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[OIL ]

METHODOLOGY AND SPECIFICATIONS GUIDE

European Products
(Latest Update: January 2013)

GENERAL TERMS AND CONDITIONS 2 APPENDIX I: example of EN228


definition (2002) 34
GASOLINE 7
APPENDIX II: example of DEFINITION OF
NAPHTHA 10 EN590 definition (2002) 45

JET FUEL 12 Appendix III: TYPICAL MIDDLE DISTILLATE


QUALITIES 55
ULSD 14
APPENDIX IV: ASSESSMENT LIST WITH
GASOIL 18 DATA CODES 56
CRACKED FUEL OIL 20 APPENDIX V: SUBSCRIBER NOTES ISSUED
2005 onwards 57
BUNKER FUELS 24
APPENDIX VI: DISCONTINUED
FEEDSTOCKS 25
ASSESSMENTS 70
LPG 27

The McGraw Hill Companies


METHODOLOGY AND SPECIFICATIONS GUIDE European Products

GENERAL TERMS AND CONDITIONS process bids and offers that have been communicated to reporters/price specialists
before 15.45:00 London time for cargoes, 16.00:00 for barges and 16.15:00
for swaps. Any new bid/offer submitted later than these cut-offs will not be
TIME OF ASSESSMENT
considered in the assessment process. Bids, offers and intentions to trade may
be communicated to Platts editors using a variety of media, including telephone,
Platts European products assessments reflect the transactable value prevailing at instant messaging tools and the Platts eWindow software.
16.30:00 London time precisely. The assessment methodology reflects values on a
Market-on- Close basis. Trading activity, including bids, and transactions, is covered Platts considers in its assessment incremental price changes made to applicable
during the typical operating hours of the European markets with market values bids or offers up to but no later than 16.28:00 London time, after which only deals
determined precisely at 16.30:00 London time. will be considered.

Platts tracks outright and spread levels through the day between 08.30:00-16.30:00 Platts takes into account bids and offers that are executable under normal
London time and these levels may have a bearing on final assessment levels, circumstances. Where provisions in a bid or offer make it difficult or impossible to
depending on transparency and the patterns of liquidity over the day. Transactions execute, the bid or offer will not be considered in the assessment. Such provisions may
and activity in futures, physical or derivatives markets after 16.30:00 London time include, for instance, non-standard nomination procedures and charter party or loading
are not taken into account for that day’s final assessment. All market activity is options outside the normal range of ports considered as standard in each market.
viewed in light of its market relevance, repeatability and transparency. Transactions
between related parties or transactions that do not meet Platts’ high standards for
PERFORMANCE
transparency, verifiability and repeatability may not be taken into account.

Platts European products assessments have reflected the transactable value Platts’ editorial guidelines governing its assessment process require it must
prevailing at 16.30:00 London time since October 1, 2005. Before that, from April 1, consider only those transactions, bids or offers where market participants perform
2003, a 17.30:00 London time close was reflected. under typical contractual terms.

Platts accepts that individual companies may have trading limits with counterparties
BIDS, OFFERS AND TRADES
and that national legislation may prevent companies from dealing in materials of
certain origins. Such counterparty issues will be dealt with on a case-by-case basis.
Platts considers transactions, bids, offers and market indications that are reflective
of typical conditions and originating from sources deemed reliable. Participants intending to sell should not offer when there is a known and distinct
possibility that loading/delivery may be delayed. If congestion or delays prevent
Details of bids, offers and deals for European oil products are provided on Platts performance under the contractual terms, the seller should make reasonable and
electronic screen service Platts Global Alert on PGA005. timely efforts to supply from an alternative source, or the seller should engage in
other measures to alleviate the buyers’ exposure.
Bids and offers must in principle be open to any reputable and creditworthy
counterparty. Equally, a buyer should not over-commit and then aggregate nominations in a way
that makes it logistically impossible for the seller to perform.
Platts will exclude transactions, bids, offers or any market indications when these
appear to be unrepresentative of the market, or unrepeatable. Deals done below the Platts will take appropriate steps to ensure the integrity of its assessments if issues
level of prevailing bids or above the level of prevailing offers (i.e., selling through of non-performance should arise.
the bid or buying through the offer) will not be reflected in Platts assessments.

QUALITY
More comprehensive details of the procedures for bidding and offering on
PGA005 are provided in a separate document “Platts Editorial Guidelines and
Methodologies: European Oil Products”. The web URL for this document is: Platts products assessments are based on merchantable grades.

http://www.platts.com/IM.Platts.Content/MethodologyReferences/ For both cargoes and barges, no distinction is made between refinery and storage
MethodologySpecs/europeanoilproductspecsguideline.pdf in terms of the origin of the material. Typical specifications for each product are
detailed below.

EXECUTABILITY
Bids or offers that exclude legitimate supply sources may be deemed restrictive and
excluded from the assessment process.
Platts only takes into account bids and offers where trading participants have
demonstrated that those bids and offers are firm and executable.

For the purposes of its assessments, Platts will only consider in its assessment

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METHODOLOGY AND SPECIFICATIONS GUIDE European Products

INCREMENTABILITY
Effective November 1, 2006 Platts started to reflect in its European middle distillate
assessment processes the prevailing value of ICE gasoil futures at exactly 16:30
Price changes to bids and offers of physical oil and financially settled derivatives London time rather than the ICE settlements which reflect a three minute weighted
will be considered in the assessment process only if the improvements in the price average of transactions.
of bids and offers are incremental in nature. Comprehensive details of the Market
on Close incrementability guidelines are provided in a separate document “Oil Platts typically determines the fixed price value of transactions after taking into
Timings and Increment Guidelines”. The web URL for this document is: consideration the EFP differential and ICE gasoil futures contract values. Platts
has generally used ICE gasoil settlements and its assessment of the EFP premium
http://www.platts.com/IM.Platts.Content/MethodologyReferences/ in calculating the physical values for middle distillates since April 1, 2003. Before
MethodologySpecs/timingincrementguidelines.pdf April 1, 2003, the ICE gasoil weighted averages were used.

Where related futures markets exhibit unusual volatility, Platts may increase the Effective October 1, 2011 Platts launched assessments for ICE gasoil 10ppm
level of increment accepted without prior notice. Platts will typically advise such futures contracts for the front three months listed on ICE Futures. Platts also began
increment changes on PGA005 to publish the ICE settlement value for the front six months of the 10ppm gasoil
futures contract.
Please note that market participants may withdraw bids and offers at any point,
provided no counterparty has expressed an intention to execute the bid/offer. Also Please note, however, that while the prevailing values of ICE gasoil futures at
market participants may back away from the price non-incrementally. exactly 16:30 London time are typically used in calculating physical values, Platts
reserves the right to adapt or abandon this methodology if required. For instance,
Platts may use alternative systems if in Platts opinion the prevailing values were to
REPEATABILITY
appear anomalous. On days when technical outages or other exigencies mean there
is no ICE trade at 1630 London time, for instance because of technical problems,
Bids, offers and transactions are viewed against the broader supply/demand Platts’ assessments will continue to reflect prevailing values at 16:30 London time.
generated by those bids, offers and transactions. Hence if a low price offer The outright distillate prices for cargoes and barges will be calculated using Platts’
generates too much demand, Platts may determine in its editorial process that the assessments of fixed price values at 16:30 London time as usual. Platts typically
market value is higher than the level offered. Likewise if a high bid generates too tracks both fixed price as well as inter-product and crude-to-product relationships
much supply and the buyer is unable to buy all the volume that is offered, Platts prevailing at 16:30 London time.
in its editorial process may determine that that the market value is lower than the
level bid. Please note that assessment timings may be changed due to a variety of reasons
including power outages, communication problems or any other issue affecting the
normal flow of information and/or business. Platts will make reasonable efforts to
SPREADS
communicate to its subscribers the time resets.

Platts typically reflects fixed price deals, bids and offers in its assessments. Platts
NYMEX VALUES
also uses bids, offers and transactions on a Platts related and EFP-related basis,
for instance on middle distillates where bids, offers and deals are often concluded
on an ICE-related basis, or on fuel oil where cargoes are often traded on a floating, In 2005, Platts European Marketscan added a series of new assessments reflecting
Platts-related pricing basis the prevailing market value precisely at 1630 London time for several futures
contracts on NYMEX.
Platts may use additional indications as appropriate including the market value
of spread relationships with other oil grades and associated markets such as These assessments include the front-two months for the NYMEX futures WTI crude
derivatives and futures. In certain illiquid markets, it may establish FOB or CIF contract, the front-two months for the heating oil and the front-two months for the
values based on freight differentials to more liquid benchmarks. unleaded gasoline contracts, all at 1630 London time.

ICE GASOIL PRICES TIMING

Platts publishes the ICE gasoil weighted average as well as the settlement prices Assessments reflect arrivals or loadings between 10-25 days from date of
for the first two futures months. Platts also publishes the settlements for the first publication for all grades on cargoes, and a minimum of 3 days to a maximum of
six months of ICE futures trading. The figures reflect the values provided by the 15 days from date of publication on barges. In practice, because of the 48-hour
ICE rounded to the nearest 25 cts/mt and are not an assessment by Platts. Platts nomination procedure on barges, the assessment reflects trading activity for
rolls the trading months on the day after expiry (i.e. on expiry day, the expiring 3-15 days from date of publication on Monday and Tuesday and 5-15 days from
front-month and the second-month futures contracts are carried in the assessment date of publication on Wednesday through Friday. On holidays, the clear 48 hour
tables). nomination clause may result in a loading 4, 5 or 6 days forward and this may be
factored into the assessment.

January 2013 3
METHODOLOGY AND SPECIFICATIONS GUIDE European Products

The Platts assessment process typically considers bids and offers made with 5 day listed below and can be found on Platts Global Alert pages 1116 and 1120.
loading /delivery windows within the standard 3-15 or 5-15 days forward for barges
and 10-25 days forward for cargoes. CIF NWE cargo basis ARA: Naphtha, Gasoline 10 ppm, Jet, ULSD 10ppm Le Havre,
ULSD 10ppm NWE, ULSD 10ppm UK, Gasoil 0.1%, Fuel oil 1%, Fuel oil 3.5%
Nomination procedures are detailed below. Normal notice of readiness procedures
will be considered. FOB NWE cargo basis ARA: Prem Unl Non Oxy, Reg Unl Non Oxy, Jet, ULSD 10ppm
Le Havre , ULSD 10ppm NWE, Gasoil 0.1%, Fuel oil 1%, Fuel oil 3.5%, Straight Run
Note: Prior to April 1, 2003, the cargo assessments reflected reasonably prompt 0.5-0.7%
arrival or lifting, typically between 5 to 15 days from date of publication for cargo
assessments, while barges typically reflected 2-8 days from date of publication. CIF Med cargo basis Genoa/Lavera: Naphtha, Prem Unl 10ppm, Jet, ULSD 10ppm,
Gasoil 0.1%, Fuel oil 1.0%, Fuel oil 3.5%

NOMINATIONS
FOB Med cargo basis Italy: Naphtha (FOB basis east Med), Prem Unl 10ppm, Jet,
ULSD 10ppm, Gasoil 0.1%, Fuel oil 1.0%, Fuel oil 3.5%, Jet FOB Med Prem
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
FOREX RATES
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 Platts publishes key foreign exchange currency rates in the European market in
either five clear calendar or three clear working days. For CIF Mediterranean gasoil Platts European Marketscan and its Platts Global Alert electronic publication. The
cargo nominations, the vessel nomination and the narrowing of the delivery range FOREX rates reflect prevailing values at 16.30 London time.
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, whichever falls sooner. On
CREDIT/PAYMENT TERMS
barges, the nomination process gives the buyer the right to narrow the original five
day laycan to a three day laycan but the buyer must give the seller 48 clear working
hours’ notice of the dates required. Payment is as per standard commercial practice which may be prompt or within a
few working days of lifting or discharge. Wherever greater credit is given, this will
be considered for normalization purposes in the assessment process.
PRICE UNITS

TIME GRADIENT
All the primary bulk product prices in Europe are in US dollars per metric tonne (mt).
The minimum fluctuation in price is 25 cts/mt for all products, on both cargoes and
barges. Platts assessments fully take into account any backwardation or contango in the
marketplace. The assessments reflect the value after taking into consideration the
difference in prices prevailing along the time curve assessed by Platts. Typically,
EURO-DENOMINATED VALUES
Platts assesses to the middle of the loading/delivery window specified for each
market. Backwardation and contango is factored into all assessments, whether
Platts publishes euro-denominated values for a selection of its key crude oil and cargoes or barges.
European and US product benchmarks as a supplement to the existing US dollar-
denominated values. Because decision-making in international oil markets is For instance, if a cargo were to trade at a fixed price of $1000.00/mt for 10-14 days
inherently exposed to foreign exchange currency fluctuations, Platts provides this forward, in a backwardated market where the daily value of the backwardation is
additional information to allow subscribers to compare prices more efficiently $1.00/mt, then the assessment would need to reflect a value representative for the
across regions. entire window (10-25 days forward) and not just the 10-14 day forward window.
In this case, the assessment would have a range centered on the mean assessed
Please note that the Euro-denominated assessments are not derived directly from value of $994.50/mt, i.e. $1000.00 less 5.5 days of backwardation. The opposite
market indications expressed in Euros, but are calculated from the published US could occur in a contango market. If a trade occurs at $1000.00/mt for a cargo
dollar price assessments converted at the prevailing Euro/$ foreign exchange rate loading 10-14 days forward and the market exhibits contango at the rate of $1.00/
at 1630 London time. mt per day then the assessment would be centered on $1005.50/mt.

The euro-denominated assessments were launched on February 14th, 2005, and


FLOATING PRICE INDICATIONS
reflect values prevailing at 1630 local London time. They include Premium Unleaded
Cargoes CIF NWE/Basis ARA, Naphtha Physical Cargoes CIF NWE/Basis ARA, Jet
Cargoes CIF NWE/Basis ARA, 1 Pct Cargoes FOB NWE, Premium Unleaded Barges For any bid or offer made on a floating basis using Platts as the underlying, the
FOB Rotterdam, 10 PPM Barges FOB Rotterdam, Gasoil 0.2 Pct Sulfur Barges FOB standard is five day pricing around bill of lading, unless stated otherwise. In those
Rotterdam, 3.5 Pct Barges FOB Rotterdam. all the European oil product assessments cases where bids and offers are done Platts related using non-standard pricing

January 2013 4
METHODOLOGY AND SPECIFICATIONS GUIDE European Products

EUROPEAN MARKETSCAN ASSESSMENTS

FOB Med (Italy) CIF Med(Genova/Lavera)


Prem Unl 10ppm +X.00 AAWZA00-AAWZA00 +X.00 +X.00 AAWZB00-AAWZB00 +X.00
Premium Gasoline 50ppm +X.00 AAOPW00-AAOPW00 +X.00 +X.00 AAOPX00-AAOPX00 +X.00
Naphtha +X.00 PAAAI00-PAAAI00 +X.00 +X.00 PAAAH00-PAAAH00 +X.00
Jet +X.00 AAIDL00-AAIDL00 +X.00
10ppm ULSD +X.00 AAWYY00-AAWYY00 +X.00 +X.00 AAWYZ00-AAWYZ00 +X.00
50ppm ULSD +X.00 AAOQC00-AAOQC00 +X.00 +X.00 AAOQD00-AAOQD00 +X.00
Gasoil.2 +X.00 POAAB00-POAAB00 +X.00 +X.00 POAAA00-POAAA00 +X.00
Fuel Oil 1% +X.00 PUAAK00-PUAAK00 +X.00 +X.00 PUAAJ00-PUAAJ00 +X.00
Fuel Oil 3.5% +X.00 PUAAZ00-PUAAZ00 +X.00 +X.00 PUAAY00-PUAAY00 +X.00
Jet FOB Med premium Prem AAIDN00-AAIDN00

Cargoes CIF NWE/Basis ARA Cargoes FOB NWE

Premium Gasoline 50 ppm +X.00 AAIJJ00-AAIJJ00 +X.00 +X.00 AAIJH00-AAIJH00 +X.00


Premium gasoline 10 ppm +X.00 AAOPZ00-AAOPZ00 +X.00 +X.00 AAOPY00-AAOPY00 +X.00
Regular gasoline 50 ppm +X.00 AAIJN00-AAIJN00 +X.00 +X.00 AAIJL00-AAIJL00 +X.00
Naphtha (Month) +X.00 PAAAJ00-PAAAJ00 +X.00
Naphtha +X.00 PAAAL00-PAAAL00 +X.00
Jet +X.00 PJAAU00-PJAAU00 +X.00 +X.00 PJAAV00-PJAAV00 +X.00
Diesel 10 ppm +X.00 AAKWP00-AAKWP00 +X.00 +X.00 AAKWR00-AAKWR00 +X.00
Diesel 50 ppm UK +X.00 AAIKO00-AAIKO00 +X.00 +X.00 AAIKM00-AAIKM00 +X.00
Diesel 50 ppm +X.00 AAOQB00-AAOQB00 +X.00 +X.00 AAOQA00-AAOQA00 +X.00
Russian gasoil 0.2% +X.00 AAOQZ00-AAOQZ00 +X.00
Gasoil 0.2% +X.00 POAAC00-POAAC00 +X.00 +X.00 POAAD00-POAAD00 +X.00
Fuel Oil 1% PUAAL00-PUAAL00 +X.00 PUAAM00-PUAAM00 +X.00
Fuel Oil 3.5% +X.00 PUABA00-PUABA00 +X.00 +X.00 PUABB00-PUABB00 +X.00
Straight run 0.5-0.7%. +X.00 PKABA00-PKABA00 +X.00
VGO 0.5-0.6% +X.00 AAHMZ00-AAHMZ00 +X.00 +X.00 AAHMX00-AAHMX00 +X.00
VGO 2% max +X.00 AAHND00-AAHND00 +X.00 +X.00 AAHNB00-AAHNB00 +X.00

Barges FOB Rotterdam Barge differential - 50ppm

98 RON gasoline 10 ppm +X.00 AAKOD00-AAKOD00 +X.00 AALBJ00/AALBJ00


Premium gasoline 10 ppm +X.00 PGABM00-PGABM00 +X.00
Premium gasoline 50ppm +X.00 AANWY00-AANWY00 +X.00 International Petroleum Exchange
Regular gasoline 10 ppm +X.00 AAKOF00-AAKOF00 +X.00 Gasoil Settlements
MTBE +X.00 PHAKZ00-PHAKZ00 +X.00 M01 n/a M04 n/a
Naphtha +X.00 PAAAM00-PAAAM00 +X.00 M02 n/a M05 n/a
Jet +X.00 PJABA00-PJABA00 +X.00 M03 n/a M06 n/a
Diesel 10 ppm +X.00 AAJUS00-AAJUS00 +X.00 IPE gasoil GWAVE 1630
Diesel 50 ppm +X.00 AAGMK00-AAGMK00 +X.00 M01 PXAAJ00 M01 n/a
Gasoil 0.2% +X.00 POAAG00-POAAG00 +X.00 M02 PXAAK00 M02 n/a
Fuel oil 1% +X.00 PUAAP00-PUAAP00 +X.00
Fuel oil 1.5% +X.00 AASXR00-AASXR00 +X.00 Platts Gasoil Futures
Fuel Oil 3.5% +X.00 PUABC00-PUABC00 +X.00 Prevailing gasoil futures 1630 London time
Rotterdam bunker 380 cst +X.00 PUAYW00-PUAYW00 +X.00 Jul AARIN00
VGO 0.5-0.6% +X.00 AAHNF00-AAHNF00 +X.00 Aug AARIO00
VGO 2% max +X.00 AAHNI00-AAHNI00 +X.00 Sep AARIP00

January 2013 5
METHODOLOGY AND SPECIFICATIONS GUIDE European Products

days, Platts will then assess the proper underlying value for the dates expressed vary according to market conditions. Where a range of cargo sizes is considered,
and add or subtract the differentials. Platts will reflect typical cargo sizes prevailing in the market at the time of the
assessment.

EMBEDDED OPTIONS
Barges: Typical barge size is 1,000-5,000mt in the buyer’s option, except for jet
fuel and high sulfur fuel oil where a range of 2,000-5,000 mt is reflected. On diesel
Platts overall objective is to reflect the transactable value of the commodity and gasoil, a standard parcel size of 1,000-2,000 mt buyer’s option is reflected. In
assessed. In cases where the apparent value of the commodity includes extra all cases the smallest tradeable barge sets the assessment.
optionalities and the intrinsic value of the commodity is masked, Platts may use
its editorial judgement to factor out such extraneous elements from the value Barges: Typical barge size for 0.1% gasoil and 10 ppm diesel is 1,000-5,000 mt,
of the commodity, or it may decide not to use the bid, offer or transaction in its jet fuel is 2,000-5,000 mt. and 50 ppm gasoil barges reflect standard parcel sizes of
assessment process. 1,000-3,000 mt. In low sulfur fuel oil a standard parcel size of 1,000 mt is reflected
and in high sulfur fuel oil a standard parcel size of 2,000 mt is reflected. In all cases
Optionalities that typically mask the value of the commodity include loading or the smallest tradeable barge sets the assessment. During potential Market on Close
delivery options held by the buyer or seller, volume option tolerances exercisable by assessment, if process conflict and all is equal except the barge size, and when a
the buyer or seller or quality specifications among others. volume range is shown, the final volume is determined at the buyer’s option.

