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| JAPAN AND HONG KONG/SOUTH AFRICA SHIPPING CONFERENCE |
| BUNKER ADJUSTMENT FACTOR |
| It is noted that the present Bunker Adjustment Factor of 149.40% for shipments by vessels other than PCC will be adjusted to 159.10% with effect from vessels arriving at individual ports of loading in Japan on and after December 1, 2011. |
Tokyo, November 14, 2011 |
Secretary |
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