Europe Africa Refined Products Methodology
Europe Africa Refined Products Methodology
Europe Africa Refined Products Methodology
INTRODUCTION 2
HOW THIS METHODOLOGY STATEMENT IS ORGANIZED
WHAT TO REPORT
HOW TO REPORT
MOC DATA PUBLISHING PRINCIPLES
3
3
3
6
7
7
8
13
PART V: CORRECTIONS
13
www.platts.com
13
REVISION HISTORY
36
OIL
INTRODUCTION
Part V lays out the verification and correction process for revising
published prices and the criteria Platts uses to determine when it
publishes a correction.
2016 S&P Global Platts, a division of S&P Global. All rights reserved.
Part I describes what goes into Platts indexes and price values,
including details on what data market participants are expected to
submit, the process for submitting data and criteria for timeliness
of market data submissions.
What to report
Confirmed trades
How to report
eWindow
Telephone
Fax
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Product
Phone number
Yahoo address
Naphtha
Gasoline
Jet
Diesel
Gasoil
Fuel Oil
Feedstocks
LPG
Products Manager
Oil Manager
44 20 7176 3144
44 20 7176 6120
44 20 7176 6683
44 20 7176 6684
44 20 7176 6161
44 20 7176 6104
44 20 7176 6112
44 20 7176 6672
44 20 7176 6164
44 20 7176 6115
plattseuronaphtha
plattsgasoline
jetplatts
Plattsdiesel
plattsgasoil
plattsfueloil
plattsfeedsuk
plattslpg
platts_europeanmarketscan
platts_european_oil
Platts assesses the value of oil globally using its Market on Close
(MOC) assessment process. The MOC assessment process
establishes core standards for how data is collected and published,
how data is prioritized by value, and ultimately how data is analyzed
in the course of completing Platts assessments.
Transparency underpins Platts data publishing processes in the oil
markets. Under Platts MOC guidelines for collecting and publishing
data, Platts publishes market information including but not limited
to firm bids and offers from named companies, expressions of
interest to trade and confirmed trades that are received from market
participants throughout the day.
In order to ensure that all firm bids and firm offers that still stand
at the close of the assessment process have been fully tested in
the market at large, Platts has established clearly defined time
cut-offs that apply when publishing firm bids and firm offers in the
MOC process. Time cut-offs for the submission and subsequent
publication of new bids and offers are applied so that MOC
participants cannot bid or offer late in the process, and to ensure that
every bid and offer published by Platts is logistically executable.
Bids and offers published by Platts are considered to be firm until
Platts is informed otherwise, or until the close of the assessment
process for the day, whichever comes first. Platts expects all
participants in the MOC process to be contactable at all times.
Platts will consider all firm bids and offers as open to the market at
large and executable unless informed otherwise by the counterparty
submitting the market information. If no communication is made
to Platts to withdraw or change the parameters of the bid or offer
it is assumed that it is available to the marketplace. Platts seeks
verification of any transaction originating from a bid or offer
submitted for inclusion in the Platts MOC process.
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2016 S&P Global Platts, a division of S&P Global. All rights reserved.
2016 S&P Global Platts, a division of S&P Global. All rights reserved.
methodology. This means that all data for use in Platts refined oil
product assessments may be published by Platts editorial staff while
assessing the value of the markets.
Platts does not have confidentiality agreements in place for
information that is sent for use in its refined oil product assessments.
Because of the complex nature of the physical oil markets, oil market
data typically must be aligned with standard definitions to allow for a fully
representative final published assessment. Platts aligns data collected
through an analysis of the physical oil markets with its standard
assessment specifications through a process called normalization.
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Prioritizing data
Platts assessment process considers firm bids, firm offers and
transactions that are transparent and open to any counterparty
with the proper financial and operational resources. Bids, offers or
transactions that are not transparent may not be considered in the
When no bid, offer or transaction data exists, Platts may consider other
verifiable data reported and published through the day, including fully
and partially confirmed trades, notional trading values and other market
information as provided for publication. Under such circumstances,
Platts may also be able to observe direct market activity or the effect
of commonly traded commodities on illiquid markets via spread
differentials or via blending and shipping economics.
Platts also analyzes the relationships between different products,
and factors these relationships into assessments for markets
where transactional data falls to low levels. Finally, Platts normalizes
other available data that may be relevant to the assessment during
periods when low amounts or no transactional data exists, including
transactional data from related markets, in the manner described above.
To do this, Platts takes into account representative transactions
executed at arms-length in the open market occurring during the
MOC price assessment period and additionally taking into account
bid and offer information submitted during this period. Platts editors
always seek direct verification from the principals to a reported bid,
offer or deal.
Platts MOC guidelines are designed to avoid any distortion of the final
price assessment and so inputs that are not verifiable are eliminated
and one-off or unrepeatable transaction data may be disregarded
from the price assessment process.
Single transactions may be a reflection of market value. However
single transactions need to be measured against the broad span of
similar transactions. If for instance a buyer decides to lift an offer but
is unwilling to buy more material offered at the same level if the seller
reoffers it would be determined that the buyer failed the repeatability
test. Equally if the seller does not reoffer, the seller fails the
repeatability test. As such the transaction may not be fully reflected
in the price assessment.
Similarly, Platts may not publish bids or offers that are provided
through untested levels of resistance or price support. When
transactions are concluded at levels that have not been fully tested by
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the market because price changes have been non incremental, Platts
may determine that actual market value is somewhere between the
last incremental bid and the transaction at the gapped level.
Assessment Calculations
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Outright price
Premiums
Paper/Swaps
Outright price
The ultimate question in the mind of an end-user, producer, refiner,
trader or broker is price. Outright prices are the simple statement of a
price at which something can be bought or sold, with the entire value
stated for example, an offer of a cargo of naphtha at $950/mt. Price
in turns determines expense, refining margin, profit, loss, etc. The
spot market trades actively on a outright price basis and a floating
price basis. Platts takes both into account in its assessments. Platts
will publish activity on both a fixed and floating basis.
Premiums/discount
Many transactions are carried out in relation to a benchmark. In this
case a differential, also known as premium/discount is generated.
Premiums/discounts can arise if the quality, volumes or loading times
differ from the benchmark. In addition, floating price transactions are
done in relation to assessments that will be published in the future
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for example, an bid for a cargo of naphtha at $10/mt above the Platts
CIF NWE naphtha, as published immediately before, during and after
delivery of the cargo.
10
Buyers and sellers may show buying and selling interest for all
derivatives assessed by Platts through MOC processes in the same
way as is done in physical markets.
The spot market
These three factors outright price, premiums and paper
converge in a spot price. Platts may use all three in its assessments.
For instance, if a physical fuel cargo trades at $150.00/mt for a
30,000 metric tonne parcel loading 15-19 days forward FOB NWE, this
commoditys spot level is clearly around $150.00/mt.
In the absence of outright prices, swaps and prevailing premiums/
discounts may be used in the assessments.
Such adjustments should be fair and in line with market practice, and
should be reciprocal in the event that the inverse situation occurs in
the future.
Force majeure
Force majeure is part of trading and may be invoked under very
special circumstances. Platts editors will monitor the application of it
to ensure that force majeure is not invoked frivolously.
