Date: Monday, June 09, 2003
Re: TACA BAF Levels

Dear NASA Member:

THE TRANS-ATLANTIC CONFERENCE AGREEMENT (TACA) announces:

Based upon the latest monitoring of fuel prices, TACA’s Bunker Adjustment Factor (BAF), applicable for the period June 16th through July 15th, 2003, will continue unchanged for a further period of 30 days, through August 15th, 2003, at the following levels:

Traffic to/from and via:

Atlantic/Gulf Coast Ports         Pacific Coast Ports
$ 158 per 20ft container          $ 237 per 20ft container
$ 316 per 40/45ft container     $ 474 per 40/45ft container
WM $16.00 WM $24.00

The BAF to apply from August 16th, 2003, will be announced no later than July 15th, 2003. Such will be published in TACA’s relevant tariffs and on its website: www.tacaconf.com .

The Members of TACA are:

Atlantic Container Line A.B.
Nippon Yusen Kaisha (NYK) Line
Hapag-Lloyd Container Linie GmbH
Orient Overseas Container Line
Mediterranean Shipping Co.
P&O Nedlloyd Limited
A.P. Moller-Maersk Sealand

Best Regards,
The North American Shippers Association

Gregory N. Taylor
Manager