For example, where a buyer bids on barges for full window dates rather than a
FREIGHT DIFFERENTIALS
5-day window, Platts may consider the bid to contain more than usual optionality
for the buyer and may disregard such bids in its assessments.
Platts may take into account prevailing freight rate levels in establishing both FOB
and CIF values. Where a market has become illiquid, Platts may routinely determine
LOADING/DELIVERY LOCATION
the FOB value from the CIF value. Where there is limited local demand but longer
range arbitrage opportunities emerge, the FOB value may rise relative to the CIF
Cargoes—Unless otherwise stated, the CIF NWE cargo assessments reflect value and may at times be assessed at parity or even above the CIF value.
deliveries into ARA, basis Rotterdam and the CIF Med cargo assessments reflect
a Genoa/Lavera basis. On the CIF, a normal range of charter options is considered. In the past, Platts has tended to track broader freight trends over time to establish
Where these have been defined, they are listed separately by product. The location FOB/CIF relationships. Platts now actively assesses those relationships on a daily
basis of assessments FOB NWE and FOB Med vary by product. basis, and actively uses freight information published by Platts in the assessment
of product values. Platts tanker publications Platts Clean Tankerwire and Platts
In its European CIF refined product cargo assessment processes, Platts typically Dirty Tankerwire now carry both worldscale and $/mt freight assessments for
reflects oil of international origin. Platts considers bids, offers and transactions clean products and fuel oil, which may be incorporated in assessments where
for delivery into the referenced port where the material is sourced from a different appropriate.
country, unless the seller commits to meeting any and all additional costs caused
by supplying oil from the same referenced country. For example, a CIF bid basis any
SHIPPING
Italian port implies that any potential seller will not supply from Italy. Similarly, a
CIF offer basis any French port implies the oil will not be supplied from France.
Platts typically reflects good quality modern tonnage in its freight assessments,
Barges—Unless otherwise specified, loading for material covered by ‘Barges and excludes from its CIF assessments any vessels which are outside the normal
FOB Rotterdam’ assessments is assumed to be from refinery or storage in the parameters of acceptability. Platts may take into account a variety of factors
Amsterdam, Rotterdam or Antwerp area. The assessments are basis Rotterdam when establishing whether it will include bids or offers with specific shipping
except when stated otherwise. Other sources such as Flushing and Ghent may requirements or conditions in its assessments, such as the vessel’s age and
be considered in individual assessments where these are deemed relevant, but chartering history.
at a differential which may reflect freight differentials to Rotterdam or to related
end-user markets such as Germany. In the FOB Rotterdam fuel oil barge market a Platts considers in its CIF cargo assessments offers where the seller a) names
seller may elect to deliver material from a non-Rotterdam terminal, providing the the ship carrying the oil product, b) seller commits to meet ‘normal’ requirement
seller covers any extra costs involved in exercising this option and the laycan is not by buyer, c) seller commits to have ship approved by at least three named majors
extended. which need to be stated and which are relevant to the market, d) or commits to
provide a ship which will be approved by major selling, major buying, and second
major named by buyer.
PARCEL SIZE

SEASONALITY
Cargoes: Platts seeks to reflect bids, offers and transactions typical of each of
the markets it reflects. Because trading patterns vary over time, Platts defines
the typical cargo sizes reflected under the individual assessments, but these may The switch in gasoline and diesel qualities from summer to winter grade and vice

January 2013 6
METHODOLOGY AND SPECIFICATIONS GUIDE European Products

versa may have a significant impact on gasoline prices in Europe. LPG: +44 (0)20 7176 6672 IM: plattslpg

Platts generally announces a phase-in period for the summer and winter grades on Naphtha: +44 (0)20 7176 3144 IM: plattseuronaphtha
cargoes and barges, in which the incoming seasonal grade is given an increasing
weighting in the assessment. Gasoline: +44 (0)20 7176 6205 IM: plattsgasoline

For example, on gasoline, from April 1 2008, European gasoline markets traded Jet: +44 (0)20 7176 6125 IM: jetplatts
summer grades of fuel. Platts reflected cargoes loading and discharging 10-25
days forward and barges loading 3-15 days forward. On March 7, the first day of ULSD: +44 (0)20 7176 6161 IM: plattsdiesel
the cargo window to pass April 1, Platts reflected 1 day of summer grade gasoline
and 14 days of winter grade, with summer gaining increasing weighting in the Gasoil: +44 (0)20 7176 6287 IM: plattsgasoil
assessment as each day passed. On March 22, as the last day of the cargo window
passed April 1, only summer grades of fuel were reflected in the cargo assessment. Middle distillate team leader: +44 (0) 20 7176 6206 IM: london_mid_dists
The same weighting approach is applied to reflecting summer grades of gasoline in
the barge market. High sulfur fuel oil: +44 (0)20 7176 6140, IM: plattsfueloil

Each year, Platts publishes details of the timetable for including seasonal Low sulfur fuel oil: +44 (0)20 6278, IM: plattslsfo
specifications in subscriber notes, an example of which is provided below:
Fuel oil swaps: +44 (0)20 7176 6683, IM: plattswaps_fuel
GASOLINE AND DIESEL SUBSCRIBER NOTE: Platts proposes effective March 7 to
start reflecting summer grades of gasoline and diesel on a pro-rated basis in the Feedstocks: +44 (0)20 7176 6104, IM: plattsfeedsuk
Northwest European and Mediterranean cargo assessments, with summer spec
having an increasing weighting in the assessment towards March 22. Winter Fuel oil team leader: +44 (0) 207 176 6299, IM: platts_dirty_products
grades will continue to be taken into account until March 21, after which only
summer spec will be reflected. Platts proposes effective March 17 to start reflecting
summer grades of gasoline and diesel on a pro-rated basis in the ARA barge GASOLINE
market, with summer spec having an increasing weighting until March 28. From
March 29 summer will be fully reflected. For further details regarding the pro-rating European premium gasoline assessments reflect EN228 material. The maximum
system or any comments regarding the proposal please contact annalisa_jeffries@ sulfur allowed in EN228 was reduced to 50 ppm from January 1, 2005 and was
platts.com, simon_thorne@platts.com with a cc to peter_stewart@platts.com and further reduced to 10 ppm from January 1 2009. The aromatics limit is 35.
jorge_montepeque@platts.com.
Detailed parameters for individual assessments are provided below.
Because Platts aims to synchronise the transition in seasonal qualities in its
assessments with market practice, Platts may revise these timeframes at short
SEASONALITY ISSUES ON GASOLINE
notice if market practice changes in this regard.

The switch in gasoline quality from summer to winter grade and vice versa may
DATA CODES
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;
Each Platts assessment is identified in the electronic databases by a 7-character similarly, Platts has reflected summer grade until October 1, after which winter
data code. The following tables provide data codes for European oil product grade only is reflected. In NWE and the Med, material up to 90 kPa is reflected in
assessments carried in Platts European Marketscan. The table layout is based on winter, and up to 60 kPa in summer.
the telex/newsletter version of Platts European Marketscan; when assessments are
carried in related publications such as Platts Oilgram price Report or the regional Platts generally announces a phase-in period for the summer and winter grades on
marketscans, the actual layout may vary. Please refer to the Platts Master Page cargoes and barges, in which the incoming seasonal grade is given an increasing
Index found on Platts Global Alert page 101 for a full reference guide or the below weighting in the assessment.
URL for the online reference guide:
For example, from April 1 2008, European gasoline markets traded summer grades
http://www.platts.com/SymbolAndPageDirectories/SymbolDirectories of fuel. Platts reflected cargoes loading and discharging 10-25 days forward and
barges loading 3-15 days forward. On March 7, the first day of the cargo window
to pass April 1, Platts reflected 1 day of summer grade gasoline and 14 days of
CONTACTS
winter grade, with summer gaining increasing weighting in the assessment as each
day passed. On March 22, as the last day of the cargo window passed April 1, only
Manager EMEA refined products: +44 (0)20 7176 6164 IM: platts_ summer grades of fuel were reflected in the cargo assessment. The same weighting
europeanmarketscan approach is applied to reflecting summer grades of gasoline in the barge market.

January 2013 7
METHODOLOGY AND SPECIFICATIONS GUIDE European Products

Because Platts aims to synchronise the transition in seasonal qualities in its Other: N/A
assessments with market practice, Platts may revise these timeframes at short
notice if market practice changes in this regard. Background: The 10 ppm assessment was introduced October 1, 2008.

Dispatch Category EB
AAWZB00 PREMIUM GASOLINE 10 PPM CARGOES CIF MED
12 Char. Symbol AAWZA0000000
9 Char. Symbol(s) •
Quality: The Mediterranean unleaded cargo assessments represent EN 228 95 RON 7 Char. Symbol AAWZA00
meeting Italian, French, and Spanish specifications. The RON is 95 and the MON Earliest Date 01-OCT-2008
is 85. The specific gravity for Mediterranean assessments is 0.755 g/ml. Aromatics Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
limit is 35 max. Description Prem Unl 10 PPM ppm FOB Med
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Size: Cargo assessments reflect parcels of 25,000-30,000mt each. Description Prem Unl 10 PPM ppm CIF ARA

Location: Assessment is CIF basis Genoa/Lavera with normal CP options within the
AAXFQ00 GASOLINE 10 PPM CARGOES CIF NWE
Med.

Timing: Reflects material for delivery 10-25 days from date of publication, with Quality: The NWE cargo assessments represent EN 228 95 RON material with a
prices normalized to the mid-point of this delivery window. maximum suflur of 10 ppm. Specific gravity is basis 0.755 g/ml. The Motor Octane
(MON) number is 85. Aromatics limit is 35 max. In line with prevailing market
Other: Effective Jan 9, 2013 the Worldscale basket flat rate used to calculate the practices the assessment reflects material with a maximum oxygenate content of
CIF Med assessment is $8.05. The CIF Med gasoline assessment is assessed as a 0.9% (by wt). Platts also reflects material with a maximum evaporation (E70) of
freight differential to the FOB Med assessment. 43% in winter specification material and 41% in summer specification material.
Offers of material with a higher evaporation (E70) level should state the maximum
Background: The 10 ppm assessment was introduced October 1, 2008. limit in the offer

Dispatch Category EB Size: Gasoline 10 ppm CIF cargo assessments reflect 10,000 metric tonnes +/- 10%
12 Char. Symbol AAWZB0000000 operational tolerance,
9 Char. Symbol(s) •
7 Char. Symbol AAWZB00 Location: The assessment is basis Thames with normal charter-party options
Earliest Date 01-OCT-2008 within NWE.
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description Prem Unl 10 PPM ppm CIF Med Timing: Reflects material for delivery 10-25 days from date of publication, with
prices normalized to the mid-point of this delivery window.

AAWZA00 PREMIUM GASOLINE 10 PPM CARGOES FOB MED


Other: N/A

Quality: The Mediterranean unleaded cargo assessments represent EN 228 95 RON Background: The assessment was introduced October 1, 2008.
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 Dispatch Category EB
limit is 35 max. 12 Char. Symbol AAFXQ000000
9 Char. Symbol(s) •
Size: Cargo assessments reflect parcels of 25,000-30,000mt each, though FOB 7 Char. Symbol AAFXQ00
cargoes of up to 33,000 mt may be considered. Earliest Date 01-OCT-2008
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Location: FOB basis Italy but with other origins considered in the assessment on Description Gasoline 10 PPM ppm CIF NWE
the basis that neither buyer nor seller is disadvantaged by additional costs incurred
if non-Italy origin.
AAQZV00 EUROBOB GASOLINE BARGES FOB ARA
Platts also reflects sales of gasoline that occur across the berth at jetties within the
Platts FOB Med gasoline assessment. Should the seller elect to deliver a cargo that Quality: The barge assessments represent German grade with maximum sulfur 10
has loaded across the jetty, the binding quantity and quality would be established ppm, specific gravity of 0.755 g/ml. The RON is 95 and the MON is 85. Aromatics
on a ship’s composite basis in the final delivering vessel. limit is 35 max. EN228 after the addition of 4.8% of ethanol

Timing: Reflects material for loading 10-25 days from date of publication, with Size: Barge assessments reflect parcels of 1,000-5,000mt each.
prices normalized to the mid-point of this delivery window.

January 2013 8
METHODOLOGY AND SPECIFICATIONS GUIDE European Products

Location: Gasoline barges are typically basis AR(Amsterdam/Rotterdam). Any 7 Char. Symbol PGAMR00
transactions occurring at other loading ports in NWE (including Antwerp) are Earliest Date 03-OCT-1994
normalized to AR basis on an incremental freight differential basis into the main Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
consuming area, which is typically Germany. Description Unl 98 FOB R’dam Barges

Timing: Reflects material for loading 3-15 (Monday-Tuesday) or 5-15 (Wednesday


PGABM00 PREMIUM GASOLINE 10 PPM BARGES FOB ARA
through Friday) days from date of publication, with prices normalized to the mid-
point of this loading window. Full window bids which give the buyer a wider
optionality may be disregarded in the assessment process. Quality: The barge assessments represent 95 RON, 85 MON German grade
material with a specific gravity basis of 0.755 g/ml. The maximum sulfur is 10 ppm.
Other: The assessment was launched on July 1, in line with a change in the market Aromatics limit is 35 max.
reflecting biofuel requirements in Europe
Size: Barge assessments reflect parcels of 1,000-5,000mt each.
Dispatch Category EB
12 Char. Symbol Location: Gasoline barges are typically basis AR(Amsterdam/Rotterdam). Any
9 Char. Symbol(s) • transactions occurring at other loading ports in NWE (including Antwerp) are
7 Char. Symbol AAQZV00 normalized to AR basis on an incremental freight differential basis into the main
Earliest Date 01-July-2009 consuming area, which is typically Germany.
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description Eurobob Timing: Reflects material for loading 3-15 (Monday-Tuesday) or 5-15 (Wednesday
through Friday) days from date of publication, with prices normalized to the mid-
point of this loading window. Full window bids which give the buyer a wider
AAKOD00 98 RON GASOLINE 10 PPM BARGES FOB ARA
optionality may be disregarded in the assessment process.

Quality: The NWE barge assessments represent German grade with maximum Other: The assessment has reflected 10 ppm maximum sulfur from January 2,
sulfur 10 ppm, specific gravity of 0.755 g/ml. The RON is 98 and the MON is 88. 2003. Platts introduced experimental 10 ppm barge assessments effective 1 October
Aromatics limit is 35 max. to 31 December 2002 to run in tandem with 50 ppm barge assessments. Platts has
made a number of changes in recent years in the maximum sulphur content in line
Size: Barge assessments reflect parcels of 1,000-5,000mt each. with EU regulations on gasoline quality.

Location: Gasoline barges are typically basis AR(Amsterdam/Rotterdam). Any Dispatch Category EB
transactions occurring at other loading ports in NWE (including Antwerp) are 12 Char. Symbol PRPPRURTTCEY
normalized to AR basis on an incremental freight differential basis into the main 9 Char. Symbol(s) •
consuming area, which is typically Germany. 7 Char. Symbol PGABM00
Earliest Date 01-JUN-1992
Timing: Reflects material for loading 3-15 (Monday-Tuesday) or 5-15 (Wednesday Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
through Friday) days from date of publication, with prices normalized to the mid- Description Prem Unl FOB R’dam Barges
point of this loading window. Full window bids which give the buyer a wider
optionality may be disregarded in the assessment process.
PHAKZ00 PHALA00 MTBE BARGES
Other: Because this assessment is illiquid, it is generally established through a
differential to Prem Unl barges. Assessment Window: Daily assessments are based on a Market on Close (MOC)
methodology. As such, the assessment reflects the value of the market at the close
Background: Platts has made a number of changes in recent years in the of the trading day at 4:30 pm London time. Initial bids and offers are considered
maximum sulphur content in line with EU regulations on gasoline quality. Eff Jan throughout the day until 4:00:00. From 4:00:01 to 4:28:00, existing bids and offers
2 2002, Platts Unl 98 assessment reflected 50 ppm sulfur material in line with may be amended. From 4:28:01 to 4:30:00, buyers and sellers cannot revise their bid
prevailing market trends. Platts clarified that in 2001 the Unl 98 assessment already and offer prices, and can only accept or withdraw existing bids and offers. Unless
incorporated 50 ppm as the traded grade in ARA. Platts introduced experimental 10 otherwise indicated, all bids and offers are considered firm, i.e., a buyer or seller is
ppm barge assessments for the above, effective 1 October to 31 December 2002 to obliged to perform on a transaction if a counter party accepts the bid or offer.
run in tandem with 50 ppm barge assessments. Unleaded 98 FOB Rotterdam barge
assessments have reflected 10 ppm maximum sulfur effective 2 January 2003. Basis and Locations: Assessments are on a FOB Amsterdam-Rotterdam-Antwerp
(FOB ARA) basis ($/mt). For MTBE assessments these will reflect trades for barges
Dispatch Category EB loading 3-15 days forward from the date of publication. Platts will take into
12 Char. Symbol PRPM9URTTBFO consideration bids and offers made in 5-day loading or delivery windows, inclusive
9 Char. Symbol(s) • of the first and fifth day. For instance on October 1, Platts would consider bids and

January 2013 9
METHODOLOGY AND SPECIFICATIONS GUIDE European Products

offers made starting with October 11-15 and ending with October 22-26. Please that are lawfully sourced within the marketplace. Platts considers in its assessment
note that a bid and offer made for October 20-25 actually has a six-day window. A process ethanol based on its chemical structure and is not currently distinguishing
fully representative bid or offer would need to be October 20-24 or October 21-25. between feedstocks used in its manufacture.

Standard cargo size: Minimum 1,000mt. The European Commission has, through its Directive 2009/28/EC, spelt out
guidelines on the promotion of the use of energy from renewable sources by 2020.
Dispatch Category EB Specifically, it endorsed a mandatory 10% minimum target to be achieved by all
12 Char. Symbol PCPMTBRTTANE Member States for the share of biofuels in transport petrol and diesel consumption
7 Char. Symbol PHAKZ00PHALA00 by 2020. Platts will take steps to integrate the provisions in the directive into its
Earliest Date 22-JUN-1992 assessment process once they are formalized into law. In the meantime, Platts will
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR only consider bids, offers and transactions where, upon buyer’s request, the seller
Description MTBE FOB AR MOC shall exercise reasonable efforts to provide documentation describing:

1) the ethanol feedstock type;


AAYDT00 (FOB), AAWUQ00 (FOB);
AAYDS00 (CIF) ETHANOL (FUEL GRADE) 2) the country of origin of the feedstock;

Basis and Locations: Prices are assessed daily on a FOB Rotterdam T1 (excluding 3) a declaration of land use on which feedstock was grown on or after January 1,
duty) basis in $/cubic meters and on a Eur/cubic meter FOB Rotterdam (T2 basis 2008.
duty paid for European-qualified material and free from origin restrictions). Platts
also assesses CIF NWE T1 (duty unpaid) basis $/cubic meter. Platts will not consider ethanol in its assessment process that is in violation of
the ILO’s Minimum Age Convention 1973, and the ILO’s Abolition of Forced Labor
Loading laycans: Platts European ethanol assessments for T1 and T2 FOB Convention 1957.
Rotterdam reflect transactable values for loading 3-15 days forward. Platts will
consider any relevant market data, providing clarity in the value for this loading Right to audit: Upon buyer’s request, the seller should allow the buyer the right
period. In addition, Platts will always publish bids and offers for normal trading to audit the sustainability documentation for the sole purpose of determining the
blocks such as full month and balance of month but not atypical periods. validity and veracity of these documents.

