Wednesday, May 28, 2003
Re: United States South Europe Conference (USSEC)
      Bunker Adjustment

Dear NASA Member,

The United States South Europe Conference (USSEC) advises that the Bunker Adjustment Factor (BAF) published in its relevant Eastbound
and Westbound tariffs will be adjusted to the following levels effective
July 1st, 2003

        $ 128 per 20ft container
        $ 256 per 40ft container

The above will apply through July 31st, 2003.

The BAF thereafter will be announced during week commencing
June 23rd, 2003

The Members of USSEC are:
       A.P.Moller-Maersk Sealand
       Hapag Lloyd Container Line GmbH
       P&O Nedlloyd Ltd.

Best Regards,
The North American Shippers Association

Judy Mannix,
Administrator