Monday, May 12, 2003
Re: TACA Bunker Levels Unchanged

Dear NASA Member,

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

The BAF to apply from July 16th, 2003, will be announced no later than
June 15th, 2003.

The Members of TACA are:

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

Best regards,
North American Shippers Association

Judy Mannix,
Administrator