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| JAPAN AND HONG KONG/SOUTH AFRICA SHIPPING CONFERENCE |
| PCC BUNKER ADJUSTMENT FACTOR (PCCBAF) |
| It is noted that the current PCC BAF of minus US$1.96/RT will be adjusted to minus US$0.56/RT with effect from vessels arriving at individual ports of loading in Japan on and after June 1, 2010. |
Tokyo, May 18, 2010 |
Secretary |
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