Booking out trades
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11
Testing of products
Shipping considerations
Nomination Procedure
Platts FOB and CIF assessments reflect trades where the quality and
quantity are established at loadport, except in cases of fraud and/or
manifest error. This does not preclude a buyer from potentially having
a valid claim if the original test of a loadport sample is proven to be
inaccurate because the results of the original test cannot be repeated
and/or reproduced within reasonable parameters through subsequent
re-testing of the original loadport sample. Platts considers retesting
of retained samples a necessary step to determine if the original
test was fully reflective of the quality delivered, and sellers should
not reject such requests for retesting. Buyers requests to re-test
the load port sample should be made only in cases where later
testing differs from the load port test beyond repeatability and/or
reproducibility.
The name of the buyer and the location chosen set the conditions
for any potential counterparty considering trading. The implied set
conditions for a CIF bid include:
In all European CIF refined oil product cargo bids, offers and
transactions, Platts guidelines require that the seller should narrow
the five day delivery range to a three day delivery range by the
earliest of five clear calendar or three clear working days before
the first day of the narrowed delivery range, whichever falls sooner.
Platts also expects the seller to nominate the performing vessel
by the earliest of either five clear calendar or three clear working
days. For CIF Mediterranean gasoil cargo nominations, the vessel
nomination and the narrowing of the delivery range should be made
by the earliest of seven clear calendar or five clear working days
before the first day of the actual delivery range, again, which ever
falls sooner. Platts FOB Northwest European and FOB Mediterranean
oil product cargo assessments reflect market activity where the
seller nominates the loading terminal 7 calendar days ahead of the
first day of the 5-day laycan. Additionally, Platts reflects cargoes
which stipulate the buyer must nominate the vessel 7 calendar days
ahead of the first day of the original 5-day laycan. Buyer must also
narrow the 5-day laycan to a 3-day laycan at the same time. On
barges, the buyer must give the seller 48 clear working hours notice
of the date required.
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12
Up front conditions
Name of the buyer
Volume
Port
Conditions to be met
Ship must meet vetting conditions of buyer
Volume delivered must match volume requested
+/- normal tolerances (in cargos this tolerance is
commonly 10%; tolerance is usually specified at time
of bid, offer or trade)
Ship must meet physical limitations of port, e.g., draft,
beam, etc. Ship must also meet conditions set by country
of destination.
Conditions to be met
Buyer to determine if ship is acceptable to its vetting
department
Seller has the responsibility to declare its commitment
to meet either the vetting requirement of any buyer or
conversely to declare up front how many ship vettings
the seller is confident the ship will meet. Platts standard
requires a seller name at least 3 relevant oil majors.
Please note that offers made with ships that have restrictions limiting
the number of potential buyers would be considered atypical and not
used in the assessment process.
Platts will also monitor vetting to ensure that ships are not rejected
because of commercial considerations but only because of internal
and consistently applied company standards.
CIF transactions
A CIF buyer has the right to request a deviation of the ship to another
port, provided the ship-owner has granted, or has the ability to grant,
the deviation to the charterer. Any incremental expenses associated
with the deviation are borne by the buyer as he/she is initiating the
request for the deviation.
Charges incurred because of the deviation must be transparent and
be granted at cost and in line with normal market practices. Platts will
monitor such charges if they result in anomalies.
Ship-to-ship transfers
Platts CIF refined product cargo assessments in Northwest Europe
and in the Mediterranean reflect offers where the seller has the
option to make final delivery on a vessel that had received its cargo
on a ship-to-ship basis.
Should the seller elect to deliver a CIF cargo that has loaded on
a ship-to-ship basis, the binding quantity and quality would be
established on a ships composite basis in the final delivering vessel.
The seller may not unreasonably withhold a buyers request for title
to transfer after the separation of the vessels involved in the ship-toship transfer.
Furthermore, Platts reflects offers which grant the buyer the option
to request delivery into a vessel, rather than into a port. Under these
circumstances the quantity and quality as title and risk will pass in
line with typical practices in CIF transactions.
Location
Platts publishes assessments for several locations on a FOB and CIF
basis. The location parameters for each assessment are published in
Platts Guide to Specifications.
PART V: CORRECTIONS
Platts is committed to promptly correcting any material errors. When
corrections are made, they are limited to corrections to data that was
available when the index or assessment was calculated.
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13
All Platts employees must adhere to the S&P Global Code of Business
Ethics (COBE), which has to be signed annually. The COBE reflects
S&P Globals commitment to integrity, honesty and acting in good
faith in all its dealings.
In addition, Platts requires that all employees attest annually that
they do not have any personal relationships or personal financial
interests that may influence or be perceived to influence or interfere
with their ability to perform their jobs in an objective, impartial and
effective manner.
Market reporters and editors are mandated to ensure adherence to
published methodologies as well as internal standards that require
accurate records are kept in order to document their work.
Platts has a Quality & Risk Management (QRM) function that is
PART VII: DEFINITIONS OF THE TRADING LOCATIONS FOR WHICH PLATTS PUBLISHES DAILY INDEXES OR ASSESSMENTS
The following specifications guide contains the primary specifications and methodologies for Platts refined oil products assessments throughout Europe and Africa. The various components of this guide are designed to
give Platts subscribers as much information as possible about a wide range of methodology and specification issues.
This methodology is current at the time of publication. Platts may issue further updates and enhancements to this methodology and will announce these to subscribers through its usual publications of record. Such
updates will be included in the next version of the methodology. Platts editorial staff and managers will usually be ready to provide guidance when assessment issues require clarification.
LPG
Assessment
CODE
Mavg
Pavg
Wavg
CONTRACT
LOCATION
BASIS
DELIVERY PERIOD
MIN SIZE
MAX SIZE
CURRENCY
UOM
CONV
PMAAZ00
PMUED03
AABEX00
CIF
NWE
1,000
3,600
US $
metric ton
5.21
PMABA00
PMUEE03
AABEY00
CIF
NWE
8,500
20,000
US $
metric ton
5.21
PMUDK00
AABFB00
CIF
NWE
US $
metric ton
5.21
PMABB00
PMUEA03
AABEU00
FOB
NWE
US $
metric ton
5.21
PMUDI00
FOB
NWE
US $
metric ton
5.21
PMABU00
CIF
ARA
US $
metric ton
5.21
PMUDH00
CIF
ARA
US $
metric ton
5.21
PMUDE00
CIF
ARA
US $
metric ton
5.21
PMAAS00
PMUEB03
FOB
ARA
420
1,100
US $
metric ton
5.21
PMABH00
PMUEC03
AABEW00
FCA
ARA
20
500
US $
metric ton
5.21
AAVKH00
AAVKH03
AAVKH04
FOB
NWE
8,500
20,000
US $
metric ton
12.429
PMABE00
PMUEH03
CIF
7,000
US $
metric ton
5.21
PMABC00
PMUEF03
AABEZ00
FOB
3,000
US $
metric ton
5.21
PMABJ00
PMUEG03
AABFA00
FCA
20
500
US $
metric ton
5.21
PMAAJ00
PMUDX03
AABER00
CIF
NWE
1,000
3,600
US $
metric ton
4.53
PMAAK00
PMUDY03
AABES00
CIF
NWE
4,000
US $
metric ton
4.53
PMAAL00
PMUDU03
AABEO00
FOB
NWE
1,000
3,600
US $
metric ton
4.53
PMAAC00
PMUDV03
AABEP00
FOB
ARA
420
1,100
US $
metric ton
4.53
AAVKI00
AAVKI03
AAVKI04
FOB
NWE
4,000
US $
metric ton
12.429
PMABI00
PMUDW03
AABEQ00
FCA
ARA
20
500
US $
metric ton
4.53
PMAAM00
PMUDZ03
AABET00
FOB
2,500
US $
metric ton
4.53
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14
1,000
3,600
LPG
Platts typically reflects outright price bids, offers and transactions in
its assessments, but may use additional indications as appropriate
including the market value of spread relationships with other oil
products where there is a demonstrable price relationship with LPG,
as well as associated markets such as derivatives. In certain illiquid
markets, Platts may establish FOB or CIF values based on freight
differentials. However Platts recognizes that FOB and CIF prices
within northwest Europe may operate independently.