Standard cargo size: Typical 1,000-2,000 mt or their equivalent of 1,250-2,550 Dispatch Category AE
cubic meters for FOB Rotterdam T2 barges and minimum 3,000 mt or its equivalent 12 Char. Symbol AAYDT0000000
in cubic meters for CIF NWE T1 cargoes. The conversion metric tons to cubic 7 Char. Symbol AAYDT00
meters: was changed to 0.7887 from 0.7925 as of April 1, 2011. Earliest Date 09-JUL-2007
Vendors BLM CQI DRI EMS FTP FUT KR PL12 RTR SAR
Product Purity Specification: Assessments are for anhydrous undenatured Description Ethanol T2 FOB Rdam Eur/Cm
ethanol conforming to the latest edition of the European standard EN 15376
specifications for automotive fuels — ethanol as a blending component for Dispatch Category AE
gasoline. These specifications include: 12 Char. Symbol AAWUQ0000000
7 Char. Symbol AAWUQ00
Minimum ethanol content + higher saturated alcohol: 98.7% Earliest Date 01-Jul-08
Vendors BLM CQI DRI EMS FTP FUT KR PL12 RTR SAR
Maximum higher saturated (C3-C5) mono-alcohol content: 2.0% Description Ethanol FOB T1 Rdam $/Cm

Maximum water content by mass: 0.3% Dispatch Category AE


12 Char. Symbol AAYDS00000000
Maximum methanol content: 1.0% 7 Char. Symbol AAYDS00
Earliest Date 09-Jul-07
The ethanol must also conform to the Netherlands’ customs TARIC code of CN 2207 Vendors BLM CQI DRI EMS FTP FUT KR PL12 RTR SAR
1000, under the European Commission’s latest definition of “Undenatured ethyl Description Ethanol CIF NWE $/Cm
alcohol of an alcoholic strength by volume of 80% vol or higher.”

Following industry consultation, Platts confirms the European automotive fuel NAPHTHA
ethanol assessment reflects product at a temperature of 20 degrees Celsius.
Platts European naphtha assessments have included bids, offers and transaction
(See appendix for European ethanol specifications) where the seller has committed to meeting the receivers’ reasonable shipping and
vetting requirements. Platts has also adopted in its assessment processes bids,
Sustainability Criteria: Platts European ethanol assessments reflect products offers and transactions where the buyer requests delivery into a ship. Platts will

January 2013 10
METHODOLOGY AND SPECIFICATIONS GUIDE European Products

continue to adhere to and follow these standards provided the vessel the buyer Earliest Date 19-NOV-1990
requests delivery into is of widespread acceptability. Platts will continue to review Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
vessel acceptability as needed. Description Naphtha CIF NWE Physical

PAAAL00 NAPHTHA CARGOES CIF NWE PAAAJ00 NAPHTHA PAPER CIF NWE

Quality: The CIF NWE cargo assessment reflects open spec material with a min 65 The assessment reflects swap market values for one month ahead of publication.
paraffin content and a typical specific gravity of 0.69 to 0.73 g/ml. Other qualities The rollover is on the first day of each month. Therefore on June 1, July swaps are
– for instance 70-min paraffins and pipe spec — may be taken into account when quoted.
traded but these may command a premium or discount to cargoes fitting Platts’
typical specifications. The assessment is always normalized to the open spec Background: In the past, the rollover was the first working day after the 25th of
quality naphtha and any market indicator that fits those parameters overrides the month. Therefore, on Jan 26 the quoted month was moved from February to
signals stemming from other quality cargoes. The premium or discount to be March.
applied will be at the reporter’s discretion, based on relevant market activity. Platts
products assessments are based on merchantable grades. Bids and offers that Dispatch Category EB
exclude legitimate supply sources may be deemed restrictive and excluded from the
assessment process. As an example, naphtha bids that exclude Tees as a supply 12 Char. Symbol PR1ha CIF NWE Paper
source cannot be taken into account for assessment purposes. Likewise, naphtha
with larger than normal mercury levels may not be considered in the assessment
PAAAH00 NAPHTHA CARGOES CIF MED
process. The maximum mercury considered in the assessment is 5 parts per billion.
Platts also reflects material with a maximum MTBE content of 50 ppm and a total
oxygenate content of 100 ppm. Quality: The cargo assessments include both full range and paraffinic grades, with
prices normalized to reflect 65 min paraffins.
Size: The physical assessments reflect parcels of 12,500 mt +/- a maximum
10% operational tolerance, full or part-cargo. A cargo meeting these volume Size: 27,500 mt
specifications meets the standard and overrides signals stemming from other
cargo sizes. Specific volumes in the range 10,000-15,000 mt with a maximum 10% Location: CIF basis Lavera.
operational tolerance, full or part-cargo, may be considered in the assessment if
any other clear indicators are lacking. Other cargo sizes —for example 10-15,000 Timing: Reflects material for delivery 10-25 days from date of publication, with
mt sellers’ option or cargoes up to 30,000 mt may be taken into account when prices normalized to the mid-point of this delivery window.
traded but these may command a premium or discount to cargoes fitting Platts’
typical specifications. Other: The differential between the FOB Med and CIF Med naphtha assessment is
evaluated using the freight value between Alexandria and Lavera. This is calculated
Location: CIF basis Rotterdam. Where part-cargoes are delivered CIF basis using Platts cross-Med clean tanker assessments for 27,500 mt naphtha cargoes
Rotterdam, it is assumed that the buyer should not be disadvantaged by the seller’s plus an allowance of $3/mt for port costs. Adjustments to the freight cost are made
decision to not deliver a full cargo. Therefore, Platts will tend to reflect deals in on the first working day of January each year to reflect updated Worldscale flat
which charter party and demurrage paid by the buyer is on a pro-rata basis to rates as published by Worldscale.
normal destinations in NWE, even when these are outside the ARA range. Platts
reflects bids and offers with typical charter-party options including ARA, the Le Effective Jan 9, 2013, the Worldscale flat rate used to calculate the CIF MED
Havre-Hamburg range and the East Coast UK. Naphtha assessment became $9.62/mt based on published freight values between
Alexandria and Lavera using Platts cross-Med clean tanker naphtha assessments.
Platts only reflects offers of Tuapse loading naphtha cargoes when the seller An additional $3/mt is added for port fees. Background: Platts introduced the new
commits to deliver on a CIF basis, but with the quantity established by means of a methodology for the freight calculation on Jul 1, 2004. Before then, FOB values
ship’s composite at disport. were assessed as a differential to the CIF Med assessment, but using the same
freight calculation FOB/CIF. Effective Jan 2, 2001, the adjustment for superior
Timing: Reflects material for delivery 10-25 days from date of publication, with tonnage was discontinued.
prices normalized to the mid-point of this delivery window.
Dispatch Category EB
Other: N/A 12 Char. Symbol PRPNPHGNACPU
9 Char. Symbol(s) PPNAMGDCH • PPNAMGDCL
Dispatch Category EB 7 Char. Symbol PAAAH00
12 Char. Symbol PRPNPHNWECQC Earliest Date 03-SEP-1979
9 Char. Symbol(s) PPNANEDDH • PPNANEDDL Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
7 Char. Symbol PAAAL00 Description Naphtha CIF Med Cargoes

January 2013 11
METHODOLOGY AND SPECIFICATIONS GUIDE European Products

PAAAI00 NAPHTHA CARGOES FOB MED


Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description Naphtha FOB R’dam Barges
Quality: The cargo assessments include both full range and paraffinic grades, with
prices normalized to reflect 65 min paraffins.
JET FUEL
Size: 27,500 mt

PJAAU00 JET CARGOES CIF NWE


Location: FOB basis Alexandria.

Timing: Reflects material for loading 10-25 days from date of publication, with Quality: The assessments reflect standard commercial Jet-A1 specifications, as
prices normalized to the mid-point of this delivery window. defined by UK Ministry of Defence in DEFSTAN 91/91 latest issue and the Joint
Fuelling System Checklist. The Joint Fuelling System Checklist requires jet fuel to
Other: Effective Jan 4, 2013 the Worldscale basket flat rate used to calculate meet the more stringent requirements of DEFSTAN 91 91 issue 7 and the American
FOB Mediterranean naphtha is $15.39/mt. Rotterdam port fees are $0.95/mt. FOB Society for Testing & Materials’, Standard Specification D 1655-04a. Typical
Med naphtha is assessed as a freight differential to the CIF Northwest Europe DEFSTAN specifications under issue 7 are as follows: Sulfur is 0.3% maximum,
assessment. The actual rate applied to the netback will fluctuate daily based on specific gravity is 0.775-0.840 g/ml, flash point is 38 degrees C minimum, freeze
changes in Platts UKC-Med freight assessments for 27.5kt naphtha cargoes, applied point is minus 47 degrees C maximum.
against the $15.39/mt rate.
Size: Cargo assessments reflect standard tradable parcels. Because of a change
Background: Platts introduced the new methodology for the freight calculation in the production and consumption patterns in Europe, spot parcels have become
on Jul 1, 2004. Before then, FOB values were assessed as a differential to the CIF increasingly larger with typical spot trade within 25-45,000 mt with a standard
Med assessment, using the freight value between Alexandria and Lavera. This was emerging to around 30,000mt. Platts takes into account spot deliveries made in full
calculated using Platts cross-Med clean tanker assessments for 27,500 mt naphtha or part cargoes at seller’s options. Typically the assessment is normalized to 30 kt
cargoes plus an allowance of $3/mt for port costs. full or part-cargo, seller’s option, delivered basis a “par” port within NWE where
the seller guarantees lay-time of 36 plus 6 hours to the buyer of each parcel. Bids,
Dispatch Category EB offers and trades into other locations will be considered, but will be normalized to
12 Char. Symbol PRPNPHMEDCPW reflect a “par” port. Full-cargo only bids will be considered restrictive.
9 Char. Symbol(s) PPNAMISCH • PPNAMISCL
7 Char. Symbol PAAAI00 Location: CIF NWE. Typically, cargoes delivered into ARA, UK and northern France
Earliest Date 03-SEP-1979 are considered in the assessment but because trading patterns are diverse, no
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR single base location is reflected. Deliveries into Scandinavia including Copenhagen
Description Naphtha FOB Med Cargoes are not considered, however. Offers are assumed to carry a normal range of CP
options within NWE.

PAAAM00 NAPHTHA BARGES FOB ARA


Timing: Reflects material for delivery 10-25 days from date of publication, with
prices normalized to the mid-point of this delivery window.
Quality: Barge naphtha assessments notionally reflects open spec material, with
prices normalized to reflect 65 min paraffins. Other: “Par” ports are typically considered to be those with flexibility to handle
a variety of cargo sizes from MR to LR. Offers or bids basis non-par ports may
Size: Barge assessments notionally reflect parcels of 1,000-5,000mt each. considered in the assessment, but these will typically be normalized to the
standard.
Location: FOB ARA basis Rotterdam.
Background: DEFSTAN 91/91 was formerly referred to as DERD 2494. The UK
Timing: Barge assessments reflect parcels for loading 3-15 (Monday-Tuesday) or Ministry of Defence has updated DEFSTAN 91-91 periodically and Platts reflects the
5-15 (Wednesday through Friday) days forward. latest issue.

Other: Because of illiquidity in this market, the barge assessment is established a Dispatch Category EB
fixed differential to the CIF NWE cargo assessment.. 12 Char. Symbol PRPJK$NWECLS
9 Char. Symbol(s) PPJKNEDCH • PPJKNEDCL
Background: 7 Char. Symbol PJAAU00
Earliest Date 03-SEP-1979
Dispatch Category EB Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
12 Char. Symbol PRPNPHRTTCQE Description Jet Kero CIF NWE Cargoes
9 Char. Symbol(s) PPNARTSBH • PPNARTSBL
7 Char. Symbol PAAAM00
Earliest Date 03-SEP-1979

January 2013 12
METHODOLOGY AND SPECIFICATIONS GUIDE European Products

PJAAV00 JET CARGOES FOB NWE


Rotterdam. Platts considers bids and offers from Rotterdam, Antwerp, Amsterdam,
Ghent and Flushing.
Quality: The assessments reflect standard commercial Jet-A1 specifications, as
defined by UK Ministry of Defence in DEFSTAN 91/91 latest issue and the Joint Timing: Reflects material for loading 3-15 (Monday-Tuesday) or 5-15 (Wednesday
Fuelling System Checklist. The Joint Fuelling System Checklist requires jet fuel through Friday) days from date of publication, with prices normalized to the mid-
to meet the more stringent requirements of DEFSTAN 91 91 version 7 and the point of this loading window.
American Society for Testing & Materials’, Standard Specification D 1655-04a.
Typical DEFSTAN specifications under issue 7 are as follows: Sulfur is 0.3% Other: N/A
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. Background: DEFSTAN 91/91 was formerly referred to as DERD 2494. The UK
Ministry of Defence updated DEFSTAN 91-91, the defining standard for Jet A1 in
Timing: Cargo assessments reflect parcels loading or delivered 10-25 days forward. Europe, with the release February 18 2011 of issue 7.

Size: Cargo assessments reflect standard tradable parcels. Because of a change Dispatch Category EB
in the production and consumption patterns in Europe, spot parcels have become 12 Char. Symbol PRPJK$RTTCMC
increasingly larger with typical spot trade within 25-45,000 mt. Platts will also take 9 Char. Symbol(s) PPJKRTSBH • PPJKRTSBL
into account spot deliveries made in full or part cargoes. 7 Char. Symbol PJABA00
Earliest Date 03-SEP-1979
Location: FOB NWE. Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description Jet FOB R’dam Barges
Timing: Reflects material for loading 10-25 days from date of publication, with
prices normalized to the mid-point of this delivery window.
AAIDL00 JET FUEL FOB MED
Other: 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 Quality: The assessments reflect standard commercial Jet-A1 specifications, as
within NWE. Platts uses the $/mt for cross UK Cont vessels carried in Platts Clean defined by UK Ministry of Defence in DEFSTAN 91/91 latest issue and the Joint
Tankerwire, rounded to the nearest $0.25/mt. Fuelling System Checklist. The Joint Fuelling System Checklist requires jet fuel
to meet the more stringent requirements of DEFSTAN 91 91 version 7 and the
Background: N/A American Society for Testing & Materials’, Standard Specification D 1655-04a.
Typical DEFSTAN specifications under issue 7 are as follows: Sulfur is 0.3%
Dispatch Category EB maximum, specific gravity is 0.775-0.840 g/ml, flash point is 38 degrees C minimum,
12 Char. Symbol PRPJK$NWECLU freeze point is minus 47 degrees C maximum.
9 Char. Symbol(s) PPJKNESCH • PPJKNESCL
7 Char. Symbol PJAAV00 Size: 27.5 kt.
Earliest Date 01-JUL-1986
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR Location: FOB Med basis Augusta
Description Jet Kero FOB NWE Cargoes
Timing: Reflects material for delivery 10-25 days from date of publication, with
prices normalized to the mid-point of this delivery window.
PJABA00 JET BARGES FOB ARA
Other: Details of the calculation methodology for Jet Fuel FOB Med are as follows:
Quality: The assessments reflect standard commercial Jet-A1 specifications, as The calculation takes the spot Worldscale rate as published in Platts Marine Alert
defined by UK Ministry of Defence in DEFSTAN 91/91 latest issue and the Joint and Platts Clean Tankerwire, for jet fuel Med-Northwest Europe pro-rated from 30kt
Fuelling System Checklist. The Joint Fuelling System Checklist requires jet fuel to 27.5kt. This total is multiplied by the flat rate Augusta-Rotterdam as defined by
to meet the more stringent requirements of DEFSTAN 91 91 version 7 and the Worldscale, and the appropriate allowance for harbor dues at Rotterdam is then
American Society for Testing & Materials’, Standard Specification D 1655-04a. added. The result of this formula is rounded to the nearest $0.25/mt and subtracted
Typical DEFSTAN specifications under issue 7 are as follows: Sulfur is 0.3% from the mean of the CIF Northwest European jet assessment, to define the FOB
maximum, specific gravity is 0.775-0.840 g/ml, flash point is 38 degrees C minimum, Med mean.
freeze point is minus 47 degrees C maximum.
Platts Marine Department assesses the worldscale rate for jet cargoes for the route
Size: Barge assessments reflect parcels of 2,000-5,000mt each. Parcels of 1,000 mt Med-Northwest Europe. The rate has been published on a daily basis in Platts
are not considered in the assessment. Marine Alert and in the daily Clean Tankerwire, effective Nov 1, 2001. This rate is
applied to determine the netback calculation of the FOB Mediterranean Jet Aviation
Location: Jet barges are basis FOB Rotterdam. Any transactions occurring at other Fuel assessment.
loading ports in NWE are typically normalized on a freight differential basis back to

January 2013 13
METHODOLOGY AND SPECIFICATIONS GUIDE European Products

Adjustments to the formula are made on the first working day of January each year Background: DEFSTAN 91/91 was formerly referred to as DERD 2494. The UK
to reflect updated Worldscale flat rates as published by Worldscale. Ministry of Defence updated DEFSTAN 91-91, the defining standard for Jet A1 in
Europe, with the release February 18 2011 of issue 7.
Effective Jan 9, 2013 the Worldscale flat rate Augusta-Rotterdam used to calculate
the netback formula for FOB Med jet fuel became $13.42/mt. Rotterdam harbor Dispatch Category EB
dues will be $1.15/mt 12 Char. Symbol AAIDN0000000
9 Char. Symbol(s) •
Background: DEFSTAN 91/91 was formerly referred to as DERD 2494. The UK 7 Char. Symbol AAIDN00
Ministry of Defence updated DEFSTAN 91-91, the defining standard for Jet A1 in Earliest Date 02-JAN-2002
Europe, with the release February 18 2011 of issue 7. Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description FOB Med Jet Prem Cargo
Effective Nov 1, 2001, Platts introduced a new FOB Mediterranean assessment
entitled Jet Aviation Fuel. The Jet Aviation Fuel assessment was published at
AAZBN00 JET FUEL CIF MED
the bottom of the Mediterranean spot assessments table until April 30, 2003,
after which it replaced Jet Fob Med in the main table. The Jet Av Fuel FOB Med
assessment resulted from a proposal issued in June 2001 to more accurately reflect Quality: The assessments reflect standard commercial Jet-A1 specifications, as
the cost of marine freight between the Med and NWE. defined by UK Ministry of Defence in DEFSTAN 91/91 latest issue and the Joint
Fuelling System Checklist. The Joint Fuelling System Checklist requires jet fuel
Dispatch Category EB to meet the more stringent requirements of DEFSTAN 91 91 version 7 and the
12 Char. Symbol AAIDL0000000 American Society for Testing & Materials’, Standard Specification D 1655-04a.
9 Char. Symbol(s) • Typical DEFSTAN specifications under issue 7 are as follows: Sulfur is 0.3%
7 Char. Symbol AAIDL00 maximum, specific gravity is 0.775-0.840 g/ml, flash point is 38 degrees C minimum,
Earliest Date 01-NOV-2001 freeze point is minus 47 degrees C maximum.
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description AvJet Fuel FOB Med Size: 30 kt.

Location: CIF Med


AAIDN00 MED JET FOB MED PREMIUM ASSESSMENT
Timing: Reflects material for delivery 10-25 days from date of publication
Quality: The assessments reflect standard commercial Jet-A1 specifications, as
defined by UK Ministry of Defence in DEFSTAN 91/91 latest issue and the Joint Other: Platts launched a CIF Mediterranean jet fuel assessment with effect from
Fuelling System Checklist. The Joint Fuelling System Checklist requires jet fuel to October 1, 2012. The assessment reflects the value of 30,000 mt cargoes, and it
meet the more stringent requirements of DEFSTAN 91 91 issue 7 and the American reflects a freight differential to the CIF Northwest Europe assessment. Freight is
Society for Testing & Materials’, Standard Specification D 1655-04a. Typical calculated using the lump sum differential of the Platts Persian Gulf to Northwest
DEFSTAN specifications under issue 7 are as follows: Sulfur is 0.3% maximum, Europe route versus the Persian Gulf to the Mediterranean, as published in the
specific gravity is 0.775-0.840 g/ml, flash point is 38 degrees C minimum, freeze Platts Clean Tankerwire.
point is minus 47 degrees C maximum.
Dispatch Category EB
Size: Cargo assessments reflect standard tradable parcels on MR size vessels. 12 Char. Symbol AAZBN0000000
9 Char. Symbol(s) •
Location: Basis FOB Italy. Jet fuel from a wide geographic area bounded 7 Char. Symbol AAZBN00
approximately by North Africa, Greece and Spain may form the basis of the Earliest Date 01-OCT-2001
assessment, with freight differentials applied to ensure consistency. Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description Jet CIF Med Cargo
Timing: Reflects material for delivery 10-25 days from date of publication, with
prices normalized to the mid-point of this delivery window.
ULSD
Other: In line with Jet Fuel Subscriber Notes published in October and November
2001, Platts from Jan 2 2002 to Dec 31 2002 published an assessment to reflect Seasonal changes: Platts set out its schedule for changing the seasonal
the premium paid on a spot basis to FOB Med jet. From Jan 2 2003, the Platts specification of diesel fuels in early spring and late summer, ahead of the switch
premium assessment has reflected the premium paid to the Jet Aviation Fuel from winter to summer (including intermediate where appropriate) and then summer
assessment. The premium assessed is for jet fuel cargoes meeting normal aviation to winter grades (again, including intermediate where appropriate). Platts intends
fuel requirements. Platts clarified that the FOB Med jet premium is a separate to follow broadly similar schedules each year, but the exact dates may be varied in
assessment, and the premium will not be included in the formula used to calculate line with prevailing patterns of refining activity and trading liquidity. As trading and
Jet Aviation Fuel. seasonal patterns change from year to year, any schedule is provisional and subject

January 2013 14
METHODOLOGY AND SPECIFICATIONS GUIDE European Products

AAWZC00 DIESEL 10 PPM NWE CARGOES CIF


to change with only limited notice. Platts discontinued its 10 ppm FOB and CIF
(basis Hamburg) assessments at the end of 2009.
Quality: The diesel 10 ppm CIF NWE assessment reflects Benelux and French
quality diesel fuel with a maximum sulfur of 10 ppm and SG in the range 0.82-
AAVBG00 ULSD 10 PPM CIF NWE
0.845. The reference density is 0.845 g/l.

