BAF adjustment, increase of $76 per TEU $253 $506 Mar 2011 BAF adjustment, increase of $18 per TEU $271 $542 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.