Propane CIF 1-3,000 MT: This assessment reflects the value of
pressurized vessels loading 5-15 days from date of publication,
including both field-grade and refinery material with a minimum of
93% C3s and a maximum of 30% olefinic content. A slight premium
may be reflected for normalization for product with a higher C3
content. The assessment reflects full cargoes of 1,000-3,600 mt, sold
on a CIF basis. Slightly smaller CIF cargoes may be considered for
normalization in assessments, while CIF cargoes of more than 3,600
mt may occasionally be sold at prices that correspond most to the
1-3,600 mt market, and therefore may also be included in the 1-3,600
mt assessment. The assessment covers an area represented by a
triangle, with Wilhelmshaven (Germany), Teesside (UK) and Le Havre
(France) as its three corners, and also including Milford Haven, Fawley
and Grangemouth.. Sales into the port of Brest on the French Atlantic
coast may be included in the assessment. Please note that Platts has
not formally renamed this assessment even though volumes larger
than 3,000 mt are currently considered for normalization.
Propane CIF Large Cargoes: This assessment reflects the value
of refrigerated cargoes, delivered 10-25 days from the date of
publication The assessment refers to full-cargoes of between 8,50020,000 mt, and reflects commercial propane meeting Braefoot Bay
specifications. The assessment reflects an area represented by a
triangle, with Wilhelmshaven (Germany), Teesside (UK) and Le Havre
(France) as its three corners, and also including Milford Haven, Fawley
and Grangemouth.. Sales into the port of Brest on the French Atlantic
coast may be included in the assessment. Sales made into selected
western Scandinavian ports - Stenungsund, Rafnes, Porvoo and
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15
Algeria, Tunisia and Morocco. To the north, Italy and France are
included, as well as the east and south coasts of Spain. The
assessment reflects parcels of 20-500 mt.
Butane CIF 1-3,000 MT: This assessment reflects the value of
pressurized vessels loading 5-15 days from date of publication,
including both field-grade and refinery grade butane with a maximum
of 30% olefins, 85% normal butane and 49% isobutane. For CIF
values, product is normalized to a specification of 70:30 split with
a maximum olefin content of 10%. Isobutane is considered to be
any product with over 50% isobutane content, and such product
is not assessed by Platts, except in the US. The assessment refers
to full cargoes of between 1,000-3,600 mt sold on a CIF basis.
Slightly smaller CIF cargoes may be considered for normalization
in assessments, while CIF cargoes slightly over 3,600 mt may
occasionally be sold at prices that correspond most to the 1,0003,600 mt market, and therefore may also be included in the 1,0003,600 mt assessment. The assessment covers an area represented
by a triangle, with Wilhelmshaven (Germany), Teesside (UK) and Le
Havre (France) as its three corners, and also including Milford Haven,
Fawley and Grangemouth.. Please note that Platts has not formally
renamed this assessment even though volumes larger than 3,000 mt
are currently considered.
Butane CIF Large Cargoes: This assessment reflects the value of
refrigerated cargoes, delivered 10-25 days from the date of publication
The assessment refers to cargoes of more than 4,000 mt sold into
NWE on a CIF basis. Occasionally, part-cargoes of less than 4,000 mt
from large shipments may be sold at prices which reflect the 4,000
mt+ market, and these prices may be reflected in the assessment.
The assessment reflects mixed butane meeting Braefoot Bay
specifications with a typical split of 70% normal and 30% isobutene.
Pure normal butane and isobutane are not assessed by Platts,
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16
GASOLINE
Assessment
CODE
Mavg
LOCATION
AAWZA00
AAWZA03
FOB
DELIVERY PERIOD
MIN SIZE
MAX SIZE
CURRENCY
UOM
CONV
25,000
30,000
US $
metric ton
8.33
25,000
30,000
US $
metric ton
8.33
9,000
11,000
US $
metric ton
8.33
AAWZB00
AAWZB03
CIF
Med (basis
10-25 days forward
Genoa/Lavera)
AAXFQ00
AAXFQ03
CIF
NWE (basis
Thames)
AAQZV00
AAQZV03
FOB
AR
5,000
US $
metric ton
8.33
PGABM03
FOB
AR
5,000
US $
metric ton
8.33
AAKOD00
AAKOE00
FOB
AR
5,000
US $
metric ton
8.33
AAXPM00
AAXPM03
FOB
AR
5,000
US $
metric ton
AAXPN00
AAXPN03
FOB
AR
5,000
Euro
metric ton
GASOLINE
Gasoline barges are typically basis AR (Amsterdam/Rotterdam).
Any transactions occurring at other loading ports in NWE (including
Antwerp) are normalized on an incremental freight differential basis
into the main consuming area, which is typically Germany.
Seasonal Changes: The switch in gasoline quality from summer
to winter grade and vice versa may have a significant impact on
gasoline prices in Europe. Platts typically has reflected winter spec
material until April 1, after which summer grade only is reflected;
similarly, Platts has reflected summer grade until October 1, after
which winter grade only is reflected. These dates are subject to
change, depending on observed implementation of seasonal
switching in the market itself. Platts generally announces a phase-in
period for the summer and winter grades on cargoes and barges, in
which the incoming seasonal grade is given an increasing weighting
in the assessment.
For example: In the gasoline cargo market on March 7 2014, Platts
began reflecting summer grades of gasoline on a pro-rated basis in
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17
trades that include the port of Tangier Med as their basis location or
as a charter party option, which reflects Platts current assessment
standards of non-basis locations and non-standard charter party
options. The Tangier Med basis location is subject to the same
performance requirements as other ports already reflected in Platts
assessment process.
Premium gasoline 10 PPM Cargoes CIF Med: The CIF Med gasoline
assessment is assessed as a freight differential to the FOB Med
assessment, using Platts cross-Med clean tanker assessment.
Effective Jan 4, 2016 the Worldscale basket flat rate used to calculate
the CIF Med assessment is $5.82. Mediterranean unleaded cargo
assessments represent EN 228 95 RON meeting Italian, French, and
Spanish specifications. The RON is 95 and the MON is 85. The specific
gravity for Mediterranean assessments is 0.755 g/ml. Aromatics limit
is 35 max. Cargo assessments reflect parcels of 25,000-30,000 mt
each. Assessment is CIF basis Genoa/Lavera with normal CP options
within the Med. The assessment reflects material for delivery 10-25
days from date of publication, with values normalized to reflect the
mean value of the delivery period.
Premium gasoline 10 PPM Cargoes CIF NWE: NWE cargo
assessments represents EN 228 95 RON material with a maximum
sulfur of 10 ppm. Specific gravity is basis 0.755 g/ml. The Motor
Octane (MON) number is 85. The aromatics limit is 35 max. In line
with prevailing market practices, the assessment reflects material
with a maximum oxygenate content of 0.9% (by wt). Platts also
reflects material with a maximum evaporation (E70) of 43% in winter
specification material and 41% in summer specification material.
