Bunker Adjustment Factor (BAF) - 1st January 2012 - 31st December 2012

The following grids will be used to calculate the level of fuel surcharge for 2012.

By the end of each month, the following month's surcharge will be posted on this site. The level will be calculated taking into account both the price of Brent crude and the exchange rate between €/$ over the course of the preceding month.

Our sources of reference are the following :

• Brent crude price : Reuters
• Exchange rate: http://fxtop.com

For the month of February 2012 reflecting the average price of Brent crude and the exchange rate in the period 21th December 2011 to 20th January 2012 the surcharge will be set as follows: