Date: Wednesday, June 1, 2011 Re:  July BAF Increase from all origins: Europe, South Africa, South America, Oceania BAF Increase from Europe, South Africa, South America, and Oceania in July 2011 The BAF adjustment levels on US imports are as follows: Europe, South America, South Africa to USA Month Adjustment 20' 40' May 2011 BAF adjustment, increase of $40 per TEU $338 $676 Jun 2011 BAF adjustment, increase of $46 per TEU $384 $768 Jul 2011 BAF adjustment, increase of $18 per TEU $403 $806 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. Australia, New Zealand to USA Quarter Adjustment 20' 40' Apr-Jun 2011 BAF adjustment, increase of $115 per TEU $645 $1,290 Jul-Sep 2011 BAF adjustment, increase $120 per TEU $765 $1,530 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.