Offers of material with a higher evaporation (E70) level should
state the maximum limit in the offer. Gasoline 10 ppm CIF cargo
assessments reflects 10,000 metric tonnes +/- 10% operational
tolerance, The assessment is basis Thames with normal charterparty options within NWE. The assessment reflects material for
delivery 10-25 days from date of publication, with values normalized
to reflect the mean value of the delivery period.
West Africa Gasoline FOB Northwest Europe: The assessment
reflects gasoline with a maximum of 1000 ppm sulfur, min 91
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18
NAPHTHA
Assessment
CODE
Mavg
Pavg
Wavg
CONTRACT
BASIS
LOCATION
DELIVERY PERIOD
MIN SIZE
MAX SIZE
CURRENCY
UOM
CONV
PAAAL00
PAAAL03
PAAAI00
PAAAI03
CIF
12,500
36,000
US $
metric ton
8.9
FOB
27,500
27,500
US $
metric ton
PAAAH00
PAAAH03
8.9
CIF
27,500
27,500
US $
metric ton
PAAAM00
PAAAM03
8.9
FOB
1,000
5,000
US $
metric ton
8.9
NAPHTHA
Naphtha Cargoes CIF NWE: The CIF NWE cargo assessment reflects
open spec material with a min 65 paraffin content and a typical
specific gravity of 0.69 to 0.735 g/ml. Other qualities, for instance
70-min paraffins and pipe spec, may be taken into account when
traded but these may command a premium or discount to cargoes
fitting Platts typical specifications. The assessment is always
normalized to the open spec quality naphtha and any market
indicator that fits those parameters overrides signals stemming
from other quality cargoes. The premium or discount to be applied
will be at the reporters discretion, based on relevant market activity.
Likewise, naphtha with larger than normal mercury levels may not
be considered in the assessment process. The maximum mercury
considered in the assessment is 5 parts per billion. Platts also reflects
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19
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20
JET FUEL
Assessment
CODE
Mavg
Pavg
Wavg
CONTRACT
BASIS
LOCATION
DELIVERY PERIOD
MIN SIZE
MAX SIZE
CURRENCY
UOM
CONV
PJAAU00
PJAAU03
CIF
NWE
25,000
45,000
US $
metric ton
7.89
PJAAV00
PJAAV03
FOB
NWE
25,000
45,000
US $
metric ton
7.89
2,000
5,000
US $
metric ton
7.89
PJABA00
PJABA03
FOB
ARA
AAIDL00
AAIDM00
FOB
Med
27,500
27,500
US $
metric ton
7.89
AAZBN00
AAZBN03
CIF
Med
30,000
30,000
US $
metric ton
7.89
AAZBN00
AAZBN03
CIF
Med
30,000
30,000
US $
metric ton
7.89
JET FUEL
Platts European jet fuel assessments reflects standard commercial
Jet-A1 specifications, as defined by UK Ministry of Defence in
DEFSTAN 91-91 and the Joint Fuelling System Checklist. The UK
Ministry of Defence has updated DEFSTAN 91-91 periodically and
Platts reflects the latest issue. LatestDEFSTAN specifications at
the time of this guides publication are as follows: Sulfur is 0.3%
maximum, specific gravity is 0.775-0.840 g/ml, flash point is 38
degrees C minimum, freeze point is minus 47 degrees C maximum.
The Joint Fuelling System Checklist requires jet fuel to meet the more
stringent requirements of DEFSTAN 91-91 and the American Society
for Testing & Materials, Standard Specification D 1655-04a.
Jet barges are basis FOB Rotterdam. Any transactions occurring
at other loading ports in NWE are typically normalized on a freight
differential basis back to Rotterdam. Platts considers bids and offers
from Rotterdam, Antwerp, Amsterdam, Ghent and Flushing.Barge
bids for one location only may not be published.
Jet Cargoes CIF NWE: Cargo assessments reflect standard tradable
parcels. Because of a change in the production and consumption
patterns in Europe, spot parcels have become increasingly larger,
with typical spot trade within 25,000-45,000 mt with a standard
emerging at around 30,000 mt. Platts takes into account spot
deliveries made in full or part cargoes at sellers option. Typically the
assessment is normalized to 30,000 mt full or part-cargo, sellers
option, delivered basis a par port within NWE where the seller
2016 S&P Global Platts, a division of S&P Global. All rights reserved.
21
The assessment reflects material for delivery 10-25 days from date of
publication, with values normalized to reflect the mean value of the
delivery period.
Following a review of market feedback, Platts confirmed on
October 15 2013 that it would reflect ex-duty cargoes of jet fuel in
its benchmark Jet CIF Northwest Europe Cargo assessment with
effect from January 1, 2014. This decision followed a consultation
launched by Platts on July 18, and a proposal published on
September 10.
Under this approach, Platts considers for publication in its
assessment process bids, offers and trades for any jet fuel cargoes
that meet standard quality specifications, for arrival into Europe from
January 1, 2014.
Platts updated this methodology following European Union
changes in taxation policy, which would make substantial supplies
of jet fuel subject to possible taxation after January 1. Platts jet
fuel assessments will be exclusive of import duty, were they to
apply. Platts assessments will reflect merchantable quality jet fuel
regardless of origin.
Platts had previously reflected market conventions in its Jet CIF
Northwest European physical cargo assessment, where jet fuel
cargoes are expected to be EU-qualified, which means free from
exposure to import taxes.
Jet Cargoes FOB NWE: The FOB NWE assessment is typically derived
from the CIF value based on a freight differential representing freight
costs for handy size vessels on typical routes within NWE. Platts uses
the $/mt for cross UK Cont vessels carried in Platts Clean Tankerwire,
rounded to the nearest $0.25/mt. This assessment reflects the value
of parcels loading 10-25 days forward from the date of publication,
with values normalized to the mid-point of this delivery period, FOB
NWE. Cargo assessments reflect standard tradable parcels. Because
of a change in the production and consumption patterns in Europe,
spot parcels have become increasingly larger with typical spot trade
within 25-45,000 mt. Platts will also take into account spot deliveries
made in full or part cargoes.
Jet Barges FOB ARA: This assessment reflects parcels of 2,0005,000 mt each (with values normalised to reflect the 2,000mt
to 3,000mt range), loading basis FOB Rotterdam, for loading
3-15 (Monday-Tuesday) or 5-15 (Wednesday through Friday)
days from date of publication, with values normalized to reflect
the mean value of the loading window. Transactions occurring
at other loading ports in NWE are typically normalized on a
2016 S&P Global Platts, a division of S&P Global. All rights reserved.
22
ULSD
Assessment
CODE
Mavg
Pavg
Wavg
CONTRACT LOCATION
BASIS
DELIVERY PERIOD
MIN SIZE
MAX SIZE
CURRENCY
UOM
CONV
AAVBG00
AAVBG03
CIF
10,000
40,000
US $
metric ton
7.45
AAWZC00
AAWZC03
CIF
10,000
40,000
US $
metric ton
7.45
AAVBH00
AAVBH03
FOB
10,000
40,000
US $
metric ton
7.45
AAVBF00
AAVBF03
FOB
10,000
40,000
US $
metric ton
7.45
AAWZD00
AAWZD03
FOB
10,000
40,000
US $
metric ton
7.45
AAWYZ00
AAWYZ03
CIF
25,000
30,000
US $
metric ton
7.45
AAWYY00
AAWYY03
FOB
25,000
30,000
US $
metric ton
7.45
FOB
3,000
US $
metric ton
7.45
AAJUS00
AAJUW00
ULSD
Seasonal Changes: Platts set out its schedule for changing the
seasonal specification of diesel fuels in early spring and late
summer, ahead of the switch from winter to summer (including
intermediate where appropriate) and then summer to winter grades
(again, including intermediate where appropriate). Platts intends
to follow broadly similar schedules each year, but the exact dates
may be varied in line with prevailing patterns of refining activity and
trading liquidity. As trading and seasonal patterns change from year
to year, any schedule is provisional and subject to change with only
limited notice.
