USSEC posts 5% currency adjustment factor

USSEC posts 5% currency adjustment factor    The United States South Europe Conference said Thursday it will introduce a currency adjustment factor of 5 percent eastbound and westbound, effective Oct. 1.
   The introduction of the factor, USSEC said in a statement, was due to “the decline of the value of the U.S. dollar, USSEC’s tariff currency, against the euro over recent months.”
   The conference said that currency adjustment factor monitoring “will continue subsequently under a monthly calculation and application cycle, with any changes in the level of the factor, on 30 days notice, being implemented automatically from the first day of any successive month.
   “Thus any changes to the above 5 percent currency adjustment factor will take effect from Nov. 1, 2003, and so on,” USSEC explained.
   USSEC’s members are A.P. Moller-Maersk Sealand, Hapag Lloyd and P&O Nedlloyd.