Sea-Cargo, 19th April 2006

BAF - ANNOUNCEMENT

  
 


BUNKERSPRICES HAVE INCREASED SUBSTANTIALLY OVER THE LAST FEW MONTHS, AND WE PRESENTLY SEE RECORDS LEVELS FOR SEVERAL PRODUCTS - INCLUDING MGO.

The increase comes as a direct result of the extreme situation in the oil markets, and herein the huge price increases seen for Gas Oil and intermediate products.

The graph on the right are showing the development in prices of MGO, IF180 and IF380 as from 2001 (the start of Sea-Cargo) and till today. The graph shows extreme situation - in which the prices have more than doubled over the last 12 months.


Sea-Cargo has delayed the increase in BAF surcharge as long as technical possible - awaiting an improved situation. However, the actual situation has only got worse and we are therefore left with no alternatives but to increase our BAF surcharge.

The new revised BAF surcharge. applicable as from 01 May 2006, will be 15% - up from our pressent level of 11%. We appreciate your understanding for this change, which we trust you will agree, is still far below the present market norm - being more in the region of 18-22%.

SEA-CARGO AS
19th April 2006
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