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31st October 2009

NOTIFICATION OF GRI NOVEMBER 2009

With effect from the 1st November 2009 the carriers will be implementing a GRI ranging between $100 and $200.

We had anticipated that market conditions would soften from November onwards, but having conducted reviews with all of our carriers in Asia over recent weeks it appears that volumes have picked up significantly from mid to late October. With capacity continuing to be reduced, all the carriers are reporting that vessels are full and that space is extremely tight for November.

The above GRI is applicable to all sailings from the 1st November 2009 onwards.

Please be assured we continue to resist any increases and we will notify of any further changes.