Quality: The ULSD 10 ppm CIF NWE assessment reflects Benelux and French Size: Typical cargo sizes of 10-25,000 mt are reflected. Platts currently normalizes
quality diesel fuel with a maximum sulfur of 10 ppm and SG in the range 0.82- to reflect the standard flexi volume of 20,000 mt as this is the prevailing cargo size
0.845. The reference density is 0.845 g/l. Bids, offers and transactions for other at present.
10 ppm grades, such as UK or German specifications, into typical CIF NWE
locations will be considered in the assessment process and normalized to the base Location: The CIF assessment is basis Le Havre with normal charter party options
assessment. in the Hamburg to Bordeaux and North Spain range.

Size: Typical cargo sizes of 10,000-35,000 mt are reflected. Platts currently Timing: Reflects material for delivery 10-25 days from date of publication, with
normalizes to reflect 20,000 mt size. Platts monitors changes in shipping practices prices normalized to the mid-point of this delivery window.
to ensure its assessments are in line with shipping logistics.
Other: Effective January 3, 2012, Platts published CIF Diesel 10 ppm NWE
Location: The CIF assessment reflects Amsterdam-Rotterdam-Antwerp delivery assessment (basis Le Havre) as a freight related netback to the current CIF ULSD 10
basis with typical charter party options, including the Hamburg-Bordeaux and North ppm NWE assessment (basis Amsterdam) using daily freight rates published in the
Spain range, German North Sea, the German Baltic Sea, ARA, Poland, Thames, the Platts Clean Tankerwire.
East Coast and the South Coast of the UK. West Coast UK charter party options
may not be unreasonably withheld. Other: Platts defines non-intentionally blended trace elements of biodiesel in
hydrocarbon diesel assessments as diesel with a maximum biodiesel content of no
Timing: Reflects material for delivery 10-25 days from date of publication, with more than 0.30%. This is in line with the current technology for repeatable testing
prices normalized to the mid-point of this delivery window. the bio-content of hydrocarbon diesel.

Other: Platts defines non-intentionally blended trace elements of biodiesel in Background: Platts introduced the diesel 10 ppm NWE cargo assessment on
hydrocarbon diesel assessments as diesel with a maximum biodiesel content of no October 1 2008
more than 0.30%. This is in line with the current technology for repeatable testing
the bio-content of hydrocarbon diesel. Dispatch Category EB
12 Char. Symbol AAWZC0000000
Background: Platts started the CIF NWE 10 ppm cargo assessment effective 9 Char. Symbol(s) •
November 1, 2007. Effective January 3, 2012, Platts amended the size considered 7 Char. Symbol AAWZC00
for the assessment from 10,000-25,000 mt, normalized to 12,500 mt, to 10,000- Earliest Date 01-OCT-2008
35,000 mt normalized to 20,000 mt. At the same time, Platts changed the Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
specification reflected in the assessment from diesel congruent with the UK market, Description DIESEL 10 PPM ppm NWE CIF
to French spec diesel.

AAVBF00 ULSD 10 PPM FOB NWE


Dispatch Category EB
12 Char. Symbol AAVBG0000000
9 Char. Symbol(s) • Quality: The diesel 10 ppm NWE FOB cargo assessment reflects Benelux and
7 Char. Symbol AAVBG00 French quality diesel fuel with a maximum sulfur of 10 ppm and SG in the range
Earliest Date 01-NOV-200& 0.82-0.845. The reference density is 0.845 g/l.
Vendors BLM CQI DRI EMS FTP FUT KR
PL12 RTR SAR Size: Typical cargo sizes of 10-35,000 mt are reflected. Platts currently normalizes
Description ULSD 10 ppm CIF NWE to reflect 20,000 mt size. Platts monitors changes in shipping practices to ensure its
assessments are in line with shipping logistics.
Platts also launched on November 1, 2007 a 10 ppm UK diesel index based on a
freight differential from CIF NWE ULSD to the UK destinations of Thames, Cardiff Location: Typically the FOB assessment is derived at a freight differential to
and Immingham. Thames contributes 50 per cent of the UK assessment, with Cardiff the CIF assessment, based on the following routes: Brofjorden, Porvoo, Slagen,
accounting for 30 per cent and Immingham 20 per cent. See AAVBH00 DIESEL ULSD Primorsk, Riga and Kaliningrad in to ARA
10 PPM UK CIF NWE below for further information.
Timing: Reflects material for delivery 10-25 days from date of publication, with
prices normalized to the mid-point of this delivery window.

Other: Effective January 2, 2013, the Worldscale flat rate used to calculate the

January 2013 15
METHODOLOGY AND SPECIFICATIONS GUIDE European Products

AAVBH00 DIESEL ULSD 10 PPM UK CIF NWE


netback formula for ULSD FOB NWE is $8.66/mt.

Other: Platts defines non-intentionally blended trace elements of biodiesel in Quality: The diesel 10 ppm UK CIF assessment is a freight-derived netback to the
hydrocarbon diesel assessments as diesel with a maximum biodiesel content of no Amsterdam-Rotterdam-Antwerp 10 ppm ULSD assessment, based on a freight
more than 0.30%. This is in line with the current technology for repeatable testing differential to typical UK ports.
the bio-content of hydrocarbon diesel.
Size: Typical cargo sizes of 10,000 mt are reflected.
Background: Platts started the FOB NWE 10 ppm cargo assessment effective
November 1, 2007. Timing: Reflects material for delivery 10-25 days from date of publication.

Dispatch Category EB Background: Platts introduced the UK diesel netback assessment on November 1
12 Char. Symbol AAVBF0000000 2007
9 Char. Symbol(s) •
7 Char. Symbol AAVBF00 Other: The CIF assessment is calculated as a freight netback from the ARA
Earliest Date 01-NOV-200& assessment, using a Worldscale rate published in Platts Clean Tankerwire and a
Vendors BLM CQI DRI EMS FTP FUT KR PL12 RTR SAR basket of flat rates including typical destinations into the UK: London, Cardiff and
Description ULSD 10 ppm FOB NWE Immingham.

Other: Platts defines non-intentionally blended trace elements of biodiesel in


AAWZD00 DIESEL 10 PPM NWE CARGOES FOB
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
Quality: The diesel 10 ppm NWE FOB cargo assessment reflects Benelux and the bio-content of hydrocarbon diesel.
French quality diesel fuel with a maximum sulfur of 10 ppm and SG in the range
0.82-0.845. The reference density is 0.845 g/l. Dispatch Category EB
12 Char. Symbol AAVBH0000000
Size: Typical cargo sizes of 10-25,000 mt are reflected. Platts currently normalizes 9 Char. Symbol(s) •
to reflect the standard flexi volume of 20,000 mt as this is the prevailing cargo size 7 Char. Symbol AAVBH00
at present. Earliest Date 01-NOV-2007
Vendors BLM CQI DRI EMS FTP FUT KR PL12 RTR SAR
Location: FOB NWE. Typically the FOB assessment is derived at a freight Description Dsl ULSD 10 ppm UK CIF NWE
differential to the CIF assessment, based on the following routes: Amsterdam,
Rotterdam, Antwerp, Klaipeda, Wilhemshaven, Ventspils.
AAWYZ00 10 PPM ULSD CIF MED CARGOES
Timing: Reflects material for delivery 10-25 days from date of publication, with
prices normalized to the mid-point of this delivery window. Quality: The Mediterranean 10 ppm ULSD CIF assessment typically reflects French
spec diesel but other grades such as Italian and Spanish may be considered.
Other: Effective January 2, 2013, the Worldscale flat rate used to calculate the
netback formula for Diesel 10ppm FOB NWE is $8.89/mt. Size: Cargo assessments reflect parcels of 25,000-30,000mt each.

Other: Platts defines non-intentionally blended trace elements of biodiesel in Location: CIF assessment is calculated basis Lavera, with normal CP options within
hydrocarbon diesel assessments as diesel with a maximum biodiesel content of no the Med considered.
more than 0.30%. This is in line with the current technology for repeatable testing
the bio-content of hydrocarbon diesel. Timing: Reflects material for delivery 10-25 days from date of publication, with
prices normalized to the mid-point of this delivery window.
Background: Platts introduced the diesel 10 ppm NWE cargo assessment on
October 1 2008 Other: Platts defines non-intentionally blended trace elements of biodiesel in
hydrocarbon diesel assessments as diesel with a maximum biodiesel content of no
Dispatch Category EB more than 0.30%. This is in line with the current technology for repeatable testing
12 Char. Symbol AAWZD0000000 the bio-content of hydrocarbon diesel.
9 Char. Symbol(s) •
7 Char. Symbol AAWZD00 Background: The assessment was launched on October 1 2008.
Earliest Date 01-OCT-2008
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR Dispatch Category EB
Description DIESEL 10 PPM ppm NWE FOB CARGO 12 Char. Symbol AAWYZ0000000
9 Char. Symbol(s) •
7 Char. Symbol AAWYZ00

January 2013 16
METHODOLOGY AND SPECIFICATIONS GUIDE European Products

Earliest Date 01-OCT-2008 Location: FOB basis Rotterdam. Other load ports are typically normalized on an
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR incremental freight differential basis. i.e. if the barge is loading from Antwerp, the
Description 10 ppm ULSD CIF Med freight differential from Antwerp to Germany against the freight differential from
Rotterdam to Germany would generally be applied.

AAWYY00 10 PPM ULSD FOB MED CARGOES


Timing: Barge assessments reflect parcels for loading 3-15 (Monday-Tuesday)
or 5-15 (Wednesday through Friday) days forward, with prices normalized to the
Quality: The Mediterranean 10 ppm ULSD FOB assessment typically reflects French midpoint of these loading ranges.
spec diesel but other grades such as Italian and Spanish may be considered.
Other: Platts defines non-intentionally blended trace elements of biodiesel in
Size: Cargo assessments reflect parcels of 25,000-30,000mt each. 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
Location: FOB Med (see freight calculation below). the bio-content of hydrocarbon diesel.

Timing: Reflects material for loading 10-25 days from date of publication, with Background: Platts started the 10 ppm FOB ARA gasoil barge assessment
prices normalized to the mid-point of this delivery window. reflecting German spec material from October 1, 2002, to reflect changes in the
underlying sulfur requirement for road fuels.
Other: The FOB assessment is calculated as a freight netback from the CIF value,
using a Worldscale rate published in Platts Clean Tankerwire and a basket of Dispatch Category EB
flat rates including typical routes in the Mediterranean from Genoa and Lavera: 12 Char. Symbol AAJUS0000000
Santa Panagia, Aliaga, Aghio, Batumi. FOB Med ULSD is assessed as a freight 9 Char. Symbol(s) •
differential to the CIF Med diesel 10 ppm. The actual freight applied to the netback 7 Char. Symbol AAJUS00
will fluctuate daily based on changes in Platts Med-Med assessments in the Clean Earliest Date 01-OCT-2002
Tankerwire for 30,000 mt cargoes applied against the respective year’s flat rates. Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description Gasoil 10 PPM ppm FOB NWE Brg
Other: Platts defines non-intentionally blended trace elements of biodiesel in
hydrocarbon diesel assessments as diesel with a maximum biodiesel content of no
AAWGY00 BIODIESEL FAME -10 FOB ARA
more than 0.30%. This is in line with the current technology for repeatable testing
the bio-content of hydrocarbon diesel.
Quality: The quality reflected is fatty acid methyl ester that conforms to EN14214
Effective January 9, 2013, the Worldscale flat rate used to calculate the netback specifications with cold filter plugging point (CFPP) set at minus 10 degrees Celsius
formula for ULSD FOB Med is $9.47/mt. through the year. Biodiesel blended with non-bio additives will not be included in
the assessment, with the exception of the BHT anti-oxidant. The assessment would
Background: The assessment was launched on October 1 2008. exclude tax refunds or other rebates. Platts assessment reflects material congruent
with German biomass law.
Dispatch Category EB
12 Char. Symbol AAWYY0000000 Size: The assessment will reflect barges of 1,000-3,000 mt.
9 Char. Symbol(s) •
7 Char. Symbol AAWYY00 Location: FOB ARA basis Rotterdam.
Earliest Date 01-OCT-2008
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR Timing: Loading 10-25 days from date of publication with prices normalized to the
Description 10 PPM ppm ULSD FOB Med mid-point of this range.

Other: N/A
AAJUS00 DIESEL 10 PPM BARGES
Dispatch Category EB
Quality: The assessment reflects German spec diesel with a maximum sulfur 12 Char. Symbol AAWGY0000000
content of 10 ppm. The typical density is basis 0.845 g/ml (actual SG ranges from 9 Char. Symbol(s) •
0.82 to 0.845 g/ml) 7 Char. Symbol AAWGY00
Earliest Date 02-JAN-2007
Size: Platts increased the minimum assessable barge volume from 1,000mt to Vendors BLM CQI DRI EMS FTP FUT KR, PL12, RTR SAR
a range of 1,000-2,000mt where the buyer has the option to choose the actual Description Biodiesel FAME -10 FOB Rdam
volume. However, the buyer has the obligation to specify the actual volume at
the time of the deal. Platts will continue to include in the assessment process
transactions of up to 5,000mt.

January 2013 17
METHODOLOGY AND SPECIFICATIONS GUIDE European Products

AAXQL00 FAME 0 FOB ARA


anti-oxidant. The assessment would exclude tax refunds or other rebates. Platts
assessment reflects material congruent with German biomass law.
Quality: The quality reflected will be fatty acid methyl ester that conforms to EN
14214 with CFPP set at 0 degrees Celsius year round. Biodiesel blended with non- Size: The assessment reflects barges of 1,000-3,000 mt.
bio additives will not be included in the assessment, with the exception of the BHT
anti-oxidant. The assessment would exclude tax refunds or other rebates. Platts Location: FOB ARA basis Rotterdam.
assessment reflects material congruent with German biomass law.
Timing: Loading 10-25 days from date of publication with prices normalized to the
Size: The assessment reflects barges of 1,000-3,000 mt. mid-point of this range.

Location: FOB ARA basis Rotterdam. Dispatch Category EB


12 Char. Symbol AAUCA0000000
Timing: Loading 10-25 days from date of publication with prices normalized to the 9 Char. Symbol(s) •
mid-point of this range. 7 Char. Symbol AAUCA00
Earliest Date 01-SEP-10
Dispatch Category EB Vendors BLM CQI DRI EMS FTP FUT KR , PL12,RTR SAR
12 Char. Symbol AAXQL0000000 Description RME FOB ARA $/MT
9 Char. Symbol(s) •
7 Char. Symbol AAXQL00 Sustainability criteria: From September 1, 2010, Platts assessments for FAME
Earliest Date 01-MAY-07 -10, FAME 0 and SME and RME will reflect products that are lawfully sourced
Vendors BLM CQI DRI EMS FTP FUT KR , PL12,RTR SAR within the marketplace. The European Union is contemplating regulations pertaining
Description Biodiesel FAME 0 FOB Rdam to sustainability of biofuels that may come into effect later in 2010. Platts will
take steps to integrate provisions of these regulations into its assessment process
once they are issued. In the meantime, Platts will only consider bids, offers and
AAUCB00 SOY METHYL ESTER (SME) FOB ARA
transactions where, upon buyer’s request, the seller shall exercise reasonable
efforts to provide documentation describing:
Quality: The quality reflected will reflect product that conforms to EN14214, with
maximum Iodine at 135g/100g and minimum Cetane of 47 and CFPP set at minus 3 the biodiesel feedstock type and percentage of each feedstock in case of blendstocks;
degrees Celsius year round. Assessment will reflect material with maximum water
content of 400ppm. Biodiesel blended with non-bio additives will not be included in the country of origin of the feedstock;
the assessment, with the exception of the BHT anti-oxidant. The assessment would
exclude tax refunds or other rebates. Platts assessment reflects material congruent a declaration of land use on which feedstock was grown on or after January 1,
with German biomass law. 2008.

Size: The assessment reflects barges of 1,000-3,000 mt. Platts will not consider biodiesels in its assessment process that are in violation of
the ILO’s Minimum Age Convention 1973, and the ILO’s Abolition of Forced Labor
Location: FOB ARA basis Rotterdam. Convention 1957.

Timing: Loading 10-25 days from date of publication with prices normalized to the
mid-point of this range. GASOIL
Dispatch Category EB NOTE: European NWE gasoil assessments currently reflect 0.1% maximum sulfur
12 Char. Symbol AAUCB0000000 as a result of European Union directives aimed to reduce the sulfur in gasoil to
9 Char. Symbol(s) • 0.1% maximum from the beginning of 2008. Effective October 1, 2007 Platts
7 Char. Symbol AAUCB00 launched 0.1% sulfur gasoil assessments for barges FOB Rotterdam and cargoes
Earliest Date 01-SEP-10 FOB and CIF NWE. Effective January 4, 2011, Platts launched a 50 ppm FOB ARA
Vendors BLM CQI DRI EMS FTP FUT KR , PL12,RTR SAR gasoil barge assessment.
Description SME FOB ARA $/MT

AAYWS00 GASOIL 0.1% CARGOES CIF NWE


AAUCA00 RAPESEED METHYL ESTER (RME) FOB ARA
Quality: The NWE 0.1% CIF assessment reflects material meeting the minimum
Quality: The quality reflected will reflect product that conforms to EN14214 with requirements of French Fuel Oil Domestique (FOD), Spanish (B&C) and German
CFPP set at minus 12 degrees Celsius maximum year round. Assessment will reflect Deutsche Industrie Norm (DIN) (with a maximum color rating of 2, clear and bright,
material with maximum water content of 300ppm. Biodiesel blended with non-bio a maximum density of 860g/ml and minimum flash of 57) quality gasoil fuel with a
additives will not be included in the assessment, with the exception of the BHT maximum sulfur of 0.1%, and reflects cracked gasoil for heating oil use. The quality

January 2013 18
METHODOLOGY AND SPECIFICATIONS GUIDE European Products

is normalized to reflect French FOD gasoil fuel. SG is basis 0.845 g/l for the final 12 Char. Symbol AAYWR0000000
assessment. 9 Char. Symbol(s) •
7 Char. Symbol AAYWR00
Size: Typical cargo sizes of 10-30,000 mt are reflected. Platts currently normalizes Earliest Date 01-OCT-2007
to reflect 20,000 mt. Vendors BLM CQI DRI EMS FTP FUT
KR PL12 RTR SAR
Location: CIF assessments are calculated basis Le Havre with normal charter party Description Gsl 0.1% Crg FOB NWE
options. Cargoes with charter party options in the range Hamburg to North Spain
would typically be included.
AAVJJ00 GASOIL 0.1% CARGOES CIF MED
Timing: Reflects material for delivery 10-25 days from date of publication, with
prices normalized to the mid-point of this delivery window. Quality: The assessment reflects Spanish B+C for heating oil use. Grades which
are not widely merchantable, (for instance because of low cetane or above normal
Other: N/A water content), may not be reflected in the assessments.

Background: The assessment was introduced in October 2007. Effective Size: Cargo assessments reflect parcels of 25,000-30,000mt each.
September 1, 2011, and to reflect changes in the Northwest Europe gasoil market,
Platts changed the basis quality to French FOD, Prior to this date, the assessment Location: CIF assessment is basis Genoa with normal CP options considered.
was basis German DIN.
Timing: Reflects material for delivery 10-25 days from date of publication, with
Dispatch Category EB prices normalized to the mid-point of this delivery window.
12 Char. Symbol AAYWS0000000
9 Char. Symbol(s) • Other: Effective January 2012, the European requirement for off road diesels moved
7 Char. Symbol AAYWS00 to 10 ppm. Spanish B grade typically reflects off road diesel requirements. Platts
Earliest Date 01-OCT-2007 will continue to monitor the development of this market.
Vendors BLM CQI DRI EMS FTP FUT
KR PL12 RTR SAR Background: The assessment was introduced in January 2008 to meet EU
Description Gsl 0.1% Crg CIF NWE regulations for lower sulfur emissions.

