Good day shippers,

With the current situation between Ukraine and Russia not ending in the short term, crude oil prices have increased sharply. In fact, the rate jumped nearly USD60/tonne in one day.

This has had a great effect on bunker prices, and the rate has increased to over USD1000/tonne. An increase of USD200/tonne since our last Industry Bulletin.

As was mentioned in our rate increase notice, the liner service has re-negotiated the Borkum for another 12 months. We are not immune to the global market conditions and this was reflected in the rate increase.

We hope that over the coming year charter rates will stabilise and decrease.

We are closely monitoring the market and will inform shippers of the any impacts to the service.