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| JAPAN/WEST AFRICA (ANGOLA/CAMEROUN RANGE) FREIGHT CONFERENCE |
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| PCC BUNKER ADJUSTMENT FACTOR (PCCBAF) |
| It is noted that the current PCC BAF of minus US$0.62/RT will be adjusted to plus US$0.37/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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