RATE RESTORATION - CHENNAI FEEDER OPERATORS (CFO) - 2007 October 26

The freight rate levels of the Singapore/Malaysia - Chennai and vice versa sector have deteriorated to an extent whereby it is now not sustainable. In order to enable feeder operators to continue to maintain the level of service demanded of them, the following feeder operators in the Singapore/Malaysia - Chennai and vice versa trade sector wish to inform the trade that they will implement a Rate Restoration (RR) on 1 December 2007 to restore rates to more realistic levels.

With effect from 1 December 2007, all rates from Singapore/Malaysia to Chennai and vice versa will be increased by a minimum of US$50.00 per TEU.

Members have adopted voluntary policy guidelines and have observed the non-binding element of their Agreement.

ASIAN FEEDER DISCUSSION GROUP (AFDG)

Participating Feeder Operators: