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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 1st quarter of 2012, the current PCC BAF of plus US$9.02 per R/T will be adjusted to plus US$9.95 per R/T effective from January 1 to March 31, 2012. |
| @Secretary.@ |
2nd December, 2011 |
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