Trace elements of biodiesel: Platts defines non-intentionally blended
trace elements of biodiesel in hydrocarbon diesel assessments as
diesel with a maximum biodiesel content of no more than 0.30%. This
is in line with the current technology for repeatable testing the biocontent of hydrocarbon diesel.
Clear and bright: Platts reflects ultra low sulfur diesel with a clear
and bright aspect.
10ppm ULSD barges are FOB basis Amsterdam-RotterdamAntwerp. Bids, offers and transactions for Flushing-Ghent
will also be published but normalized back to AmsterdamRotterdam-Antwerp.
2016 S&P Global Platts, a division of S&P Global. All rights reserved.
23
2016 S&P Global Platts, a division of S&P Global. All rights reserved.
24
TIMING: The cut-off for placing bids or offers each day in eWindow
has been deferred by five minutes to 16:04:59:999 London time.
For entities that choose to send bids and offers for publication to a
Platts editor through other communication tools, the cut-off remains
15:59:59:999 London time to ensure time to analyze information
before publication.
Platts will only reflect bids, offers and trades that are for the front
end (first five days of the assessed period), middle window (middle
five days of the assessed period) and back end (last five days of the
assessed period).
PRICING: Four typical pricing structures are considered for bids and
offers submitted for publication in the MOC process through the
eWindow software. These include (1) bids and offers expressed on
an outright price basis; (2) bids and offers expressed as a Plattsrelated floating price; (3) bids or offers expressed on an EFP basis
versus the front-month (M1) ICE low sulfur gasoil futures contract;
(4) bids or offers expressed on an EFP basis versus the secondmonth (M2) ICE low sulfur gasoil futures contract. Bids or offers
expressed in a different structure would be published manually
by a Platts editor by sending a headline on PGA005, and will be
subject to normal editorial requirements, including expectations of
reasonability and clarity.
2016 S&P Global Platts, a division of S&P Global. All rights reserved.
25
GASOIL
Assessment
CODE
Mavg
Pavg
Wavg
CONTRACT
BASIS
LOCATION
DELIVERY PERIOD
MIN SIZE
MAX SIZE
CURRENCY
UOM
CONV
7.45
AAYWS00
AAYWS03
CIF
10,000
30,000
US $
metric ton
AAYWR00
AAYWR03
FOB
10,000
30,000
US $
metric ton
7.45
AAVJJ00
AAVJJ03
CIF
25,000
30,000
US $
metric ton
7.45
AAVJI00
AAVJI03
FOB
25,000
30,000
US $
metric ton
7.45
3,000
US $
metric ton
7.45
3,000
US $
metric ton
7.45
AAYWT00
AAYWT03
FOB
AAUQC00
AAUQC03
FOB
ARA
GASOIL
European NWE gasoil assessments currently reflect 0.1% maximum
sulfur as a result of European Union directives aimed to reduce the
sulfur in gasoil to 0.1% maximum from the beginning of 2008.
0.1 gasoil barges are FOB basis Amsterdam-Rotterdam-Antwerp.
Bids, offers and transactions for Flushing-Ghent will also be published
but normalized back to Amsterdam-Rotterdam-Antwerp.
Part Cargoes: Platts CIF European ULSD and gasoil assessment
processes reflect bids, offers and trades that allow a seller to deliver
oil from a part cargo providing the vessel was named at the time sale,
either as a named vessel in the offer or by hitting a bid with a named
vessel. Additionally, when selling on a part cargo basis, any seller
must commit to supplying the performing volume in segregated
tanks with separate BLs. The seller must also commit to discharging
any additional volume, above the contractual volume, prior to
discharge of the main cargo and also protect the buyer against any
additional freight exposure caused by delivering on a part cargo
basis. When supplying on a part cargo basis the seller must provide a
vessel commensurate with typical trade patterns in that market.
Platts reflects bids and offers where the seller endeavors to deliver
oil on a vessel that will fit likely terminals and jetties within the port
indicated at the time of showing an indication in the assessment
process. Where buyer needs a vessel that will fit the specific
dimensions of a terminal or a jetty, the name of the terminal and/
2016 S&P Global Platts, a division of S&P Global. All rights reserved.
26
1,000
Platts reflects bids, offers and trades into the North Africa port of
Tangier Med, Morocco, in its Mediterranean cargo assessments.
2016 S&P Global Platts, a division of S&P Global. All rights reserved.
27
Gasoil 0.1% Barges: This assessment reflects heating oil grades with
a specific gravity of 0.845 g/ml with a maximum sulfur content of 0.1%.
The assessment reflects barges of 1-3,000 mt. However, the buyer has
the obligation to specify the actual volume at the time of the deal.
The assessment reflects the value of barges loading FOB basis
Amsterdam-Rotterdam-Antwerp for loading 3-15 (Monday-Tuesday)
or 5-15 (Wednesday through Friday) days forward, with values
normalized to the midpoint of these loading ranges.. Bids, offers and
transactions for Flushing-Ghent will also be published but normalized
back to Amsterdam-Rotterdam-Antwerp.
Platts reflects undyed material in its 0.1% gasoil barge assessment,
but buyer may request red dying of a barge loading in Flushing,
Amsterdam, Rotterdam, Antwerp or Ghent at his/her own expense,
and seller should not refuse the request. Buyer should inform seller of
his/her intention to dye the barge upon nomination of the barge.
Platts will only reflect bids, offers and trades that are for the front
end (first five days of the assessed period), middle window (middle
five days of the assessed period) and back end (last five days of the
assessed period).
Gasoil 50ppm Barges: This assessment reflects German spec
heating oil with a maximum sulfur content of 50 ppm. The typical
density is basis 0.845 g/ml. Since September 1, 2011, the assessment
has reflected barges of 1,000-3,000 mt. However, the buyer has
the obligation to specify the actual volume at the time of the deal.
Previously, the assessment had reflected barges of 2,000 mt only.
Effective January 4, 2016, Platts aligned certain parameters in its
50 ppm gasoil ARA barge methodology with diesel and 0.1% gasoil
FUEL OIL
Assessment
CODE
Mavg
Eur/mt
Eur/mt Mavg
CONTRACT
BASIS
LOCATION
DELIVERY PERIOD
MIN SIZE
MAX SIZE
CURRENCY
UOM
CONV
PUAAJ00
PUAAJ03
ABWGF00
ABWGF03
CIF
Med (Milazo)
25, 000
30,000
US $
MT
6.35
PUAAK00
PUAAK03
ABWGH00
ABWGH03
FOB
Med (Milazo)
25, 000
30, 000
US $
MT
6.35
PUAAL00
PUAAL03
ABWGG00
ABWGG03
CIF
NWE (Antwerp)
25, 000
30, 000
US $
MT
6.35
PUAAM00
PUAAM03
AAQCG00
AAQCG03
FOB
NWE (Antwerp)
25, 000
30, 000
US $
MT
6.35
1,000
1,000
US $
MT
6.35
PUAAP00
PUAAP03
ABWGI00
ABWGI03
FOB
NWE (Rotterdam)
PUAAY00
PUAAY03
ABWGK00
ABWGK03
CIF
Med (Italy)
25, 000
30, 000
US $
MT
6.35
PUAAZ00
PUAAZ03
ABWGM00
ABWGM03
FOB
25, 000
30, 000
US $
MT
6.35
PUABA00
PUABA03
ABWGL00
ABWGL03
CIF
Rotterdam (NWE)
25, 000
30, 000
US $
MT
6.35
PUABB00
PUABB03
ABWGN00
ABWGN03
FOB
NWE (Rotterdam)
25, 000
30, 000
US $
MT
6.35
5, 000
US $
MT
6.35
5, 000
US $
MT
6.23
PUABC00
PUABC03
AAQCK00
AAQCK03
FOB
NWE (Rotterdam)
PUAGN03
PUAGO00
PUAGO03
FOB
NWE (Rotterdam)
FUEL OIL
Platts European fuel oil assessments represent the value of cracked
fuel oil, unless otherwise stated. In the high and low sulfur cracked
fuel oil markets, a multitude of qualities trade and varying qualities
are considered in the assessment process. Platts may in some cases
incorporate freight differentials in establishing FOB to CIF spreads.
