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BAF surcharge

Not only fuel prices, but also fluctuations in currency affect our cost structure.
Therefore, we will add a conversion of U.S. Dollar average fuel prices to an actual Euro value.

As from February 2012 we will apply fluctuations in the U.S. Dollar, Euro and Sterling rates of exchange.

Price IFO 380 Low Sulphur prev. months Close X
  Oct 2011 USD 656,36      
  Nov 2011 USD 674,14      
  16.11-15.12 USD 664,00      
  16.12-13.01 EUR 537,42      
  16.01-15.02 EUR 535,11      
  16.02-15.03 EUR 581,33      
Price IFO 380 Low Sulphur prev. 5 weeks Close X
  Week 14 USD 773,00  
  Week 15 USD 765,75  
  Week 16 USD 752,90  
  Week 17 USD 743,10  
  Week 18 USD 737,10  
Average last week: USD 703,50 (Week 19) (Previous weeks)
Average last period: EUR 568,90* (16.04.12-15.05.12) (Previous months)
  *ROE USD/EUR: 1,2843 on 15.05.2012  

The below table indicates the level of BAF that will be applied based on the average price of IFO 380 LS
Rotterdam in the preceding month.

Please note: The table shows the fuel prices in Euros converted at the rate of exchange that was applicable
when the surcharge was first introduced on March 1st 2011: 1,3825.

Fuel Cost in €   BAF in €*  
From To   ZEE <-> PUR ZEE <-> KGH
363 369   0,94 1,24
370 376   1,67 2,20
377 383   2,40 3,16
384 391   3,24 4,26
392 398   3,97 5,22
399 405   4,70 6,19
406 412   5,43 7,15
413 420   6,26 8,25
421 427   6,99 9,21
427 434   7,72 10,17
435 441   8,46 11,13
442 448   9,19 12,10
449 456   10,02 13,19
457 463   10,75 14,16
464 470   11,48 15,12
471 477   12,21 16,08
478 485   13,05 17,18
486 492   13,78 18,14
493 499   14,51 19,10
500 506   15,24 20,07
507 514   16,08 21,17
515 521   16,81 22,13
522 528   17,54 23,09
529 535   18,27 24,05
536 542   19,00 25,01
543 550   19,83 26,11
551 557   20,56 27,08
558 564   21,30 28,04
565 571   22,03 29,00
572 579   22,86 30,10
580 586   23,59 31,06
 

* For customers paying seafreight in Sterling the prevailing rate of exchange (ROE) from the Financial Times
will be used to calculate the Sterling equivalent.

ROE Euro/Gbp: 0,8001 (on 15.05.2012)