Dispatch Category EB
AAYWR00 GASOIL 0.1% CARGOES FOB NWE
12 Char. Symbol AAVJJ00000000
9 Char. Symbol(s)
Quality: The NWE 0.1% FOB assessment material meeting the minimum 7 Char. Symbol AAVJJ00
requirements of French Fuel Oil Domestique (FOD) , Spanish (B&C) and German Earliest Date 02-JAN-2008
Deutsche Industrie Norm (DIN) (with a maximum color rating of 2, clear and bright, Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
a maximum density of 860g/ml and minimum flash of 57) quality gasoil fuel with a Description Gasoil 0.1% CIF Med
maximum sulfur of 0.1%, and reflects cracked gasoil for heating oil use. The quality
is normalized to reflect French FOD gasoil fuel. SG is basis 0.845 g/l for the final
AAVJI00 GASOIL 0.1% CARGOES FOB MED
published value.

Size: Typical cargo sizes of 10-30,000 mt are reflected. Platts currently normalizes Quality: The assessment reflects Spanish B+C for heating oil use. Grades which
to reflect 20,000 mt. are not widely merchantable, (for instance because of low cetane or above normal
water content), may not be reflected in the assessments.
Location: FOB NWE. Typically the FOB assessment is derived at a freight
differential to the CIF assessment, based on the following routes: Ventspils, Size: Cargo assessments reflect parcels of 25,000-30,000mt each.
Antwerp, Stockholm.
Location: Platts formalized that the basis of its 0.1% FOB Med assessment
Timing: Reflects material for loading 10-25 days from date of publication, with includes material from Black Sea ports and Malta
prices normalized to the mid-point of this delivery window.
Timing: Reflects material for loading 10-25 days from date of publication, with
Other: Effective January 2, 2013, the Worldscale flat rate used to calculate the prices normalized to the mid-point of this delivery window.
netback formula for Gasoil 0.1% FOB NWE is $9.56/mt.
Other: The FOB assessment is typically calculated as a freight netback from the Genoa
Background: The assessment was introduced in October 2007. and Lavera, using a worldscale rate published in Platts Clean Tankerwire and a basket
of flat rates including typical routes within the Mediterranean. The routes include origin
Dispatch Category EB ports Malta, Novorossiysk, and Batumi and destination ports Genoa/Lavera.

January 2013 19
METHODOLOGY AND SPECIFICATIONS GUIDE European Products

Effective January 9, 2013, the Worldscale flat rate used to calculate the netback Timing: The assessment reflects parcels for loading 5-15 days forward, with prices
formula for Gasoil 0.1% FOB Med is $10.74/mt. normalized to the midpoint of this loading range.

Background: The assessment was introduced in January 2008 to meet EU Other: The assessment reflects barges of 1,000-3,000 mt with zero operational
regulations for lower sulfur emissions. tolerance. 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
Dispatch Category EB assessed period) and back end (last five days of the assessed period).
12 Char. Symbol AAVJI00000000
9 Char. Symbol(s) Background: Platts started the 50 ppm FOB ARA gasoil barge assessment
7 Char. Symbol AAVJI00 reflecting German spec material from January 4, 2011. Effective September 1,
Earliest Date 02-JAN-2008 2011 Platts broadened the range for assessment to 1,000-3,000 mt. Previously, the
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR assessment reflected barges of 2,000 mt only.
Description Gasoil 0.1% FOB Med
Dispatch Category EB
12 Char. Symbol AAUQC0000000
AAYWT00 GASOIL 0.1% BARGES
9 Char. Symbol(s) •
7 Char. Symbol AAUQC00
Quality: The barge assessments represent heating oil grades with a specific gravity Earliest Date 04-JAN-2011
of 0.845 g/ml with a maximum sulfur content of 0.1%. Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description Gasoil ARA 50 ppmS FOB Brg $/MT
Size: The assessment reflects barges of 1,000-2,000mt where the buyer has the
option to choose the actual volume. However, the buyer has the obligation to
specify the actual volume at the time of the deal. Platts will continue to include in CRACKED FUEL OIL
the assessment process transactions of up to 5,000mt.

CRACKED FUEL OIL


Location: FOB basis Rotterdam. Transactions occurring at other loading ports in
NWE are typically normalized on a freight differential basis back to Rotterdam.
In the high and low sulfur cracked fuel oil markets, a multitude of qualities trade
Timing: Barge assessments reflect parcels for loading 3-15 (Monday-Tuesday) and varying qualities will be considered in the assessment process. Platts may in
or 5-15 (Wednesday through Friday) days forward, with prices normalized to the some cases incorporate freight differentials in establishing FOB to CIF spreads.
midpoint of these loading ranges. Platts introduced fuel oil freight assessments for a number of European routes from
February 2003 in Platts Dirty Tankerwire, , which typically link the FOB and CIF
Other: N/A Northwest European, Mediterranean and NWE-to-Med fuel oil assessments.

Background: The assessment was introduced in October 2007. 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
Dispatch Category EB on high sulfur are rare. Most utilities now use 1% sulfur max for burning purposes.
12 Char. Symbol AAYWT0000000
9 Char. Symbol(s) •
PUAAJ00 FUEL OIL 1% CARGOES CIF MED
7 Char. Symbol AAYWT00
Earliest Date 01-OCT-2007
Vendors BLM CQI DRI EMS FTP FUT KR PL12 RTR SAR Quality: Platts reflects a wide variety of specification, but normalizes to material
Description Gasoil Gsl 0.1% Brg FOB ARA 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 Aluminium
and Silicone content of max 60 ppm, 30 degrees Celsius max Pour Point, Flash min
AAUQC00 GASOIL ARA 50 PPMS FOB BARGE
65 degrees C, CCR min 15%, Ash max 0.1%, Water max 0.5%, Vanadium max 150
mg/kg, NCV min 9650 kcal/kg, Asphaltenes max 7 %.
Quality: The assessment reflects German spec heating oil with a maximum sulfur
content of 50 ppm. The typical density is basis 0.845 g/ml 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 0.991kg/l may be
Size: The assessment reflects barges of 1,000-3,000 mt. considered at a premium.

Location: FOB basis Amsterdam-Rotterdam-Antwerp. A seller may elect to supply Size: Cargo assessments typically reflect parcels of 25,000-30,000 or 30,000 mt
from another relevant location in the region, such as Flushing and Ghent, providing each.
any additional freight costs are for the seller’s account.

January 2013 20
METHODOLOGY AND SPECIFICATIONS GUIDE European Products

Location: The assessment is CIF basis Milazzo. Platts considers bids, offers and 12 Char. Symbol PRP610MEDBRI
transactions into a range of east and West Med locations and normalizes these 9 Char. Symbol(s) PPF5MISCH • PPF5MISCL
prices to basis Milazzo. The assessment represents EU-qualified material. 7 Char. Symbol PUAAK00
Earliest Date 03-SEP-1979
Timing: Reflects material for delivery 10-25 days from date of publication, with Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
prices normalized to the mid-point of this delivery window. Description 1PCT 1% Fuel FOB Med Cargoes

Other: Where the CIF Med market is illiquid, and when there is insufficient local
PUAAL00 FUEL OIL CARGOES 1% CIF NWE
supply to meet utility demand in the region, Platts may derive the CIF Med value
using FOB NWE plus freight into Milazzo.
Quality: Platts reflects a wide variety of specification, but normalizes to material
Background: Platts implemented a number of redefinitions in the quality of fuel oil with a maximum sulfur of 1%, material with a density of up to 0.991 kg/l and a
reflected in the assessment, in response to changes in the market. Platts previously maximum viscosity of 380 CST (at 50 degrees C), a maximum combined Aluminium
based its assessment on a viscosity of 380 centistokes at 50 degrees C and a and Silicone content of max 60 ppm, 30 degrees Celsius max Pour Point, Flash min
specific gravity of 0.965 to 0.990 g/ml. Platts has also in the past reflected cargoes 65 degrees C, CCR min 15%, Ash max 0.1%, Water max 0.5%, Vanadium max 150
of as little as 17,000 mt but such sizes are no longer typical under current market mg/kg, NCV min 9650 kcal/kg, Asphaltenes max 7 %.
conditions.
Size: Cargo assessments typically reflect parcels of 25,000-30,000 or 30,000 mt
Dispatch Category EB each.
12 Char. Symbol PRP610GNABRG
9 Char. Symbol(s) PPF5MGDCH • PPF5MGDCL Location: The assessment is CIF basis Antwerp. Platts considers bids, offers and
7 Char. Symbol PUAAJ00 transactions into a range of NWE locations and normalizes these prices to basis
Earliest Date 02-JAN-1990 Antwerp. The assessment represents EU-qualified material.
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description 1PCT 1% Fuel CIF Med Cargoes Timing: Reflects material for delivery 10-25 days from date of publication, with
prices normalized to the mid-point of this delivery window.

PUAAK00 FUEL OIL 1% CARGOES FOB MED


Other: In recent years, CIF NWE trade has been extremely limited. In the absence
of fixed price bids/offers, the CIF NWE assessment may be calculated as a freight
Quality: Platts reflects a wide variety of specification, but normalizes to material differential to the FOB NWE assessment using a flat rate based on a basket of
with a maximum sulfur of 1%, material with a density of up to 0.991 kg/l and a typical tanker routes, multiplied by the current Worldscale rate assessed in Platts
maximum viscosity of 380 CST (at 50 degrees C), a maximum combined Aluminium Dirty Tankerwire.
and Silicone content of max 60 ppm, 30 degrees Celsius max Pour Point, Flash min
65 degrees C, CCR min 15%, Ash max 0.1%, Water max 0.5%, Vanadium max 150 Effective Jan 3, 2012 the Worldscale basket flat rate used to calculate cross NWE
mg/kg, NCV min 9650 kcal/kg, Asphaltenes max 7 %. low sulfur fuel oil is $7.03/mt. Please note that FOB/CIF fuel oil differentials reflect
actual market conditions and are not set according to a fixed freight netback. As
Size: Cargo assessments typically reflect parcels of 25,000-30,000mt each. such the differentials may be affected by arbitrage openings and other market
factors.
Location: FOB Med. The assessment represents EU-qualified material.
Background: N/A
Timing: Reflects material for loading 10-25 days from date of publication, with Dispatch Category EB
prices normalized to the mid-point of this loading window. 12 Char. Symbol PRP610NWEBRK
9 Char. Symbol(s) PPF5NEDCH • PPF5NEDCL
Other: FOB assessments are established using a freight differential to the CIF Med 7 Char. Symbol PUAAL00
assessment, using a flat rate based on a basket of typical tanker routes, multiplied Earliest Date 03-SEP-1979
by the daily Worldscale rate assessed in Platts Dirty Tankerwire. Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description 1PCT 1% Fuel CIF NWE Cargoes
Effective January 9, 2013, the Worldscale flat rate used to calculate the netback
formula for 3.5% FOB Med Fuel Oil is $8.41/mt.Background: Platts implemented
PUAAM00 FUEL OIL 1% CARGOES FOB NWE
a number of redefinitions in the quality of fuel oil reflected in the assessment, in
response to changes in the market. Platts previously based its assessment on a
viscosity of 380 centistokes at 50 degrees C and a specific gravity of 0.965 to 0.990 Quality: Platts reflects a wide variety of specification, but normalizes to material
g/ml. 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 Aluminium
Dispatch Category EB and Silicone content of max 60 ppm, 30 degrees Celsius max Pour Point, Flash min

January 2013 21
METHODOLOGY AND SPECIFICATIONS GUIDE European Products

65 degrees C, CCR min 15%, Ash max 0.1%, Water max 0.5%, Vanadium max 150 bunker fuel in SECA zones is required to have a maximum sulfur content of 1%,
mg/kg, NCV min 9650 kcal/kg, Asphaltenes max 7 %. which has seen the bunker market grow considerably, while the prevalence of
natural gas supply has seen utility demand for LSFO shrink.
Size: Cargo assessments typically reflect parcels of 25,000-30,000 or 30,000 mt
each. Dispatch Category EB
12 Char. Symbol PRP610RTTBRS
Location: The assessment is FOB basis Antwerp. Platts considers bids, offers and 9 Char. Symbol(s) PPF5RTSBH • PPF5RTSBL
transactions into a range of NWE locations and normalizes these prices to basis 7 Char. Symbol PUAAP00
Antwerp. The assessment represents EU-qualified material. Earliest Date 03-SEP-1979
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Timing: Reflects material for loading 10-25 days from date of publication, with Description 1PCT 1% Fuel FOB R’dam Barges
prices normalized to the mid-point of this delivery window.

PUAAY00 FUEL OIL 3.5% CARGOES CIF MED


Other: N/A

Background: Platts has in the past reflected material with specific gravity of Quality: The assessment reflects 3.5% maximum sulfur with 380 CST max
.965 to 0.990 g/ml but such qualities are no longer typical under current market viscosity (at 50 degrees C) and 0.991kg/l density with a maximum combined
conditions. aluminium and silicon content of 80 ppm, 30 max Pour Point, Flash min 60 degrees
C, CCR min 18%, Ash max 0.15%, Water max 0.5%, Vanadium max 300 mg/kg,
Dispatch Category EB TSP 0.1%, Asphaltenes max 8 %, Zinc max 15 mg/kg, Phosphorus max 15 mg/kg,
12 Char. Symbol PRP610NWEBRM Calcium max 30 mg/kg Platts takes an inclusive approach to the assessment, as the
9 Char. Symbol(s) PPF5NESCH • PPF5NESCL quality of fuel oil in the Mediterranean is less homogenous than that in North west
7 Char. Symbol PUAAM00 Europe.
Earliest Date 01-JUL-1980
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR Size: Cargo assessments typically reflect parcels of 25,000-30,000 or 30,000 mt
Description 1PCT 1% Fuel FOB NWE Cargoes each although smaller volumes may be considered. The smaller volume on CIF
reflects local port constraints.

PUAAP00 FUEL OIL 1% BARGES


Location: CIF basis Genoa/Lavera

Quality: The assessment reflects material with a maximum density of 0.991 Timing: Reflects material for delivery 10-25 days from date of publication, with
kg/l and a viscosity of 380 CST (at 50 degrees C) with a maximum combined prices normalized to the mid-point of this delivery window.
aluminium and silicon content of 80 ppm and a maximum sulfur of 1%, 30 max
Pour Point, Flash min 60 degrees C, CCR min 18%, Ash max 0.15%, Water max Other: N/A
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 Background: From April 2, 2001, bunker grade material was considered in the
material and other utility grades, though these are no longer typical under current assessment with the specific gravity range extended to 0.991-0.998. Higher density
market conditions. cargoes of up to 1.020 SG were viewed as typically traded at a discount to the
assessed quality.
Size: Barge assessments reflect parcels of 1,000 each.
Dispatch Category EB
Location: FOB ARA basis Rotterdam. 12 Char. Symbol PRP635GNABSM
9 Char. Symbol(s) PPFBMGDCH • PPFBMGDCL
Timing: Barge assessments reflect parcels for loading 3-15 (Monday-Tuesday) or 7 Char. Symbol PUAAY00
5-15 (Wednesday through Friday) days forward. Earliest Date 03-SEP-1979
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Other: Specifications typically conform to the ISO 8217: 2005 RMG reference. Description 3.5%PCT Fuel CIF Med Cargoes

Background: The assessment has previously reflected Belgium spec fuel oil with
PUAAZ00 FUEL OIL 3.5% CARGOES FOB MED
a maximum sulfur of 1%. The quality represented has previously been in line with
power plant requirements in the region. The metals content in the 3.5% sulfur had
been tighter than the specs in 1.0% barges as well as density being lower. In line Quality: Platts typically reflects 3.5% maximum sulfur with 380 CST max viscosity
with an increased demand for low sulfur bunker fuel Platts LSFO specifications have (at 50 degrees C) and 0.991kg/l density with a maximum combined aluminium and
been tightening since 2007. As of the introduction of MARPOL’s 2010 regulations, silicon content of 80 ppm, 30 max Pour Point, Flash min 60 degrees C, CCR min

January 2013 22
METHODOLOGY AND SPECIFICATIONS GUIDE European Products

18%, Ash max 0.15%, Water max 0.5%, Vanadium max 300 mg/kg, TSP 0.1%, fuel oil. The specific gravity range was expanded to cover 0.991 to 0.998g/ml.
Asphaltenes max 8 %, Zinc max 15 mg/kg, Phosphorus max 15 mg/kg, Calcium max Utility grade cargoes traded on a FOB basis continue to be taken into account,
30 mg/kg Platts takes an inclusive approach to the assessment, as the quality of but some grades such as 16ccr (Conradson Carbon Residue) material are seen
fuel oil in the Mediterranean is less homogenous than that in Northwest Europe. as grades typically commanding a premium to the assessed quality. In the past,
Platts has reflected cargoes of 17,000 mt but such sizes are no longer typical under
Size: Cargo assessments typically reflect parcels of 25,000-30,000 or 30,000 mt current market conditions. Similarly, higher density cargoes around 1.005 kg/l are
each. viewed as typically traded at a discount to assessed quality. Effective July 3, 2000,
assessments for 3% sulfur cargoes FOB and CIF NWE were discontinued.
Location: FOB Med basis Italy.
Dispatch Category EB
Timing: Reflects material for loading 10-25 days from date of publication, with 12 Char. Symbol PRP635NWEBSQ
prices normalized to the mid-point of this loading window. 9 Char. Symbol(s) PPFBNEDCH • PPFBNEDCL
7 Char. Symbol PUABA00
Other: FOB assessments are established using a freight differential to the CIF Med Earliest Date 03-SEP-1979
assessment, using a flat rate based on a basket of typical tanker routes, multiplied Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
by the daily Worldscale rate assessed in Platts Dirty Tankerwire. Description 3.5%PCT Fuel CIF NWE Cargoes

Effective January 9, 2013, the Worldscale flat rate used to calculate the netback
PUABB00 FUEL OIL 3.5% CARGOES FOB NWE
formula for 3.5% FOB Med Fuel Oil is $8.41/mt.

Background: From 2001, bunker grade material was considered in the assessment Quality: The assessment reflects standard cracked Russian quality M100 with
with the specific gravity range extended to 0.991-0.998. Higher density cargoes of 0.991 max density and 12 Engler max viscosity. The quality of M100 may vary
up to 1.020 mg/kg were viewed as typically traded at a discount to the assessed widely in density, viscosity and water content, and Platts monitors differentials to
quality. the two means formula in making the assessment.

Dispatch Category EB Size: Cargo assessments typically reflect parcels of 25-30,000mt each, although
12 Char. Symbol PRP635MEDBSO smaller volumes may be considered. On the FOB Med, cargoes up to 50,000 mt may
9 Char. Symbol(s) PPFBMISCH • PPFBMISCL be taken into account when arbitrage openings present themselves, for instance to
7 Char. Symbol PUAAZ00 the Far East.
Earliest Date 03-SEP-1979
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR Location: FOB Baltic ports.
Description 3.5%PCT Fuel FOB Med Cargoes
Timing: Reflects material for loading 10-25 days from date of publication, with
prices normalized to the mid-point of this delivery window.
PUABA00 FUEL OIL 3.5% CARGOES CIF NWE
Background: In the past utility companies used to buy 3.5% sulfur cargoes for
Quality: The assessment typically reflects 3.5% sulfur cracked fuel oil with 0.991 burning purposes, but limits endorsed by the EU on the sulfur content mean that
mg/kg max density and 12 engler max viscosity. Typically, standard cracked Russian utility grade trades on high sulfur are rare. Most utilities now use 1% max for
quality M-100 is reflected in the assessment. The quality of M-100 may vary widely burning purposes. From Apr 2, 2001, 3.5% sulfur cargoes FOB Northwest Europe
in density, viscosity, water content, and metals among other factors. have incorporated bunker grade cargoes. Utility grade cargoes traded on a FOB
basis continue to be taken into account, but some grades such as 16ccr (Conradson
Size: Cargo assessments typically reflect parcels of 25,000-30,000 or 30,000 mt Carbon Residue) material are seen as grades typically commanding a premium
each. to the assessed quality. Similarly, higher density cargoes around 1.005 mg/k are
viewed as typically traded at a discount to the assessed quality. Effective July 3,
Location: CIF NWE basis Rotterdam. 2000, assessments for 3% sulfur cargoes FOB and CIF NWE were discontinued.

