Date: Tuesday, June 24, 2003
Re: USSEC Bunker Adjustment Factor August 1-31,2003

Dear NASA Member:

Based on its latest monthly monitoring of fuel prices, The United States South Europe Conference’s (USSEC), currently published Bunker Adjustment Factor (BAF), will be extended, unchanged, to apply for the month of August, 2003, at the following levels:

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

The above will apply through August 31st, 2003.

The BAF thereafter will be announced during week commencing
July 21st, 2003

The Members of USSEC are:

A.P.Moller-Maersk Sealand
Hapag Lloyd Container Linie GmbH
P&O Nedlloyd Ltd.

Kind regards,
The North American Shippers Association

Judy Mannix
Administrator