Date: 23^rd January 2020

Dear Valued Customers,

Subject : IMO 2020 Environmental Fuel Surcharge (EFS) Effective 1st March 2020

Please be informed that an Environmental Fuel Surcharge (EFS) will be increased as per below, based on a Low Sulphur fuel price of between US$650 to US$700 per ton with effective from 1^st March 2020.

The Environmental Fuel Surcharge (EFS) will be reviewed on a monthly basis for necessary adjustment in line with below Matrix and implemented with an advance notice to customers.

Please contact our local Sales and Customer Service team for bookings and any further assistance.

The Management

Emirates Shipping Line