Timing: Reflects material for delivery 10-25 days from date of publication, with Other: Effective January 4, 2013, the Worldscale flat rate used to calculate the
prices normalized to the mid-point of this delivery window. netback formula for FOB NWE 3.5% Fuel is $8.78/mt. Rotterdam port dues are
$0.93/mt
Other: Where the market is illiquid, CIF NWE values may be derived as a
differential to FOB barge values, reflecting blending economics, break-bulk cost and Dispatch Category EB
time gradients. 12 Char. Symbol PRP635NWEBSS
9 Char. Symbol(s) PPFBNESCH • PPFBNESCL
Background: From 2001, cargo assessments for 3.5% sulfur were renamed CIF 7 Char. Symbol PUABB00
basis ARA and have incorporated duty-paid utility grade fuel oil and bunker grade Earliest Date 01-JUL-1980

January 2013 23
METHODOLOGY AND SPECIFICATIONS GUIDE European Products

Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR supplies around the world. Platts regularly reviews market conditions to determine
Description 3.5%PCT Fuel FOB NWE Cargoes for its assessments when

IFO 380: Specifications generally conform with that for RMG 380. Approximate
PUABC00 FUEL OIL 3.5% BARGES
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
Quality: The assessment reflects 3.5% maximum sulfur with 380 CST max maximum. Sulphur, maximum 3.5%. Vanadium max 300 mg/kg. Aluminium plus
viscosity (at 50 degrees C) and 0.991kg/l density with a maximum combined silicon, 80 mg/kg max; water, 0.5% maximum.
aluminium and silicon content of 80 ppm, 30 max Pour Point, Flash min 60 degrees
C, CCR min 18%, Ash max 0.15%, Water max 0.5%, Vanadium max 300 mg/kg, IFO 180: Specifications generally conform with that for RME 180. Approximate
TSP 0.1%, Asphaltenes max 8 %, Zinc max 15 mg/kg, Phosphorus max 15 mg/kg, Kinematic Viscosity: At 50 C, max 180 cst. Flash point 60 C minimum. Pour point
Calcium max 30 mg/kg (upper) winter quality, 30 C maximum; summer quality, same. Ash 0.10 m/m
maximum. Sulphur, maximum 3.5%. Vanadium max 200 mg/kg. Aluminium plus
Volume: Barge assessments reflect parcels of 2,000 to 5,000mt each. Barges are silicon, 80 mg/kg max. ; water, 0.5% maximum.
traded typically in 2,000 mt lots. In all cases the smallest tradeable volume sets the
market prices, and in this case the smallest volume applicable is 2,000mt. Marine Diesel: Specifications generally conform with that for DMB. Kinematic
viscosity at 40 C, max 11 cst, Flash point 60 C minimum; Pour point (upper) winter
Location: FOB basis Rotterdam quality 0 degrees C; pour point upper summer quality 6 degrees C, Ash 0.01% max,
sulfur, maximum 2%; ; water, 0.3% maximum, Zinc max 15 mg/kg, Phosphorus max
Timing: Barge assessments reflect parcels for loading 3-15 (Monday-Tuesday) or 15 mg/kg, Calcium max 30 mg/kg
5-15 (Wednesday through Friday) days forward, with prices normalized to the mid
point of these loading ranges. Barges typically trade for the front five days, middle Marine Gasoil: Specifications generally conform with that for DMA 0.1% sulfur.
five days or the back five days. Platts 3.5% barge assessment is based on bids/ Kinematic Viscosity at 40 degrees C, 1.5 min CST, max 6 CST, Flash point 60
offers and deals for 5-day loading windows. degrees C min, Pour point (upper) winter quality, - 6 degrees C, pour point upper,
summer quality 0 degrees C, Ash 0.01% max, Sulfur maximum 0.1%. Cetaneindex
Other: N/A minimum 40, Zinc max 15 mg/kg, Phosphorus max 15 mg/kg, Calcium max 30 mg/
kg.
Background: In the past, Platts has assessed slightly different specs: the typical
quality for high sulfur cargo assessments was a viscosity of 380 to 420 centistokes Low sulfur fuels: Platts assesses low sulfur 380 CST and 180 CST bunker fuel
at 50 degrees C, a maximum of 300 parts per million of vanadium. in the ports of Rotterdam, Antwerp, Hamburg, Great Belt, Gdansk, St Petersburg,
Falmouth, Dunkirk, Gibraltar, Genoa, Malta, Algeciras and Piraeus. The current
Dispatch Category EB maximum sulfur content of this fuel is 1% in Northwest European ports and 1.5% in
12 Char. Symbol PRP635RTTBSU the Mediterranean.
9 Char. Symbol(s) PPFBRTSBH • PPFBRTSBL
7 Char. Symbol PUABC00
EUROPE
Earliest Date 03-SEP-1979
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description 3.5PCT Fuel FOB R’dam Barges Timing: Platts bunker price assessments in Europe reflect the market value at
1630 London time, for bunker fuel supplied 1-8 days ahead. As such they do not
represent an average of the day’s trades. Confirmed trades, bids and offers reported
BUNKER FUELS throughout the day will be included in the assessment process. In addition to such
information, activity on the physical and derivative European fuel oil markets will
Platts assesses four grades of marine fuel: Intermediate Fuel Oil (IFO) 180 centisoke also be taken into account during assessment.
(CST), IFO 380 CST, Marine Diesel (MDO) and Marine Gasoil (MGO). With effect
from January 3, 2012, Platts fully reflects new bunker fuel specifications set out by Price: Prices are assessed in $/metric tonne. There is no maximum range, though
the International Convention for the Prevention of Pollution from Ships (MARPOL) in generally prices are assessed with a $1/mt spread between low and high.
global bunker fuel assessments. Under amendments to Annex VI of the convention,
high sulfur bunker fuel supplied at major global bunkering locations from 2012 Typical Size: Typical sizes vary from port to port. The sizes attached to the list
onwards must contain a maximum of 3.5% sulfur, down from the previous maximum below are typical, not minimums and maximums. However, trades done outside
sulfur content of 4.5%. these ranges may be considered atypical when assessing standard tradable
volumes.
The worldwide market generally follows similar specifications for these grades
in all locations. The specifications most commonly followed are those defined Delivery: Bunkers are assessed on either an ex-wharf or delivered basis which
by the International Organization for Standardization in document ISO 8217:2005 includes all barging costs.
(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 The following ports are assessed ex-wharf: Dunkirk, Falmouth, Fos, Augusta, Genoa,

January 2013 24
METHODOLOGY AND SPECIFICATIONS GUIDE European Products

Trieste, Dakar and Durban. the front-month trading 17.5 days from publication date. A conversion factor of 6.77
is used to calculate the price in $/mt.
The following ports are assessed delivered: Rotterdam, Antwerp, Hamburg, Great
Belt, Gdansk, St Petersburg, Gibraltar, Algeciras, Ceuta, Las Palmas, Tenerife, Background: Effective Apr 2, 2001, the timing window for assessing FOB
Malta, Istanbul, Novorossiisk, Suez and Piraeus. Northwest Europe cargoes changed to 10-25 days to take account of prevailing
trading patterns.

PUAYW00 ROTTERDAM BUNKER 380 CST


Note: Platts ceased running its assessment of E-4 straight run from January 1,
2003, because of the market’s illiquidity. Effective Apr 2, 2001, M-40 assessments
Quality: IFO 380: Specifications generally conform with that for RMG 380 Bunker CIF Mediterranean were discontinued.
fuel . Approximate Kinematic Viscosity: At 100degC, max 25 30 cst; at 50degC, max
225 380 cst. Flash point 60degC minimum. Pour point (upper) winter quality, 30degC Dispatch Category EB
maximum; summer quality the same. Ash 0.15 m/m maximum. Sulphur, maximum 12 Char. Symbol PRPSR6NWECOY
3.5%. Vanadium max 500 mg/kg. Aluminum plus silicon, 80 mg/kg max; water, 1% 9 Char. Symbol(s) PPMONESCH • PPMONESCL
maximum. The specifications followed are generally those found in ISO 8217:2005 7 Char. Symbol PKABA00
(E) - Petroleum products - Fuels (class F) - Specifications of marine fuels. Earliest Date 03-OCT-1994
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Size: Typical volumes reflected are between 300-1000 mt. Description St Run 0.5-0.7 PCT FOB NWE

Location: IFO 380 CST delivered prices reflect prices at Rotterdam, but delivered
AAHMZ00 VGO 0.5-0.6% CARGOES CIF NWE
on board, i.e. delivered into ship.

Timing: Prices are typically assessed for product to be supplied 1-8 days ahead Quality: The assessments represent VGO cargoes of 0.5-0.6pct sulfur with a
specific gravity of 0.900-0.920 g/ml.
Dispatch Category EB
12 Char. Symbol PRPF38RTTDBK Size: Cargo assessments reflect parcels of 10,000-25,000mt.
9 Char. Symbol(s) PPFDRTSVH • PPFDRTSVL
7 Char. Symbol PUAYW00 Location: CIF NWE basis ARA.
Earliest Date 02-JAN-1996
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR Timing: Reflects material for delivery 10-25 days from date of publication, with
Description Rotterdam Bunker 380 CST prices normalized to the mid-point of this delivery window.

Other: N/A
FEEDSTOCKS
Background: The assessment was introduced June 1, 2001.

PKABA00 STRAIGHT-RUN 0.5-0.7% CARGOES FOB NWE


Dispatch Category FS
12 Char. Symbol AAHMZ0000000
Quality: The assessments reflect prices for straight-run fuel oil from Northwest 9 Char. Symbol(s) •
Europe with the following specifications: Sulfur 0.5-0.7%, normalized to 0.6% 7 Char. Symbol AAHMZ00
CCR max 7 Density 0.935-0.95 at 15 degrees, Viscosity 200cst max at 50 degrees Earliest Date 01-JUN-2001
Vanadium 10 ppm Sodium 10 ppm Nickel 10 ppm Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description VGO 0.5-0.6%S CIF NWE
Size: The 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
AAHMX00 VGO 0.5-0.6% CARGOES FOB NWE
arbitrage openings present themselves.

Location: FOB NWE basis Rotterdam. Quality: The assessments represent VGO cargoes of 0.5-0.6pct sulfur with a
specific gravity of 0.900-0.920 g/ml.
Timing: Reflects material for loading 10-25 days from date of publication, with
prices normalized to the mid-point of this delivery window. Size: Cargo assessments reflect parcels of 10,000-25,000mt each though FOB
cargoes of up to 50,000 mt may be considered when arbitrage opening mean these
Other: LSSR is typically negotiated at a differential to ICE Brent crude oil futures. are a significant market factor.
When this occurs, the prevailing value of ICE Brent at 1630 London time is used in
setting the outright level. The ICE trading month used in the calculation is generally Location: FOB NWE basis Rotterdam.

January 2013 25
METHODOLOGY AND SPECIFICATIONS GUIDE European Products

Timing: Reflects material for loading 10-25 days from date of publication, with Background: The assessment was introduced June 1, 2001.
prices normalized to the mid-point of this loading window.
Dispatch Category FS
Other: N/A 12 Char. Symbol AAHND0000000
9 Char. Symbol(s) •
Background: The assessment was introduced June 1, 2001. 7 Char. Symbol AAHND00
Earliest Date 01-JUN-2001
Dispatch Category FS Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
12 Char. Symbol AAHMX0000000 Description VGO 2.0% Max CIF NEW
9 Char. Symbol(s) •
7 Char. Symbol AAHMX00
AAHNB00 VGO 2% MAX CARGOES FOB NWE
Earliest Date 01-JUN-2001
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description VGO 0.5-0.6%S FOB NWE Quality: The assessments represent VGO cargoes of 2% max sulfur with a specific
gravity of 0.900-0.920 g/ml.

AAHNF00 VGO 0.5-0.6% BARGES


Size: Cargo assessments reflect parcels of 10,000-25,000mt each though FOB
cargoes of up to 50,000 mt may be considered when arbitrage opening mean these
Quality: The assessments represent VGO cargoes of 0.5-0.6pct sulfur with a are a significant market factor.
specific gravity of 0.900-0.920 g/ml.
Location: FOB NEW basis Rotterdam.
Size: Barge assessments reflect parcels of 1,000 to 5,000mt each.
Timing: Reflects material for loading 10-25 days from date of publication, with
Location: FOB ARA basis Rotterdam prices normalized to the mid-point of this loading window.

Timing: Barge assessments reflect parcels for loading 3-15 (Monday-Tuesday) or Other: N/A
5-15 (Wednesday through Friday) days forward.
Background: The assessment was introduced June 1, 2001.
Other: N/A
Dispatch Category FS
Background: The assessment was introduced June 1, 2001, replacing barge 12 Char. Symbol AAHNB0000000
assessment reflecting 1.5-1.6% sulfur VGO. 9 Char. Symbol(s) •
7 Char. Symbol AAHNB00
Dispatch Category FS Earliest Date 01-JUN-2001
12 Char. Symbol AAHNF0000000 Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
9 Char. Symbol(s) • Description VGO 2.0% Max FOB NEWE
7 Char. Symbol AAHNF00
Earliest Date 01-JUN-2001
AAHNI00 VGO 2% MAX BARGES
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description VGO 0.5-0.6%S FOB Rdam
Quality: 2% max with a specific gravity of 0.900-0.920 g/ml.

AAHND00 VGO 2% MAX CARGOES CIF NWE


Size: Barge assessments reflect parcels of 1,000 to 5,000mt each.

Quality: The assessments represent VGO cargoes of 2% max sulfur with a specific Location: FOB ARA basis Rotterdam
gravity of 0.900-0.920 g/ml.
Timing: Barge assessments reflect parcels for loading 3-15 (Monday-Tuesday) or
Size: Cargo assessments reflect parcels of 10,000-25,000mt each. 5-15 (Wednesday through Friday) days forward.

Location: CIF NWE basis ARA. Other: N/A

Timing: Reflects material for delivery 10-25 days from date of publication, with Background: The assessment was introduced June 1, 2001, replacing barge
prices normalized to the mid-point of this delivery window. assessment reflecting 1.5-1.6% sulfur VGO.

Other: N/A Dispatch Category FS


12 Char. Symbol AAHNI0000000

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9 Char. Symbol(s) • Platts will exclude transactions, bids, offers or any market indications when these
7 Char. Symbol AAHNI00 appear to be unrepresentative of the market, or unrepeatable. Deals done below
Earliest Date 01-JUN-2001 the level of prevailing bids or above the level of prevailing offers (ie, selling through
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR the bid or buying through the offer) will not be reflected in Platts assessments.
Description VGO 2.0% Max FOB Rdam Exception will be given to circumstances where one party can demonstrate a
necessity to pay above the offer or sell below the bid, ie, paying a higher FOB price
from a location where there is a demonstrable freight advantage.
LPG
Reported transactions must be confirmed by both parties including approximate
Platts European and west Mediterranean LPG assessments typically reflect time of price agreement, irrespective of outstanding subjects. All other deals may
transactable values over the course of the trading day, typically 08.30-16.30 be taken into account at the editor’s discretion. Only arm’s length deals will be
local London time. All bids, offers and transactions will be included over taken into account. Parties should report any terms, conditions or clauses that
the set time period, but prices will be normalized to reflect end of day would distort the typical market value. This would include charter-party options,
market values. As such, the timing of the transaction will be taken into price options, credit terms or transactions that are commercially linked to any other
consideration. transaction etc.

BIDS/OFFERS REPEATABILITY

Platts considers transactions, bid/offer levels and market indications that are Bids, offers and transactions are also viewed against the broader supply/demand
reflective of typical conditions and originating from sources deemed reliable. Bids generated by those bids, offers and transactions. Hence if a low price offer
and offers must in principle be open to the market at large. Platts accepts that generates too much demand, Platts may determine in its editorial process that the
individual companies may have trading limits with counter parties and that national market value is hence higher. Likewise if a high bid generates too much supply
legislation may prevent companies from dealing in materials from certain origins and the buyer is unable to buy all the volume that is offered, Platts in its editorial
and specifications. These will be dealt with on a case-by-case basis. process may determine that that the market value is lower.

The time cut-off for new bids and, offers on coasters and cargoes is 15.45:00
London time and on barges and FCA material 16.00:00 London time.

LPGASWIRE EUROPEAN ASSESSMENTS

Propane Butane
NWE: SPOT USD/MT SPOT USD/MT

FOB SEAGOING +x.00 PMABB00-PMABB00 +x.00 +x.00 PMAAL00-PMAAL00 +x.00


FOB ARA +x.00 PMAAS00-PMAAS00 +x.00 +x.00 PMAAC00-PMAAC00 +x.00
FCA ARA* +x.00 PMABH00-PMABH00 +x.00 +x.00 PMABI00-PMABI00 +x.00
CIF 1-3000MT +x.00 PMAAZ00-PMAAZ00 +x.00 +x.00 PMAAJ00-PMAAJ00 +x.00
CIF 3000+MT +x.00 PMAAC00-PMAAC00 +x.00
CIF 7000+MT +x.00 PMABA00-PMABA00 +x.00

Monthly rolling average


FOB SEAGOING PMUDI00-PMUDI00
CIF 7000+MT PMUDK00-PMUDK00
Propane swaps (basis CIF NWE)
Aug +x.00 AAHIK00-AAHIK00 +x.00
Sep +x.00 AAHIM00-AAHIM00 +x.00
Oct +x.00 AAHIO00-AAHIO00 +x.00
Q4 +x.00 AAHIL00-AAHIL00 +x.00

W MED:
FOB EX-REF/STOR +x.00 PMABC00-PMABC00 +x.00 +x.00 PMAAM00-PMAAM00 +x.00
FCA EX-REF/STOR +x.00 PMABJ00-PMABJ00 +x.00
CIF 7000+MT +x.00 PMABE00-PMABE00 +x.00

NOTE:* FCA ARA refers to sales onto railcars and trucks in the Amsterdam-Rotterdam-Antwerp region

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SPREADS
the French Atlantic coast, as well as Portugal and the Spanish Atlantic coast, are
not included in assessments.
Platts typically reflects fixed price transactions, bids and offers in its assessments,
but may use additional indications as appropriate including the market value of Timing: Loading 5-15 days from date of publication
spread relationships with other oil products where there is a demonstrable price
relationship with LPG as well as associated markets such as derivatives. When Other: N/A
assessing the market, Platts will give priority to, in descending order, deals, firm
bids and offers, indications, market fundamentals and price relationship with Dispatch Category LI
associated markets. In certain illiquid markets, Platts may establish FOB or CIF 12 Char. Symbol PRPPN$NWECVD
values based on freight differentials. However Platts recognizes that FOB and CIF 9 Char. Symbol(s) PPPRNESGH • PPPRNESGL
prices within northwest Europe may operate independently. 7 Char. Symbol PMABB00
Earliest Date 02-JUL-1982
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
TIME GRADIENT
Description Propane FOB NWE Seagoing Hi

Platts’ assessments take into account any backwardation or contango in the market
PMAAS00 PROPANE FOB ARA
place. Typically, Platts assesses to the middle of the loading/delivery window
specified for each market. The assessment thus reflects the value after taken into
consideration the difference in prices prevailing along the time curve, assessed by Quality: Pressurized vessels including both field-grade and refinery material with a
Platts, where appropriate. minimum of 95% C3s and a maximum of 30% olefinic content.

Size: Refers to sales onto barges of full cargoes between 420-1,100mt.


