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| JAPAN / WEST AFRICA (NIGERIA/SENEGAL RANGE) FREIGHT CONFERENCE |
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| PCC BUNKER ADJUSTMENT FACTOR（PCCBAF） |
| It is noted that the current PCC BAF of plus US$23.04/RT will be adjusted to plus US$21.07/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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