Currency adjustment factor on UK Shortsea routes effective from 10.04.15

2/1

As we expect You are already aware, the value of the GBP against the EUR has increased dramatically in the last few months.

The average Rate Of Exchange, of the GBP against EUR in 2014 was: 1,2411
End of March 2015 the ROE of the GBP/EUR was: 1,3578
Equal to a change of : 9,40%

On routes serving the UK, we have a substantial share of our costs paid in GBP, hereunder Piloting, Port Costs, Port THC’s, Staff costs as well as trucking, whereas our revenue is invoiced in EUR.

The business we carry to/from UK Ports is no longer sustainable, and we are therefore implementing a CAF (Currency Adjustment Factor) to make up for the loss of revenue in EUR.

The CAF will be reviewed on a monthly basis and the CAF level for each month will be based on the average rate of exchange for the period from the 15th two months before upto the 14th the month before. As an example, the CAF for April will be based on the average ROE from 15th of February up to the 14th of March. The new monthly CAF will be published on the 25th of the month before it is effective.

The CAF level will be adjusted as per below table:

ROE GBP to EUR:
Shortsea CAF Surcharge:
1,2411
0,0%
1,26
0,65%
1,28
1,30%
1,30
1,95%
1,32
2,60%
1,34
3,25%
1,36
3,90%
1,38
4,55%
1,40
5,20%

For questions or comments, please contact your local Unifeeder representative.