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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 plus US$21.07RT will be adjusted to plus US$23.04/RT with effect from vessels arriving at individual ports of loading in Japan on and after February 1, 2012. |
| Tokyo, January 17, 2012 | Secretary |
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