Date: Monday, July 14, 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 July 16th - August 15th, 2003, will continue unchanged for a further period of 30 days, through September 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 September 16th, 2003, will be announced no later than August 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