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| FAR EAST/EAST AFRICA FREIGHT CONFERENCE |
| PCC BUNKER ADJUSTMENT FACTOR (PCCBAF) |
It is noted that the current PCC BAF of plus US$16.80/RT will be adjusted to plus US$20.49/RT with effect from vessels arriving at individual ports of loading in Japan on and after December 1, 2011. |
| Tokyo, November 17, 2011 | Secretary. |
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