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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 159.10% for shipments by vessels other than PCC will be adjusted to 154.70% 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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