Platts assesses a number of European freight routes in Platts Dirty
Tankerwire, which typically link FOB and CIF Northwest European,
Mediterranean and NWE-to-Med fuel oil assessments.
In the past utility companies used to buy 3.5% sulfur cargoes for
burning purposes, but limits endorsed by the EU on the sulfur content
mean that utility grade trades on high sulfur are rare. Most utilities
now use 1% sulfur max for burning purposes.
Fuel Oil 1.0% Cargoes CIF MED: This assessment reflects a wide
variety of specifications, normalized to material with a maximum
sulfur of 1%, material with a density of up to 0.991 kg/l and a
maximum viscosity of 380 CST (at 50 degrees C), a maximum
combined Aluminum and SiliconSilicon content of max 60 ppm, 30
degrees Celsius max Pour Point, Flash min 65 degrees C, CCR min
2016 S&P Global Platts, a division of S&P Global. All rights reserved.
28
15%, Ash max 0.1%, Water max 0.5%, Vanadium max 150 mg/kg,
NCV min 9650 kcal/kg, Asphaltenes max 7 %. Material with higher
densities such as 0.998 kg/l may be considered at a discount to this
typical quality while material with lower densities such as 0.980kg/l
may be considered at a premium.
The assessment reflects the value of cargoes of 25,000-30,000 mt
or 30,000 mt each, delivered CIF basis Milazzo. Platts considers bids,
offers and transactions into a range of East and West Mediterranean
locations and normalizes these values to basis Milazzo. The
assessment represents EU-qualified material.
The assessment reflects material for delivery 10-25 days from date of
publication, with values normalized to reflect the mean value of the
delivery period.
When the CIF Med market is illiquid, and when there is insufficient
local supply to meet utility demand in the region, Platts may derive
the CIF Med value using FOB NWE plus freight into Milazzo.
Since January 2014, Platts has reflected bids, offers and trades into
the North Africa port of Tangier Med, Morocco, in its Mediterranean
2016 S&P Global Platts, a division of S&P Global. All rights reserved.
29
Fuel Oil 1.0% Cargoes FOB NWE: This assessment reflects a wide
variety of specification, normalized to material with a maximum sulfur
of 1%, material with a density of up to 0.991 kg/l and a maximum
viscosity of 380 CST (at 50 degrees C), a maximum combined
Aluminum and SiliconSilicon content of max 60 ppm, 30 degrees
Celsius max Pour Point, Flash min 65 degrees C, CCR max 15%, Ash
max 0.1%, Water max 0.5%, Vanadium max 150 mg/kg, NCV min 9650
kcal/kg, Asphaltenes max 7 %.
The assessment reflects the value of cargoes of 25,000-30,000 mt
or 30,000 mt each, loading FOB basis Antwerp. Platts considers bids,
offers and transactions into a range of NWE locations and normalizes
these prices to basis Antwerp. The assessment represents
EU-qualified material.
The assessment reflects material for delivery 10-25 days from date of
publication, with values normalized to reflect the mean value of the
delivery period.
Fuel Oil 1.0% Barges: This assessment reflects material with a
maximum density of 0.991 kg/l and a viscosity of 380 CST (at 50
degrees C) with a maximum combined Aluminum and Silicon content
of 80 ppm and a maximum sulfur of 1%, 30 max Pour Point, Flash
min 60 degrees C, CCR max 18%, Ash max 0.15%, Water max 0.5%,
Vanadium max 300 mg/kg, TSP 0.1%, Zinc max 15 mg/kg, Phosphorus
max 15 mg/kg, Calcium max 30 mg/kg. Platts has in the past reflected
German DIN spec material and other utility grades, though these are
no longer typical under current market conditions.
The assessment reflects the value of barges of 1,000 mt each,
loading FOB Amsterdam-Rotterdam-Antwerp, basis Rotterdam, for
loading 3-15 (Monday-Tuesday) or 5-15 (Wednesday through Friday)
days forward.
Specifications typically conform to the ISO 8217: 2005 RMG
reference.
Fuel Oil 3.5% Cargoes CIF MED: This assessment reflects 3.5%
maximum sulfur with 380 CST max viscosity (at 50 degrees
The assessment reflects 3.5% maximum sulfur with 380 CST max
viscosity (at 50 degrees centigrade) and 0.991kg/l density with a
maximum combined aluminum and silicon content of 60 ppm, max
30 degrees Pour Point, min 60 degrees Flash Point, CCR max 18%,
Ash max 0.1%, Water max 0.5%, Vanadium max 350 mg/kg, TSP
0.1%, Asphaltenes max 8 %, Sodium max 100 mg/kg, Acid number
2.5 mg/kg, Zinc max 15 mg/kg, Phosphorus max 15 mg/kg, Calcium
max 30 mg/kg, Free from used lubricating oils (ULO) (calcium >
30 and zinc > 15; or calcium > 30 and phosphorus > 15), H2S 2ppm
max. Platts takes an inclusive approach to the assessment, as the
quality of fuel oil in the Mediterranean is less homogenous than that
in Northwest Europe.
The assessment reflects the value of cargoes of 25,000-30,000 mt
or 30,000 mt each, loading FOB Mediterranean basis Italy. Cargoes
up to 50,000 mt may be taken into account when arbitrage openings
present themselves, for instance to Asia. .
The assessment reflects material for delivery 10-25 days from date of
publication, with values normalized to reflect the mean value of the
delivery period.
Fuel Oil 3.5% Cargoes CIF NWE: This assessment reflects 3.5%
sulfur cracked fuel oil with 0.991 mg/kg max density and 12 engler
max viscosity. Typically, standard cracked Russian quality M-100 is
reflected in the assessment. The quality of M-100 may vary widely in
density, viscosity, water content, and metals among other factors.
The assessment reflects the value of cargoes of 25,000-30,000 mt or
30,000 mt each, delivered CIF NWE basis Rotterdam.
