To the extent diesel fuel costs exceed $3.00, per gallon (the “Base Cost”), GPA will assess an FSC, on a per container or wharfage basis. The FSC will be invoiced on a weekly, or per invoice, basis to the ocean carrier. The FSC will be calculated monthly using the U.S. Energy Information Administration (EIA) – U.S. On-Highway Diesel Fuel Prices – Lower Atlantic (PADD 1C) Index (the “Index”) and effective thirty (30) days after publication. For example, the FSC for July 2022, would be based on the Index released the week of May 30, 2022.
The FSC will remain in effect until diesel price falls below the Base Cost and will be assessed as provided, in full, regardless of any other agreements.