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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 plus US$13.47/RT will be adjusted to plus US$12.77/RT with effect from vessels arriving at individual ports of loading in Japan on and after January 1, 2012. |
Tokyo, December 20, 2011 |
Secretary |
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