Timing: Reflects material for delivery 10-25 days from date of
2016 S&P Global Platts, a division of S&P Global. All rights reserved.
30
BUNKER FUEL
Assessment
CODE
Mavg
Pavg
Wavg
DELIVERY PERIOD
AAXRM00
AAXRM03
Dlvd
Rotterdam (NWE)
CURRENCY
UOM
US $
MT
AARTF00
AARTF03
Dlvd
Piraeus (Med)
6.23
US $
MT
6.35
AARSR00
AARSR03
Ex-Wharf
Genoa (Med)
PUAED00
PUAED03
Ex-Wharf
Augusta (Med)
US $
MT
6.35
US $
MT
PUAEL00
PUAEL03
Dlvd
Dunkirk (NWE)
6.35
US $
MT
6.35
PUAEO00
PUAEO03
Ex-Wharf
PUAFD00
PUAFD03
Ex-Wharf
US $
MT
6.35
Genoa (Med)
US $
MT
PUAXT00
PUAXT03
6.35
Ex-Wharf
Trieste (Med)
US $
MT
PUAFA00
PUAFA03
6.35
Dlvd
Algeciras (Med)
US $
MT
6.35
PUAEE00
PUAEE03
PUAEG00
PUAEG03
Dlvd
Antwerp (NWE)
US $
MT
6.35
Ex-Wharf
Ceuta (Med)
US $
MT
AAHTA00
6.35
AAHTB00
Dlvd
Gdansk (NWE)
US $
MT
6.35
AAVVX00
AAVVX03
Dlvd
Gothenburg (NWE)
US $
MT
6.35
AAHTG00
AAHTH00
Dlvd
US $
MT
6.35
PUAEQ00
PUAEQ03
Dlvd
Hamburg (NWE)
US $
MT
6.35
PUAET00
PUAET03
Dlvd
Istanbul (Med)
US $
MT
6.35
PUAFB03
Dlvd
US $
MT
6.35
PUBFH00
PUBFH03
Dlvd
Malta (Med)
US $
MT
6.35
AASHF00
AASHF03
Dlvd
Novorosiisk (Med)
US $
MT
6.35
PUAFL00
PUAFL03
Dlvd
Piraeus (Med)
US $
MT
6.35
PUAFN00
PUAFN03
Dlvd
Rotterdam (NWE)
300
1,000
US $
MT
6.35
AAHSU00
AAHSV00
Dlvd
St Petersburg (NWE)
US $
MT
6.35
PUAFU00
PUAFU03
Dlvd
Suez (Med)
US $
MT
6.35
AAKAB00
AAKAC00
Dlvd
Gibraltar (Med)
US $
MT
6.35
AARTE00
AARTE03
Dlvd
Piraeus (Med)
US $
MT
6.35
AARSQ00
AARSQ03
Ex-Wharf
Genoa (Med)
US $
MT
6.35
PUABF00
PUABF03
Ex-Wharf
Augusta (Med)
US $
MT
6.35
PUABT00
PUABT03
Dlvd
Dunkirk (NWE)
US $
MT
6.35
PUABR00
PUABR03
Ex-Wharf
Durban (Africa)
US $
MT
6.35
PUABX00
PUABX03
Ex-Wharf
US $
MT
6.35
PUACX00
PUACX03
Ex-Wharf
Genoa (Med)
US $
MT
6.35
PUAXU00
PUAXU03
Ex-Wharf
Trieste (Med)
US $
MT
6.35
PUACT00
PUACT03
Dlvd
Algeciras (Med)
US $
MT
6.35
PUABG00
PUABG03
Dlvd
Antwerp (NWE)
US $
MT
6.35
PUABL00
PUABL03
Ex-Wharf
Ceuta (Med)
US $
MT
6.35
AAHSY00
AAHSZ00
Dlvd
Gdansk (NWE)
US $
MT
6.35
AAJZZ00
AAKAA00
Dlvd
Gibraltar (Med)
US $
MT
6.35
2016 S&P Global Platts, a division of S&P Global. All rights reserved.
31
MIN SIZE
MAX SIZE
CONV
CODE
Mavg
Pavg
Wavg
DELIVERY PERIOD
MIN SIZE
MAX SIZE
CURRENCY
UOM
CONV
AAVVY00
AAVVY03
Dlvd
Gothenburg (NWE)
US $
MT
6.35
AAHTE00
AAHTF00
Dlvd
US $
MT
6.35
PUABZ00
PUABZ03
Dlvd
Hamburg (NWE)
US $
MT
6.35
PUACG00
PUACG03
Dlvd
Istanbul (Med)
US $
MT
6.35
PUACU03
Dlvd
US $
MT
6.35
PUBFG00
PUBFG03
Dlvd
Malta (Med)
US $
MT
6.35
AASHE00
AASHE03
Dlvd
Novorosiisk (Med)
US $
MT
6.35
PUADK00
PUADK03
Dlvd
Piraeus (Med)
US $
MT
6.35
PUADN00
PUADN03
Dlvd
Rotterdam (NWE)
US $
MT
6.35
AAHSS00
AAHST00
Dlvd
St Petersburg (NWE)
US $
MT
6.35
PUADY00
PUADY03
Dlvd
Suez (Med)
US $
MT
6.35
PUAYW00
PUAYW03
AAUHE00
AAUHE03 Dlvd
Rotterdam (NWE)
300
1,000
US $
MT
6.35
POACF00
POACF03
Dlvd
Istanbul (Med)
US $
MT
7.45
POADG00
POADG03
Dlvd
Piraeus (Med)
US $
MT
7.45
AARSH00
AARSH03
Dlvd
Algeciras (Med)
US $
MT
7.45
AARSI00
AARSI03
Dlvd
Antwerp (NWE)
US $
MT
7.45
AARSK00
AARSK03
Ex-Wharf
Ceuta (Med)
US $
MT
7.45
AARSP00
AARSP03
Dlvd
Gdansk (NWE)
US $
MT
7.45
AARSU00
AARSU03
Dlvd
Gibraltar (Med)
US $
MT
7.45
AAVWC00
AAVWC03
Dlvd
Gothenburg (NWE)
US $
MT
7.45
AARSX00
AARSX03
Dlvd
US $
MT
7.45
AARSZ00
AARSZ03
Dlvd
Hamburg (NWE)
US $
MT
7.45
AARTB00
AARTB03
Dlvd
US $
MT
7.45
PBADH00
PBADH03
Dlvd
Malta (Med)
US $
MT
7.45
AASHG00
AASHG03
Dlvd
Novorosiisk (Med)
US $
MT
7.45
AARTG00
AARTG03
Dlvd
Rotterdam (NWE)
US $
MT
7.45
AARTJ00
AARTJ03
Dlvd
St Petersburg (NWE)
US $
MT
7.45
POADS00
POADS03
Dlvd
Suez (Med)
US $
MT
7.45
PBABJ00
PBABJ03
Ex-Wharf
Augusta (Med)
US $
MT
7.45
POABP00
POABP03
Ex-Wharf
US $
MT
7.45
POABT00
POABT03
Dlvd
Dunkirk (NWE)
US $
MT
7.45
AAXDB00
AAXDB03
Ex-Wharf
Durban (Africa)
US $
MT
7.45
POABX00
POABX03
Ex-Wharf
US $
MT
7.45
PBABK00
PBABK03
Ex-Wharf
Genoa (Med)
US $
MT
7.45
PBABQ00
PBABQ03
Ex-Wharf
Trieste (Med)
US $
MT
7.45
AARBF00
AARBF03
Dlvd
Rotterdam (NWE)
300
1000
US $
MT
6.35
2016 S&P Global Platts, a division of S&P Global. All rights reserved.
32
BUNKER FUEL
Globally, Platts assesses four grades of marine fuel: Intermediate Fuel
Oil (IFO) 180 centistoke (CST), IFO 380 CST, IFO 500 CST, Marine Diesel
(MDO) and Marine Gasoil (MGO). Since January 3, 2012, Platts has fully
reflected revised bunker fuel specifications set out by the International
Convention for the Prevention of Pollution from Ships (MARPOL) in
global bunker fuel assessments. Under amendments to Annex VI
of the convention, high sulfur bunker fuel supplied at major global
bunkering locations from 2012 onwards must contain a maximum of
3.5% sulfur, down from the previous maximum sulfur content of 4.5%.
