RECOVERY BUNKER SURCHARGE

Dear Valued Customer,

The increase in bunker price in 2018 has been significantly higher than expected and has reached a level of 460 USD/ton in May.

The increase is +15% compared to the beginning of 2018 and this unexpected development means that it is no longer possible for us to recover bunker costs through the standard bunker adjustment factors.

MARFRET Group will apply a Recovery Bunker Surcharge (RBS) to all cargo on all worldwide trades with the following implementation dates and amounts:

Effective June 4^th 2018 for non-FMC trades

Effective July 1^st 2018 for FMC trades

 These amounts will be reevaluated on a monthly basis.