FREIGHT ISSUES
Location: FOB Amsterdam-Rotterdam-Antwerp.
Platts takes into account prevailing freight rates in establishing both FOB and CIF
values. Where a market has become illiquid, Platts may routinely determine the Timing: Barges loading ex-refinery/storage between 3-10 days from date of
FOB value from the CIF value. Where there is limited local demand but longer range publication.
arbitrage opportunities emerge, the FOB value may rise relative to the CIF value.
Other: N/A
Platts typically reflects good quality modern tonnage in its assessments, and
excludes from its CIF assessments any vessels which are outside the normal Dispatch Category LI
parameters of acceptability 12 Char. Symbol PRPPN$ARACUP
9 Char. Symbol(s) PPPRAASCH • PPPRAASCL
7 Char. Symbol PMAAS00
DATA CODES
Earliest Date 05-APR-1985
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Each Platts assessment is identified in the electronic databases by a 7-character Description Propane FOB ARA
data code. The following table provides the data codes for each European LPG
assessment carried in Platts LPGaswire. The table layout is that carried in the
PMABH00 PROPANE FCA ARA
telex/newsletter version of LPGaswire; when assessments are carried in related
publications such as Platts Petrochemical Alert, the actual layout may vary.
Quality: Pressurized vessels including both field-grade and refinery material with a
minimum of 95% C3s and a maximum of 30% olefinic content.
PMABB00 PROPANE FOB SEAGOING
Size: Parcels of 20-500mt.
Quality: Pressurized vessels including both field-grade and refinery material with
a minimum of 93% C3s and a maximum of 30% olefinic content. A slight premium Location: FCA ARA refers to sales onto railcars and trucks in the Amsterdam-
may be given for product with a higher c3 content. Rotterdam-Antwerp region

Size: The assessment refers to coasters ex-refinery/storage with full cargoes Timing: Loadings ex-refinery/storage between 3-10 days from date of publication.
between 1,000-3,600mt, although smaller full cargoes or split cargoes may be
included at the discretion of the editor after consultation with the market. Dispatch Category LI
12 Char. Symbol PRPPN$ARACUQ
Location: The assessment covers an area represented by a triangle, with 9 Char. Symbol(s) PPPRAASQH • PPPRAASQL
Wilhelmshaven (Germany), Teesside (UK) and Le Havre (France) as its three corners, 7 Char. Symbol PMABH00
and also including Milford Haven, Fawley and Grangemouth. Product from ports on Earliest Date 22-JUL-1994

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Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR Dispatch Category LI
Description Propane FCA ARA 12 Char. Symbol PRPPN$NWECVC
9 Char. Symbol(s) PPPRNEHCH • PPPRNEHCL
7 Char. Symbol PMABA00
PMAAZ00 PROPANE CIF 1-3,000MT
Earliest Date 05-APR-1985
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Quality: Pressurized vessels including both field-grade and refinery material with Description` Propane CIF NWE 7000+MT
a minimum of 93% C3s and a maximum of 30% olefinic content. A slight premium
may be given for product with a higher c3 content.
AAVKH00 PROPANE FOB LARGE CARGOES
Size: Full cargoes of between 1,000-3,600mt sold on a CIF basis are reflected.
Slightly smaller CIF cargoes may be included at the discretion of the editor, Quality: Refrigerated commercial propane meeting Braefoot Bay specification.
while CIF cargoes of more than 3,600mt may occasionally be sold at prices that
correspond most to the 1-3,600mt market, and therefore may also be included in the Size: Typically reflects full-cargoes of between 8.5-20 kt
1-3,600mt assessment.
Location: FOB Northwest Europe
Location: The assessment covers an area represented by a triangle, with
Wilhelmshaven (Germany), Teesside (UK) and Le Havre (France) as its three corners, Timing: Large cargo assessments refer to vessels delivery 10-25 days from the
and also including Milford Haven, Fawley and Grangemouth. Product from ports on date of publication.
the French Atlantic coast, as well as Portugal and the Spanish Atlantic coast, are
not included in assessments. Sales into the port of Brest on the French Atlantic Other: This assessment is derived as a freight netback from the Propane CIF
coast may be included in the assessment. Large Cargo assessment using the daily Propane freight rate published in Platts
LPGaswire
Timing: Vessels loading 5-15 days from date of publication.
Dispatch Category LI
Other: Please note that Platts has not formally renamed this assessment even 7 Char. Symbol AAVKH00
though volumes larger than 3,000 mt are currently considered. Earliest Date 02-OCT-2006
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Dispatch Category LI Description Propane FOB NWE 7000+MT
12 Char. Symbol PRPPN$NWECVB
9 Char. Symbol(s) PPPRNEGCH • PPPRNEGCL
PMAAL00 BUTANE FOB SEAGOING
7 Char. Symbol PMAAZ00
Earliest Date 05-APR-1985
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR Quality: Both field-grade and refinery grade butane is included in the assessment
Description Propane CIF NWE 1-3kt with a maximum of 30% olefins, 85% normal butane and 49% isobutane. For the CIF
quote, product will be 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%
PMABA00 PROPANE CIF LARGE CARGOES
isobutane content, and such product is not assessed by Platts, except in the US Gulf.

Quality: Refrigerated commercial propane meeting Braefoot Bay specification. Size: The assessment refers to coasters ex-refinery/storage with full cargoes
between 1,000-3,600mt, although smaller full cargoes or split cargoes may be
Size: Typically reflects full-cargoes of between 8.5-20 kt included at the discretion of the editor after consultation with the market.

Location: The assessment covers an area represented by a triangle, with Location: The assessment covers an area represented by a triangle, with
Wilhelmshaven (Germany), Teesside (UK) and Le Havre (France) as its three corners, Wilhelmshaven (Germany), Teesside (UK) and Le Havre (France) as its three corners,
and also including Milford Haven, Fawley and Grangemouth. Product from ports on and also including Milford Haven, Fawley and Grangemouth. Product from ports on
the French Atlantic coast, as well as Portugal and the Spanish Atlantic coast, are the French Atlantic coast, as well as Portugal and the Spanish Atlantic coast, are
not included in assessments. Sales into the port of Brest on the French Atlantic not included in assessments.
coast may be included in the assessment. Sales made into selected western
Scandinavian ports - Stenungsund, Rafnes, Porvoo and Karsto - are included, but Timing: Vessels loading 5-15 days from date of publication.
will be normalized to Flushing.
Other: N/A
Timing: Large cargo assessments refer to vessels delivery 10-25 days from the
date of publication. Dispatch Category LI
12 Char. Symbol PRPBTNNWEBHR
Other: Please note that Platts has not formally renamed this assessment even 9 Char. Symbol(s) PPBNNESGH • PPBNNESGL
though volumes larger than 7,000 mt are now typically considered. 7 Char. Symbol PMAAL00

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PMAAJ00 BUTANE CIF 1-3,000MT


Earliest Date 05-APR-1985
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description Butane FOB NEWE Quality: Both field-grade and refinery grade butane is included in the assessment
with a maximum of 30% olefins, 85% normal butane and 49% isobutane. For
the CIF quote, product will be normalized to a specification of 70:30 split with a
PMAAC00 BUTANE FOB ARA
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
Quality: Both field-grade and refinery grade butane is included in the assessment the US Gulf.
with a maximum of 10% olefins, 85% normal butane and 49% isobutane. Isobutane
is considered to be any product with over 50% isobutane content, and such product Size: Full cargoes of between 1,000-3,600mt sold on a CIF basis. Slightly smaller
is not assessed by Platts, except in the US Gulf. CIF cargoes may be included at the discretion of the editor, while CIF cargoes
slightly over 3,600mt may occasionally be sold at prices that correspond most to the
Size: Sales onto barges of full cargoes between 420-1,100mt. 1-3,600mt market, and therefore may also be included in the 1-3,600mt assessment.

Location: FOB Amsterdam-Rotterdam-Antwerp. Location: The assessment covers an area represented by a triangle, with
Wilhelmshaven (Germany), Teesside (UK) and Le Havre (France) as its three corners,
Timing: Barges loading between 3-10 days from date of publication. and also including Milford Haven, Fawley and Grangemouth. Product from ports on
the French Atlantic coast, as well as Portugal and the Spanish Atlantic coast, are
Other: N/A not included in assessments. Sales into the port of Brest on the French Atlantic
coast may be included in the assessment.
Dispatch Category LI
12 Char. Symbol PRPBTNARABHD Timing: Vessels loading 5-15 days from date of publication.
9 Char. Symbol(s) PPBNAASCH • PPBNAASCL
7 Char. Symbol PMAAC00 Other: Please note that Platts has not formally renamed this assessment even
Earliest Date 05-APR-1985 though volumes larger than 3,000 mt are currently considered.
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description Butane FOB ARA Dispatch Category LI
12 Char. Symbol PRPBTNNWEBHP
9 Char. Symbol(s) PPBNNEGCH • PPBNNEGCL
PMABI00 BUTANE FCA ARA
7 Char. Symbol PMAAJ00
Earliest Date 05-APR-1985
Quality: Both field-grade and refinery grade butane is included in the assessment Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
with a maximum of 10% olefins, 85% normal butane and 49% isobutane. Isobutane Description Butane CIF NWE 1-3kt
is considered to be any product with over 50% isobutane content, and such product
is not assessed by Platts, except in the US Gulf.
PMAAK00 BUTANE CIF LARGE CARGOES
Size: Parcels of 20-500mt.
Quality: Refers to Braefoot Bay mixed butane with a typical split of 70% normal
Location: FCA ARA refers to sales onto railcars and trucks in the Amsterdam- and 30% isobutane. Pure normal butane and isobutane is not assessed by Platts,
Rotterdam-Antwerp region although pure normal prices may be used as guidance at the editor’s discretion
following consultation with the market.
Timing: Loadings ex-refinery/storage between 3-10 days from date of publication.
Size: Cargoes of over 4,000mt sold into NWE on a CIF basis. Occasionally, part-
Other: N/A cargoes of less than 4,000mt from large shipments may be sold at prices which
reflect the 4,000mt+ market, and these prices may be included in the assessment.
Dispatch Category LI
12 Char. Symbol PRPBTNARABHE Location: The assessment covers an area represented by a triangle, with
9 Char. Symbol(s) PPBNAASQH • PPBNAASQL Wilhelmshaven (Germany), Teesside (UK) and Le Havre (France) as its three corners,
7 Char. Symbol PMABI00 and also including Milford Haven, Fawley and Grangemouth. Product from ports on
Earliest Date 22-JUL-1994 the French Atlantic coast, as well as Portugal and the Spanish Atlantic coast, are
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR not included in assessments. Sales into the port of Brest on the French Atlantic
Description Butane FCA ARA coast may be included in the assessment.

Timing: Vessels delivery 10-25 days from the date of publication.

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PMUDK00 PROPANE CIF LARGE CARGOES


Other: Please note that Platts has not formally renamed this assessment even
MONTHLY ROLLING AVG
though volumes larger than 3,000 mt are now typically considered.

Dispatch Category LI The average is of the daily Propane CIF Large Cargo assessments. The average
12 Char. Symbol PRPBTNNWEBHQ takes each of the daily data points, and divides by the number of working days
9 Char. Symbol(s) PPBNNEHCH • PPBNNEHCL there have been during the month.
7 Char. Symbol PMAAK00
Earliest Date 05-APR-1985 Dispatch Category LI
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR 12 Char. Symbol PRPPN$NWEDBJ
Description Butane CIF NWE 3kt+ 9 Char. Symbol(s) PPPRNEDUH • PPPRNEDUL
7 Char. Symbol PMUDK00
Earliest Date 24-JUN-1998
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description Propane NWE 7kMT+ CIF RollAvg
AAVKI00 BUTANE FOB LARGE CARGOES
PROPANE SWAPS BASIS CIF NWE
Quality: Refers to Braefoot Bay mixed butane with a typical split of 70% normal
and 30% isobutane. Pure normal butane and isobutane is not assessed by Platts, Platts assesses the forward swap market for CIF NW E 7000+mt cargoes for the
although pure normal prices may be used as guidance at the editor’s discretion balance of the month, four months and four quarters forward. The swaps are settled
following consultation with the market. against the monthly average of daily assessments for propane CIF NWE 7000+mt. The
swap months quoted roll forward on the first day of the month, and the swap quarter
Size: Typically reflects cargoes of over 4,000 mt quoted rolls on the first day of the quarter. Thus on July 1, 2011 the monthly swap
assessments would roll forward to reflect Aug, Sep and Oct 2006. On July 1, 2011 the
Location: FOB Northwest Europe quarter published would roll from Q3 2011 (Jul, Aug, Sep) to Q4 2011 (Oct, Nov, Dec).

Timing: Large cargo assessments refer to vessels delivery 10-25 days from the
AAHIK00/PMABU00
date of publication.

Other: This assessment is derived as a freight netback from the Butane CIF Large Dispatch Category LI
Cargo assessment using the daily Butane freight rate published in Platts LPGaswire 12 Char. Symbol PRPPN$NWEDBC
9 Char. Symbol(s) PPPRNE1AH • PPPRNE1AL
Dispatch Category LI 7 Char. Symbol PMABU00
7 Char. Symbol AAVKI00 Earliest Date 01-DEC-1995
Earliest Date 02-OCT-2006 Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR Description Propane NWE swaps 1st month
Description Butane FOB NWE 3000+MT
Dispatch Category DR
12 Char. Symbol AAHIK0000000
PMUDI00 PROPANE FOB SEAGOING
9 Char. Symbol(s) •
MONTHLY ROLLING AVG 7 Char. Symbol AAHIK00
Earliest Date 28-MAR-2001
The average is of the daily Propane FOB Seagoing assessments. The average takes Vendors BLM CQI DRI EMS FTP FUT KR PL12 TR SAR
each of the daily data points, and divides by the number of working days there have Description Propane CIF ARA Lg 1-Mo
been during the month.

AAHIM00/PMUDH00
Dispatch Category LI
12 Char. Symbol PRPPN$NWEDBH
9 Char. Symbol(s) PPPRNE5GH • PPPRNE5GL Dispatch Category LI
7 Char. Symbol PMUDI00 12 Char. Symbol PRPPN$NWEDBE
Earliest Date 24-JUN-1998 9 Char. Symbol(s) PPPRNE2AH • PPPRNE2AL
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR 7 Char. Symbol PMUDH00
Description Propane NWE Sea FOB RollAvg Earliest Date 01-DEC-1995
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description Propane NWE swaps 2nd month

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Dispatch Category DR Earliest Date 05-APR-1985


12 Char. Symbol AAHIM0000000 Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
9 Char. Symbol(s) • Description Propane FOB W Med Ex-Ref/Stor Hi
7 Char. Symbol AAHIM00
Earliest Date 28-MAR-2001
PMABJ00 PROPANE W MED FCA EX-REF/STOR
Vendors BLM CQI DRI EMS FTP FUT KR PL12
TR SAR
Description Propane CIF ARA Lg 2-Mo Quality: Pressurized vessels including both field-grade and refinery material with a
minimum of 93% C3s and a maximum of 30% olefinic content.

AAHIO00
Size: Parcels of 20-500mt

Dispatch Category DR Location: FCA ex-refinery storage refers to sales of auto, trucks, and railcars of
12 Char. Symbol AAHIO0000000 20-500mt basis Lavera. The assessment includes the area west of Italy - including
9 Char. Symbol(s) • Algeria, Tunisia and Morocco. To the north, Italy and France are included, as well
7 Char. Symbol AAHIO00 as the east and south coasts of Spain.
Earliest Date 28-MAR-2001
Vendors BLM CQI DRI EMS FTP FUT KR PL12 TR SAR Timing: Loading between 3-10 days from date of publication.
Description Propane CIF ARA Lg 3-Mo
Other: N/A

AAHIL00/pmude00
Dispatch Category LI
12 Char. Symbol PRPPN$WMDCVH
Dispatch Category DR 9 Char. Symbol(s) •
12 Char. Symbol AAHIL0000000 7 Char. Symbol PMABJ00
9 Char. Symbol(s) • Earliest Date 22-JUL-1994
7 Char. Symbol AAHIL00 Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Earliest Date 28-MAR-2001 Description Propane FCA W Med Ex-Ref/Stor Hi
Vendors BLM CQI DRI EMS FTP FUT KR PL12 TR SAR
Description Propane CIF ARA Lg 1-Qr
PMABE00 PROPANE W MED CIF 7000+MT
Dispatch Category LI
12 Char. Symbol PRPPN$NWEDBF Quality: Refrigerated commercial propane meeting Sonatrach specification.
9 Char. Symbol(s) PPPRNEVAH • PPPRNEVAL
7 Char. Symbol PMUDE00 Size: Full cargoes of 7,000 mt and greater
Earliest Date 02-JAN-1997
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR Location: Refers to trades in the west Mediterranean region, although prices will
Description Propane NWE swaps 1st quarter be normalized to Lavera. The assessment includes the area west of Italy - including
Algeria, Tunisia and Morocco. To the north, Italy and France are included, as well
as the east and south coasts of Spain.
PMABC00 PROPANE W MED FOB EX-REF/STOR
Timing: Delivery 10-25 days from the date of publication.
Quality: Pressurized vessels including both field-grade and refinery material with a
minimum of 93% C3s and a maximum of 30% olefinic content. Other: N/A

Size: Sales of up to 3,000mt basis FOB Lavera. Dispatch Category LI


12 Char. Symbol PRPPN$WMDCVG
Location: The assessment is FOB basis Lavera, but includes the area west of Italy - 9 Char. Symbol(s) PPPRWMHCH • PPPRWMHCL
including Algeria, Tunisia and Morocco. To the north, Italy and France are included, 7 Char. Symbol PMABE00
as well as the east and south coasts of Spain. Earliest Date 05-APR-1985
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Timing: Vessels loading 5-15 days from date of publication. Description Propane CIF W Med 7kt+

Dispatch Category LI
PMAAM00 BUTANE W MED FOB EX-REF/STOR
12 Char. Symbol PRPPN$WMDCVE
9 Char. Symbol(s) •
7 Char. Symbol PMABC00 Quality: Both field-grade and refinery grade butane is included in the assessment

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with a maximum of 30% olefins, 85% normal butane and 49% isobutane.

Size: FOB butane refers to sales of parcels of a minimum of 2,500mt on an FOB


basis Lavera.

Location: FOB basis Lavera ex-refinery storage including the area west of Italy -
including Algeria, Tunisia and Morocco. To the north, Italy and France are included,
as well as the east and south coasts of Spain.

Timing: Loading 5-15 days from date of publication.

Other: N/A

Dispatch Category LI
12 Char. Symbol PRPBTNWMDBHS
9 Char. Symbol(s) PPBNWMAUH • PPBNWMAUL
7 Char. Symbol PMAAM00
Earliest Date 05-APR-1985
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description Butane WstMed FOB XRef/Str Hi

© Copyright Platts 2012

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METHODOLOGY AND SPECIFICATIONS GUIDE European Products

APPENDIX I: example of EN228 definition (2002)

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APPENDIX II: example of DEFINITION OF EN590 definition (2002)

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Appendix III: TYPICAL MIDDLE DISTILLATE QUALITIES

Note: These specifications represent a guideline, but are not Platts specifications. Platts assesses the typical grades in the market.

DIESEL
50 ULSD cargoes EN590 cargoes ULSD cargoes 10 cargoes and ULSD barges ARA
PROPERTY UNITS NWE and Med NWE and MED NWE barges
SULFUR Parts per Million 50 max 350 max 50 max 10 max 10 max
DENSITY At 15 deg C Kg/m3 0.820-0.845 0.820-0.845 0.820-0.835 0.820-0.845 0.820-0.845
CETANE INDEX NUMBER 46 min 46 min 46 min 46 min 46 min
CLOUD
Winter Deg C -5 max -5 max -5 max -7 max -7 max
Intermediate -3 max 0 max 0 max
Summer 5 max 5 max 3 max 5 max 5 max
CFFP POINT
Winter Deg C -15 max -15 max -15 max -22 max -22 max
Intermediate -13 max -13 max
Summer 0 max 0 max -5 max -2 -2
DISTILLATION
Recovered at % Vol
250 deg C 65 max 65 max 65 max 64 max 64 max
345 deg C 95 min
350 deg C 85 min 85 min 85 min 85 min
360 deg C 95 min 95 min 95 min
370 deg C
FLASH POINT Deg C 55 min 55 min 60 min (*1) 56 min (*3) 56 min (*3)
120 max 120 max
VISCOSITY At 40 deg C 2 to 4.5 2 to 4.5 2 to 4.5 2 to 4.5 2 to 4.5

(*1)-5 cloud is often traded, if effective WASA available, minimum 150ppm, as part of an industry agreement
(*2) 55 min is the standard flash, but tends to be 60 flash min in practice.
(*3) 10ppm barges can reflect 59 min flash point for pipeline grade, but not barge

GASOIL
GERMAN Cargo DIN FRENCH FOD RUSSIAN
PROPERTY UNITS and barge
SULFUR Parts per million 2000 2000 2000
DENSITY Kg/m3 Assessed basis Assessed basis Assessed basis
0.845 0.845 0.845
CETANE INDEX Standard calorific 40 min 45 min, but
value 42.6 MJ/KG typically tends to be
more than 50
CLOUD Deg C 1 max (a) 2 max -5 max
2 max (b
3 max (c)
CFPP POINT Deg C -10 max (a) - 5 max -7 typical
-11 max (b)
-12 max ©
DISTILLATION % Vol
Recovered at
280 deg C 65 max 65 max 50 max
360 deg C 85 min 85 min 96 min
FLASH POINT Deg C 55 min (*4) 55 min
62 min
VISCOSITY
At 20 deg C 3 to 6
At 40 deg C 2 to 6 2 to 4.5

(*4) German DIN official is 55 min flash, but the requirements is sometimes higher in the cargo market, 57 min flash.
TEST METHOD
French FOD and German DIN test method is based on standard European test methods.
Russian gasoil test method is GOST

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APPENDIX IV: ASSESSMENT LIST WITH DATA CODES

DATA CODES

Each Platts assessment is identified in the electronic databases by a 7-character data code. The following tables provides the data codes for each European oil product assessment
carried in Platts European Marketscan and each LPG assessment carried in LPGaswire. The table layout is that carried in the telex/newsletter version of these publications; when
assessments are carried in related publications such as Platts Oilgram Price Report, Platts Global Alert, or the regional marketscans, the actual layout may vary.