The worldwide market generally follows similar specifications for these
grades in all locations. The specifications most commonly followed are
those defined by the International Organization for Standardization in
document ISO 8217:2005 (E) - Petroleum products - Fuels (class F) Specifications of marine fuels. New ISO standards issued in 2010 have
not yet become commonly reflected in most bunker supplies around
the world. Platts regularly reviews market conditions, and will monitor
for evidence that newer standards are being traded more broadly in the
market. Unless otherwise specified, Platts bunker fuel assessments for
all European ports reflect the following standards:
IFO 500: Specifications generally conform with that for RMK 500 CST,
ISO 8217: 2010 specifications.
IFO 380: Specifications generally conform with that for RMG 380 CST
. Approximate Kinematic Viscosity: At 50 C, max 380 CST. Flash point
60 C minimum. Pour point (upper) winter quality, 30 C maximum;
summer quality, same. Ash 0.15 m/m maximum. Sulfur, maximum
3.5%. Vanadium max 300 mg/kg. Aluminum plus Silicon, 80 mg/kg
max; water, 0.5% maximum.
IFO 180: Specifications generally conform with that for RME 180 CST.
Approximate Kinematic Viscosity: At 50 C, max 180 CST. Flash point
60 C minimum. Pour point (upper) winter quality, 30 C maximum;
summer quality, same. Ash 0.10 m/m maximum. Sulfur, maximum
3.5%. Vanadium max 200 mg/kg. Aluminum plus Silicon, 80 mg/kg
max. ; water, 0.5% maximum.
2016 S&P Global Platts, a division of S&P Global. All rights reserved.
33
FEEDSTOCKS
Assessment
CODE
Mavg
PKABA00
PKABA03
ABWHG00
ABWHG03
FOB
NWE (Rotterdam)
25,000
55,000
US $
MT
AAHMX00
AAHMY00
FOB
NWE (Rotterdam)
15,000
55,000
US $
MT
AAHND00
AAHNE00
CIF
ARA (NWE)
15,000
35,000
US $
MT
AAHNB00
AAHNC00
FOB
NWE (Rotterdam)
15,000
55,000
US $
MT
1,000
5,000
US $
MT
AAHNI00
AAHNJ00
Pavg
FEEDSTOCKS
CONTRACT
BASIS
FOB
LOCATION
DELIVERY PERIOD
With effect from July 1, 2013, Platts updated the cargo sizes reflected
in its European low sulfur vacuum gasoil and high sulfur vacuum
gasoil assessments, to reflect an increasing role played by larger
cargo sizes in the European VGO market. From July 1, 2013, European
CIF cargo assessments reflected cargoes of 15,000-35,000 mt in size,
normalized to 30,000 mt. At the same time, Platts updated the cargo
size reflected in European FOB LSVGO and HSVGO assessments to
15,000-35,000 mt, normalized to 30,000 mt, with FOB cargoes of up
to 55,000 mt eligible for assessment when arbitrage openings make
these a significant market factor.
Platts had previously reflected European CIF LSVGO and HSVGO
cargoes of 10,000-25,000 mt; and European FOB LSVGO and HSVGO
cargoes of 10,000-25,000 mt, with FOB cargoes of up to 50,000 mt
eligible for assessment when arbitrage openings make larger cargoes
a significant market factor.
Straight-run 0.5-0.7% Cargoes FOB NWE: This assessment
reflects the value of straight-run fuel oil from Northwest Europe
with the following specifications: Sulfur 0.5-0.7%, normalized
to 0.6% CCR max 7 Density 0.935-0.95 at 15 degrees, Viscosity
200cst max at 50 degrees Vanadium 10 ppm Sodium 10 ppm
Nickel 10 ppm. Cargo assessments typically reflects parcels of
25,000-30,000mt each within NWE, but cargoes of up to 55,000
tonnes may be taken into account when arbitrage openings
present themselves. The assessment reflects cargoes for loading
FOB NWE basis Rotterdam, for loading 10-25 days from date of
2016 S&P Global Platts, a division of S&P Global. All rights reserved.
Wavg
34
MIN SIZE
MAX SIZE
CURRENCY
UOM
CONV
Copper 1 ppm max, Vanadium 1ppm max; CCR: 0.5% max; Nitrogen:
1700ppm max; Pour point: 45 degrees C max; Flashpoint: 100 degrees
C min; Aniline: 75 degrees C min; Asphaltenes: 700 ppm max; Tan: 0.5
mg KOH/g max. Platts will continue to consider other merchantable
HSVGO and LSVGO specifications in its assessment process, and may
normalize to the updated specifications. Cargo assessments reflect
parcels of 15,000-35,000 mt, normalized to 30,000 mt, with FOB
cargoes of up to 55,000 mt eligible for assessment when arbitrage
2016 S&P Global Platts, a division of S&P Global. All rights reserved.
35
Vanadium 1ppm max; CCR: 0.5% max; Nitrogen: 1700ppm max; Pour
point: 45 degrees C max; Flashpoint: 100 degrees C min; Aniline: 75
degrees C min; Asphaltenes: 700 ppm max; Tan: 0.5 mg KOH/g max.
Platts will continue to consider other merchantable HSVGO and LSVGO
specifications in its assessment process, and may normalize to the
updated specifications. Barge assessments reflect parcels of 1,000
to 5,000mt each, loading FOB ARA basis Rotterdam, for loading 3-15
(Monday-Tuesday) or 5-15 (Wednesday through Friday) days forward.
REVISION HISTORY
February 2016: Platts updated the guide to reflect a change in its FOB
ARA 50 ppm gasoil barge methodology and incorporate new 2016
Worldscale flat rates where applicable.
November 2015: Platts updated the guide to include new gasoline
assessment methodology for West Africa Gasoline FOB NWE and
West Africa Gasoline CIF West Africa. Platts also made updates to
the gasoil and diesel sections, noting guidance on clear and bright
specifications for ultra low sulfur diesel, requests to dye and new FBT
standards in the UK. Platts added a reference to previously published
standards for CIF cargo quality testing. Platts noted previously issued
guidance that jet barge bids may not be for one port only, and noted
guidance for vessel size expectations for cargos in various cargo
assessments, particularly in relation to port destination changes
requested by a buyer under charterparty options. Platts updated
to the high sulfur fuel oil specification sections of the guide. Platts
added details of a new assessment of ultra low sulfur bunker fuel.
Platts amended the list of ports where 1% bunker fuel is assessed to
better reflect Platts updated assessments.
July 2015: Platts completed an annual update to the Europe &
Africa Refined Oil Products Guide in July 2015. In this update, Platts
reviewed all content. Platts updated guidance around how to
report information and expectations for contactability. Platts also
consolidated guidance regarding review of reported trades. In the
specifications section of the guide, In specifications, Platts updated
this guide to reflect changes in assessment sizes for European
naphtha cargoes, diesel cargoes and barges, and gasoil barges, as
well as including the Platts assessed specification for CIF Northwest
naphtha cargoes.Platts removed all references to Falmouth
bunker assessments, which were discontinued in July 2015. Platts
incorporated guidance around operational tolerance for naphtha and
nomination processes for ULSD and gasoil barges that had previously
2016 S&P Global Platts, a division of S&P Global. All rights reserved.
36