Date: Friday, April 1, 2011 Re:  May BAF Increase from Europe, South Africa, South America; BAF Unchanged from Oceania BAF Increases from Europe, South Africa, South America for May 2011 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' Mar 2011 BAF adjustment, increase of $36 per TEU $267 $534 Apr 2011 BAF adjustment, increase of $31 per TEU $298 $596 May 2011 BAF adjustment, increase of $40 per TEU $338 $676 South America to USA Based on IFO 380 Houston rolling 3-month average Month Adjustment 20' 40' Mar 2011 BAF adjustment, increase of $18 per TEU $271 $542 Apr 2011 BAF adjustment, increase of $34 per TEU $305 $610 May 2011 BAF adjustment, increase of $33 per TEU $338 $676 Australia, New Zealand to USA Based quarterly BAF average Quarter Adjustment 20' 40' Jan-Mar 2011 No change, remains at $530 per TEU $530 $1,060 Apr-Jun 2011 BAF adjustment, increase $115 per TEU $645 $1,290 Europe, South Africa and South America Bunker Adjustment Factor (BAF) is calculated on rolling three-month averages of the IFO 380 Rotterdam Indexes as monitored by BunkerWorld. Any fluctuation from the previous three month average (increase/decrease) will be applied the following month after 30 day notice. Oceania BAF is calculated quarterly based on the Australia New Zealand United States Discussion Agreement and tracked by Shipping Australia Limited. Any fluctuation from the previous three month average (increase/decrease) will be applied the following month after 30 day notice.