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| FAR EAST/EAST AFRICA FREIGHT CONFERENCE |
| BUNKER ADJUSTMENT FACTOR |
It is noted that the current Bunker Adjustment Factor of 117.30% for shipments by vessels other than PCC will be adjusted to 114.70% with effect from vessels arriving at individual ports of loading in Japan on and after January 1, 2012. |
| Tokyo, December 13, 2011 | Secretary. |
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