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| JAPAN / WEST AFRICA (NIGERIA/SENEGAL RANGE) FREIGHT CONFERENCE |
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| BUNKER ADJUSTMENT FACTOR |
| It is noted that the present Bunker Adjustment Factor of 50.00% for shipments by vessels other than PCC will be adjusted to 53.60% with effect from vessels arriving at individual ports of loading in Japan on and after December 1, 2011. |
| Tokyo, November 14, 2011 | Secretary |
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