Bunker Adjustment Factor (PNG Service)

BUNKER ADJUSTMENT FACTOR

PNG SERVICE

With minimal fluctuations in bunker prices in 2011, we have been able to hold the BAF steady at USD 752.00 / teu for a 9 month period.After this extended period of stability, in the last 6 weeks alone we have seen a 12% increase in bunker prices on the global market and that looks set to continue.Regretfully this volatility has forced us to re-adjust our bunker adjustment factor in order to recover these costs.

Please be advised that the Northbound Bunker Adjustment Factor (BAF) for Swire Shipping's PNG Service will increase to the levels outlined below, effective from 17th February 2012.

New levels:

USD 797.00 per TEU

USD 1,594.00 per FEU

USD 39.90 per r/t

Effective vessels: Island Chief v1209N and Kokopo Chief v1206S

We thank you for your understanding on the impact of bunker fuel prices and we appreciate your continued support.

For further information please do not hesitate to contact the Customer Service team on 1300 550 505 or customerservice@swireshipping.com

Regards,
Swire Shipping
www.swireshipping.com