The Trans-Atlantic Conference Agreement (TACA), whose member carriers serve the trade between the USA and
North
Europe, United Kingdom and Ireland, Scandinavia and Baltic Ports, have announced increases to their
Bunker Adjustment Factor (BAF) due to continuing increases in oil prices. Currency Adjustment
Factor (CAF) will remain at 9 percent at least until June 15, 2005. TACA also reaffirmed planned
General Rate Increases (GRI) effective July 1, 2005.

Bunker Adjustment Factors (BAF) effective May 16 through June 15, 2005 are as follows:
US Atlantic/Gulf Coast Ports, $304/20′ container, $608/40-45′ container and $30/WM. US Pacific
Coast Ports, $456/20′, $912/40-45′ and $46/WM.

TACA confirmed it will go forward with planned GRIs effective July 1, 2005. Westbound rates,
from North Europe to USA, will be increased $240/20′ container and $300/40-45ft container.
Eastbound rates, from USA to North Europe will be increased $160/20′ container and $200/40-45′
container. All amounts are in US dollars. TACA members are Atlantic Container Line, Hapag-Lloyd
Container Line, Mediterranean Shipping Co., A P Moller-Maersk Sealand, NYK Line, OOCL and P&O
Nedlloyd Limited. Tariff rates and surcharges are published in TACA’s relevant FMC tariffs and
are accessible via its website www.tacaconf.com.

FMC Chairman Steven R. Blust has announced Irwin L. Schroeder is the new Chief Administrative Law Judge
for the Commission. Judge Schroeder has been with the Commission for little over a year. Chairman
Blust stated “Judge Schroeder’s extensive legal and governmental experience, including that gained
over the last year with the Commission, will continue to benefit the FMC and those practicing before it.”

Schroeder takes over from Chief Judge Norman Kline who retired April 2, 2005. Kline had been with
the Commission since 1960 and served as Chief Judge since 1992. He had presided over many important
cases for the FMC that set precedents and solidified Commission regulations. Chairman Blust stated:
“Judge Kline is a man who has never lost his enthusiasm for the law, he has an extraordinary depth
of knowledge of the cases before this agency, and his reputation throughout the maritime bar brings
great credit to himself and this Agency. We will miss this outstanding Judge.”

The FMC’s 43rd Annual Report for Fiscal Year 2004, issued March 31, 2005 provides a summary
of the activities of each of the Commission’s departments, and includes an overview of major
US international trade areas. The report’s appendices include an organization chart and
statistics for FMC’s activities in FY2004. The bulk of the report is concerned with FMC
bureaus departments and offices, their achievements and future goals. Brief descriptions
of recent important decisions, petitions and investigations are also provided. Within the
report the Commission’s economists include a section entitled “Developments in Major U.S.
Foreign Trades.” This offers a timely and free analysis of US imports and exports of
Australia/Oceania, Caribbean, Central America, the Indian Subcontinent, Mediterranean,
Middle East, South America, the Transatlantic and Transpacific regions. For each region
an analysis of trade is provided, with a focus on year-to-year changes, as well as the
commodities most heavily traded, vessel capacity, freight rates, significant developments
and trade outlook for 2005. The complete report can be downloaded at www.fmc.gov.

The following statistical information was compiled from the Federal Maritime Commission’s Annual
Reports
for fiscal years 2001, 2002, 2003 and 2004. Fiscal years begin on Oct 1 and end on Sept 30. FMC Annual
Reports are available at www.fmc.gov