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| JAPAN/WEST AFRICA (ANGOLA/CAMEROUN RANGE) FREIGHT CONFERENCE |
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| BUNKER ADJUSTMENT FACTOR |
| It is noted that the present Bunker Adjustment Factor of 53.60% for shipments by vessels other than PCC will remain unchanged 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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