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| JAPAN/GULF OF ADEN & RED SEA PORTS CONFERENCE |
| PCC Bunker Adjustment Factor (BAF) |
It is noted that as a result of PCC BAF review for the 2nd quarter of 2010, the current PCC BAF of minus US$0.75 per R/T will remain unchanged effective from July 1 to September 30, 2010. |
| Secretaries. |
3rd June, 2010 |
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