Shortsea standard BAF

		Bunker surcharge - BAF
Bunker costs - EUR		EUR per TEU
January 2011	382	115
February 2011	408	130
March 2011	418	140
April 2011	463	165
May 2011	473	170
June 2011	469	165
July 2011	468	165
August 2011	475	170
September 2011	487	170
October 2011	480	170
November 2011	496	175
December 2011	507	180
January 2012	504	180
February 2012	535	190

"Bunker costs (EUR)" are based on:

• Average bunker costs Industrial Fuel Oil (IFO) 380cst HS high Rotterdam.
• Based on source: Platts, Bunkerwire, daily issue - Platts is the leading global provider of energy and metals information, and the world's foremost source of price assessments in the physical energy markets.
• Converted into EUR from USD at a daily rate of exchange, based on European Central Bank (ECB), official rates.
• Addition of 7% on the IFO 380cst Platts index, due to consumption of Marine Gas Oil, environmental and handling costs.
  

The BAF will be reviewed on a monthly basis, and the BAF level will be based on the average price for the range between the 15th and 14th of the two preceding months. The new monthly BAF will be stated no later than on the 25th and will become effective on the 1st of the following month.

Example

BAF for	October
Based on	Average 15 August-14 September
Notice	No later than 25 September
,,
..
Marpol	11 EUR per TEU from 09.05.2011

With regard to other air pollutants, Unifeeder meets the strict environmental standards which apply to the North Sea and the Baltic Sea in all its operations. Unifeeder also takes an active part in the work for environmental improvements at sea through the Danish Shipowners’ Association and supports the Danish Shipowners' Association's climate charter.