EUROPEAN MARKETSCAN ASSESSMENTS

FOB Med (Italy) CIF Med(Genova/Lavera)


Prem Unl 10ppm +X.00 AAWZA00-AAWZA00 +X.00 +X.00 AAWZB00-AAWZB00 +X.00
Premium Gasoline 50ppm +X.00 AAOPW00-AAOPW00 +X.00 +X.00 AAOPX00-AAOPX00 +X.00
Naphtha +X.00 PAAAI00-PAAAI00 +X.00 +X.00 PAAAH00-PAAAH00 +X.00
Jet +X.00 AAIDL00-AAIDL00 +X.00
10ppm ULSD +X.00 AAWYY00-AAWYY00 +X.00 +X.00 AAWYZ00-AAWYZ00 +X.00
50ppm ULSD +X.00 AAOQC00-AAOQC00 +X.00 +X.00 AAOQD00-AAOQD00 +X.00
Gasoil.2 +X.00 POAAB00-POAAB00 +X.00 +X.00 POAAA00-POAAA00 +X.00
Fuel Oil 1% +X.00 PUAAK00-PUAAK00 +X.00 +X.00 PUAAJ00-PUAAJ00 +X.00
Fuel Oil 3.5% +X.00 PUAAZ00-PUAAZ00 +X.00 +X.00 PUAAY00-PUAAY00 +X.00
Jet FOB Med premium Prem AAIDN00-AAIDN00
Cargoes CIF NWE/Basis ARA Cargoes FOB NWE
Premium Gasoline 50 ppm +X.00 AAIJJ00-AAIJJ00 +X.00 +X.00 AAIJH00-AAIJH00 +X.00
Premium gasoline 10 ppm +X.00 AAOPZ00-AAOPZ00 +X.00 +X.00 AAOPY00-AAOPY00 +X.00
Regular gasoline 50 ppm +X.00 AAIJN00-AAIJN00 +X.00 +X.00 AAIJL00-AAIJL00 +X.00
Naphtha (Month) +X.00 PAAAJ00-PAAAJ00 +X.00
Naphtha +X.00 PAAAL00-PAAAL00 +X.00
Jet +X.00 PJAAU00-PJAAU00 +X.00 +X.00 PJAAV00-PJAAV00 +X.00
Diesel 10 ppm +X.00 AAKWP00-AAKWP00 +X.00 +X.00 AAKWR00-AAKWR00 +X.00
Diesel 50 ppm UK +X.00 AAIKO00-AAIKO00 +X.00 +X.00 AAIKM00-AAIKM00 +X.00
Diesel 50 ppm +X.00 AAOQB00-AAOQB00 +X.00 +X.00 AAOQA00-AAOQA00 +X.00
Russian gasoil 0.2% +X.00 AAOQZ00-AAOQZ00 +X.00
Gasoil 0.2% +X.00 POAAC00-POAAC00 +X.00 +X.00 POAAD00-POAAD00 +X.00
Fuel Oil 1% PUAAL00-PUAAL00 +X.00 PUAAM00-PUAAM00 +X.00
Fuel Oil 3.5% +X.00 PUABA00-PUABA00 +X.00 +X.00 PUABB00-PUABB00 +X.00
Straight run 0.5-0.7%. +X.00 PKABA00-PKABA00 +X.00
VGO 0.5-0.6% +X.00 AAHMZ00-AAHMZ00 +X.00 +X.00 AAHMX00-AAHMX00 +X.00
VGO 2% max +X.00 AAHND00-AAHND00 +X.00 +X.00 AAHNB00-AAHNB00 +X.00
Barges FOB Rotterdam Barge differential - 50ppm
98 RON gasoline 10 ppm +X.00 AAKOD00-AAKOD00 +X.00 AALBJ00/AALBJ00
Premium gasoline 10 ppm +X.00 PGABM00-PGABM00 +X.00
Premium gasoline 50ppm +X.00 AANWY00-AANWY00 +X.00 International Petroleum Exchange
Regular gasoline 10 ppm +X.00 AAKOF00-AAKOF00 +X.00 Gasoil Settlements
MTBE +X.00 PHAKZ00-PHAKZ00 +X.00 M01 n/a M04 n/a
Naphtha +X.00 PAAAM00-PAAAM00 +X.00 M02 n/a M05 n/a
Jet +X.00 PJABA00-PJABA00 +X.00 M03 n/a M06 n/a
Diesel 10 ppm +X.00 AAJUS00-AAJUS00 +X.00 IPE gasoil GWAVE 1630
Diesel 50 ppm +X.00 AAGMK00-AAGMK00 +X.00 M01 PXAAJ00 M01 n/a
Gasoil 0.2% +X.00 POAAG00-POAAG00 +X.00 M02 PXAAK00 M02 n/a
Fuel oil 1% +X.00 PUAAP00-PUAAP00 +X.00
Fuel oil 1.5% +X.00 AASXR00-AASXR00 +X.00 Platts Gasoil Futures
Fuel Oil 3.5% +X.00 PUABC00-PUABC00 +X.00 Prevailing gasoil futures 1630 London time
Rotterdam bunker 380 cst +X.00 PUAYW00-PUAYW00 +X.00 Jul AARIN00
VGO 0.5-0.6% +X.00 AAHNF00-AAHNF00 +X.00 Aug AARIO00
VGO 2% max +X.00 AAHNI00-AAHNI00 +X.00 Sep AARIP00

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LPGASWIRE EUROPEAN ASSESSMENTS

Propane Butane
NWE: SPOT USD/MT SPOT USD/MT
FOB SEAGOING +x.00 PMABB00-PMABB00 +x.00 +x.00 PMAAL00-PMAAL00 +x.00
FOB ARA +x.00 PMAAS00-PMAAS00 +x.00 +x.00 PMAAC00-PMAAC00 +x.00
FCA ARA* +x.00 PMABH00-PMABH00 +x.00 +x.00 PMABI00-PMABI00 +x.00
CIF 1-3000MT +x.00 PMAAZ00-PMAAZ00 +x.00 +x.00 PMAAJ00-PMAAJ00 +x.00
CIF 3000+MT +x.00 PMAAC00-PMAAC00 +x.00
CIF 7000+MT +x.00 PMABA00-PMABA00 +x.00
Monthly rolling average
FOB SEAGOING PMUDI00-PMUDI00
CIF 7000+MT PMUDK00-PMUDK00
Propane swaps (basis CIF NWE)
Aug +x.00 AAHIK00-AAHIK00 +x.00
Sep +x.00 AAHIM00-AAHIM00 +x.00
Oct +x.00 AAHIO00-AAHIO00 +x.00
Q4 +x.00 AAHIL00-AAHIL00 +x.00
W MED:
FOB EX-REF/STOR +x.00 PMABC00-PMABC00 +x.00 +x.00 PMAAM00-PMAAM00 +x.00
FCA EX-REF/STOR +x.00 PMABJ00-PMABJ00 +x.00
CIF 7000+MT +x.00 PMABE00-PMABE00 +x.00

NOTE:* FCA ARA refers to sales onto railcars and trucks in the Amsterdam-Rotterdam-Antwerp region

APPENDIX V: SUBSCRIBER NOTES ISSUED 2005 onwards

SUBSCRIBER NOTES euro-denominated assessments will be launched on Feb 14 and will reflect values
prevailing at 1730 local London time. (Cont PGA 711).
Following is a listing of key Subscriber notes and Clarification notes issued by Platts
in 2004: 04-Feb-05 Platts plans to begin publishing euro-denominated
assessments for a selection of its key crude oil and European and US product
04-Jan-05 Effective Jan 4, 2005 the Worldscale flat rate Augusta- benchmarks as a supplement to the existing US dollar-denominated values. Because
Rotterdam used to calculate the netback formula for FOB Med jet and jet av fuel decision-making in international oil markets is inherently exposed to foreign
becomes $6.43 per metric tonne. Harbor dues at Rotterdam are calculated at $0.61/ exchange currency fluctuations, Platts is providing this additional information to
mt based on 1.07/GT of vessel, converted to an mt basis. allow subscribers to compare prices more efficiently across regions. The selected
euro-denominated assessments will be launched on February 14th, 2005, and
04-Jan-05 Effective Jan 4, 2005, the Worldscale basket flat rate used will reflect values prevailing at 1730 local London time. They will include Dated
to calculate FOB Med naphtha will become $8.12. FOB Med naphtha is assessed Brent, Urals (Mediterranean), 1st month WTI, 1st month Mars, Premium Unleaded
as a freight differential to the CIF NWE. The actual freight applied to the netback Cargoes CIF NWE/Basis ARA, Naphtha Physical Cargoes CIF NWE/Basis ARA, Jet
will fluctuate daily based on changes in Platts UKC-Med assessments for 27,500mt Cargoes CIF NWE/Basis ARA, 1 Pct Cargoes FOB NWE, Premium Unleaded Barges
naphtha cargoes, applied against the $8.12/mt rate. The worldscale flat rate used to FOB Rotterdam, 10 PPM Barges FOB Rotterdam, Gasoil 0.2 Pct Sulfur Barges FOB
calculate the CIF MED Naphtha assessment will become $5.17 based on published Rotterdam, 3.5 Pct Barges FOB Rot te rdam,
freight values between Alexandria and Lavera using Platts cross-Med clean tanker
naphtha assessments. 17-Feb-05 Following industry feedback Platts is considering increasing
the minimum assessable barge volume for gasoil and ULSD barges in the ARA area.
05-Jan-05 The latest issue of Platts guide to spec­ifications for European Platts is planning to increase the minimum volume from 1,000mt to a range of 1,000-
oil products is available on Platts’ Web site http://platts.com/Oil/Resources/ 2,000mt where the buyer has the option to choose the actual volume. However, the
Methodology%20&%20Specifications/ europeanoilproductspecs.pdf buyer has the obligation to specify the actual volume at the time of the deal. Platts
will continue to include in the assessment process transactions of up to 5,000mt.
28-Jan-05 Platts plans to begin publishing euro-denominated Subscriber feedback should be sent by Mar 4, 2004 to: patrick_gourlay@platts.
assessments for a selection of its key crude oil and European and US product com, annalisa_jeffries@platts.com and with a CC to peter_stewart@platts.com and
benchmarks as a supplement to the existing US dollar-denominated values. Because Jorge_montepeque@platts.com
decision-making in international oil markets is inherently exposed to foreign
exchange currency fluctuations, Platts is providing this additional information to 07-Mar-05 As previously announced Platts will discontinue the Prem 0.15
allow subscribers to compare prices more efficiently across regions. The selected FOB Med assessment from April 1, 2005. Until then, Platts will continue to assess

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METHODOLOGY AND SPECIFICATIONS GUIDE European Products

Prem 0.15 at a fixed $6/mt premium to the Prem Unl FOB Med assessment, which and offers to be sent to plattsgasoil. Any comments should be sent to annalisa_
reflects 150 ppm sulfur material. Any comments please to annalisa_jeffries@platts. jeffries@platts.com, with a cc to jorge_montepeque@platts.com
com and john_mckay@platts.com, with a cc to Jorge_montepeque@platts.com or
Peter_stewart@platts.com. 05-May-05 Clarification note, European products: Bids/offers for
derivative instruments are subject to the same incrementability and repeatability
07-Mar-05 As previously announced Platts will discontinue FOB and CIF standards applicable to the physical markets. Bids/offers should move up or down
Med EN590 diesel assessments (350 ppm) March 31 2005. For comments please in increments not exceeding $1.00/mt. Bids or offers submitted on a firm basis
email annalisa_jeffries@platts.com, patrick_gourlay@platts.com, with a cc to should be open for execution to the first credit worthy party of record. Bids and
Jorge_montepeque@platts.com or Peter_stewart@platts.com. offers for paper instruments should be submitted no later than 17:15 London time.
Changes to the bids and offers will be recognized up to 17:28 London time. Firm
07-Mar-05 With immediate effect and following industry feedback bids and offers automatically expire at 17:30 London time.
Platts will increase the minimum assessable barge volume for gasoil and ULSD
barges in the ARA area. Platts will increase the minimum assessable volume from 20-May-05 With immediate effect, Platts proposes to extend the
1kt only to a range within 1-2kt where the buyer has the option to choose the actual time cutoff allowed for price changes on gasoline barges on PGA page 5 to 1728
volume. The buyer has the obligation to specify the actual volume at the time of the London time. The time cutoff for price changes on cargoes remains 1725 London
deal. Platts will continue to include in the assessment process transactions of up to time. Please note that all other standards regarding bids/offers on PGA005 remain
5kt. Any further comments to patrick_gourlay@platts.com, annalisa_jeffries@platts. unchanged, including the 17:00 time cutoff for making new bids and offers on
com and with a CC to peter_stewart@platts.com and Jorge_montepeque@platts. barges.
com
27-May-05 Bids and offers for derivative instruments on Platts Global
07-Mar-05 Following industry feedback Platts is considering changing Alert 005 are subject to the same incrementability and repeatability standards
the naphtha ship nomination procedure from 5 days prior to the first day of the applicable to the physical markets. Bids/offers should move up or down in
laycan to 3days. In the meantime the existing delivery nomination procedures will increments not exceeding $1/mt. Bids or offers submitted on a firm basis should
remain the same. Platts takes into consideration transactions where the seller has be open for execution to the first creditworthy party of record. Bids and offers for
the right to narrow to a 3 day delivery window, five calendar days prior to the first paper instruments should be submitted no later than 1715 London time. Changes
day of the three day delivery laycan. Any comments by March 18 to daniel_booth@ to the bids and offers will be recognized up to 1728 London time. Firm bids and
platts.com and annalisa_jeffries@platts.com. with a cc to Jorge_montepeque@ offers automatically expire at 1730 London time. Please note that the purpose of
platts.com or Peter_stewart@platts.com. these time cut-offs and standards of incrementability and repeatability are primarily
logistical, and designed to ensure orderly price discovery. As such, they may be
07-Mar-05 Following subscriber feedback Platts is considering changing changed at short notice if evolving market conditions require.
the shipping nomination procedures acceptable for assessment purposes for
deliveries of Mediterranean gasoil, gasoline and fuel oil. Currently Platts includes 02-Jun-05 Effective immediately and based on subscriber feedback
in its assessments process ship nominations 5 calendar days prior to 1st delivery Platts will assess the differential between 50 ppm and 150 ppm Premium Unleaded
laycan day. Platts is considering switching to 7 calendar days prior to 1st delivery gasoline FOB Mediterranean at prevailing spot market sulfur differentials until
laycan day. Any subscriber feedback to annalisa_jeffries@platts.com and peter_ the assessment for 150 ppm gasoline (Prem Unl) is discontinued on July 1, 2005.
stewart@platts.com with a cc to Jorge_montepeque@platts.com. Send comments to Annalisa_Jeffries@platts.com, Peter_Stewart@platts.com, or
Jorge_Montepeque@platts.com.
16-Mar-05 In line with seasonal changes in recent years European
50ppm ULSD cargo assessments will reflect summer specification only from 09-Jun-05 Effective June 15th Platts will change its naphtha CIF
March 22 2005. Any comments please to daniel_booth@platts.com and NWE cargo assessment process to consider bids, offers and transaction where
annalisa_jeffries@platts.com, with CC to peter_stewart@platts.com and jorge_ seller has the obligation to nominate vessel three days prior to the first day of the
montepeque@platts.com delivery laycan. The editorial standard up to June 14th has been to reflect the ship
nomination 5 calendar days prior to the first day of the laycan. Platts will continue
29-Mar-05 The UK Ministry of Defence has updated Defstan 91-91, the to reflect bids, offers and transactions made on a five day delivery window where
defining standard for Jet A1 in Europe, with the release Feb 8 of issue 5. Since Feb the seller has the obligation to narrow down to a three day delivery window five
8, Platts jet NWE and Mediterranean assessments have reflected issue 5 spec, days prior to the first day of the laycan. In addition, Platts will consider transactions
having previously Platts reflected Defstan 91-91 issue 4 specification. For any where the expected quality and quantity of the cargo is disclosed 3 days prior to
comments please email simon_thorne@platts.com and annalisa_jeffries@platts. the first day of the delivery laycan with final quality and quantity is disclosed as
com. soon as possible. Any comments should be made by to: A nnalisa_Jeffries@platts.
com, asif_ali@platts.com with a cc to Peter_St ewart@ platts.com and Jorge_
13-Apr-05 Due to the increasing number of bids and offers on middle Montepeque@platts.com.
distillates market information in Europe, Platts has set up two separate Yahoo
instant messenger accounts: one for diesel and one for gasoil. Platts has set up two 27-Jun-05 Effective immediately, and based on subscriber feedback,
account names as follows: plattsgasoil and plattsdiesel. Effective April 18, Platts Platts will bring the gasoline cargo MOC in line with the gasoline barge MOC by
requests all diesel bids and offers to be sent to plattsdiesel and all gasoil bids extending the deadline for improving cargo bids and offers to 1728 London time

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METHODOLOGY AND SPECIFICATIONS GUIDE European Products

(1628 GMT during the summer months). Any comments please to: Annalisa_ logistical or operational issues that may result in delayed or faulty performance.
Jeffries@platts.com, and Simon_Thorne@platts.com with a cc to Peter_Stewart@ While some issues may be unavoidable, Platts’ editorial guidelines governing its
platts.com and Jorge_Montepeque@platts.com assessment process require it must consider only those transactions, bids or offers
where market participants perform under typical contractual terms. Furthermore,
28-Jun-05 Platts has had overwhelming support from the products participants intending to sell barges should not offer when there is a known and
traders for a move to a 1630pm close London time. However there is still mixed distinct possibility that loading may be delayed. If congestion or delays prevent
feedback from some of the crude oil traders, and Platts is working on some of performance under the contractual terms, the seller should make reasonable and
the issues raised. Following industry feedback Platts is keen to align its closing timely efforts to supply from an alternative source, or the seller should engage
assessment procedures to an earlier close, in line with market requirements. Any in other measures to alleviate the buyers’ exposure. Equally, a buyer should not
further comments please email Annalisa_jeffries@platts.com, peter_stewart@ over-commit and then aggregate nominations in a way that m akes it logistically
platts.com and Jorge_montepeque@platts.com. impossible for the seller to perfor m. Platts will take appropriate steps to ensure the
integrity of its assessments if issues of non-performance should arise. Please send
28-Jun-05 Any bid or offer done on a floating basis using Platts as any comments to annalisa_jeffries@platts.com, Vanessa_ronsisvalle@platts.com,
the underlying, the standard is five day pricing around bill of lading, unless stated CC peter_stewart@platts.com, and Jorge_montepeque@platts.com.
otherwise. Any comments to annalisa_jeffries@platts.com with a cc to peter_
stewart@platts.com and Jorge_montepeque@platts.com. 30-Aug-05 Proposed change to NWE barge loading windows: Following
industry feedback, Platts proposes to reflect in its North West European barge
28-Jun-05 Premium unleaded 150ppm FOB Med assessment: As was assessments bids and offers in the 3-15 days forward loading window on Monday
previously announced, the premium unleaded 150ppm FOB Med assessment will through Wednesday, and in the 5-15 days forward loading window Thursday and
be discontinued July 1. Any comments please to annalisa_jeffries@platts.com and Friday. This is to reflect better the two full working days nomination procedure
simon_thorne@platts.com required in the NWE barge market. The change would be effective Oct 1, 2005. Any
comments to annalisa_jeffries@platts.com, with a cc to peter_stewart@platts.com,
28-Jun-05 Platts will start to assess prevailing gasoil futures values for and Jorge_montepeque@platts.com.
the front three months at exactly at 1630 London time, effective July 1 2005. Any
comments to annalisa_jeffries@platts.com, with a cc to peter_stewart@platts.com 31-Aug-05 Platts to change European MOC timings from Oct 1: Effective
and Jorge_montepeque@platts.com. October 1, 2005, Platts will advance by one hour the timings for its European
market-on-close assessment processes. From that date, Platts will reflect values
05-Jul-05 Platts to conduct oil barge review for NW Europe: Platts is at 16:30 London time, rather than 17:30 London time currently, in its assessments
conducting a review of fuel oil barge transactions in North West Europe. Market for crude oil, European oil products, oil derivatives and the main petrochemical
participants have raised several concerns including barge loading delays at supply products. Editorial processes and protocols preceding the MOC assessment,
terminals in the region. Platts assessments process aims to reflect transactions including time cutoffs for submission of new bids and offers and for making
that fully meet the obligations of buyer and sellers. Platts will review current incremental price changes, will also be advanced by one hour. For comments or
practices to ensure that only transactions meeting the performance standards questions please contact Peter_stewart@platts.com, annalisa_jeffries@platts.com
required by Platts are reflected. Any comments to annalisa_jeffries@platts.com and jorge_montepeque@platts.com.
and vanessa_ronsisvalle@platts.com with a cc to peter_stewart@platts.com and
jorge_montepeque@platts.com. 07-Sep-05 European Marketscan adding assessments Oct 1: Effective
Oct 1, Platts European Marketscan will add a series of new assessments reflecting
11-Jul-05 Separate European gasoil, diesel commentaries: Effective Jul the prevailing market value precisely at 1630 London time for several futures
12, 2005, there will be an additional PGA page to allow European gasoil and diesel contracts on NYMEX. These include the front-two months for the NYMEX
commentary to be run on separate pages. The two pages will be as follows: Diesel futures WTI crude contract, the front-two months for the heating oil and the front-
PGA321 Gasoil PGA733 two months for the unleaded gasoline contracts, all at 1630 London time.

09-Aug-05 European MOC to move to 1630 from Oct 1 : Effective Oct 1, 07-Sep-05 European products cargo bids, offers deadline: Effective
2005, Platts proposes to advance by one hour the timings for its European market- Sep 15, 2005, Platts plans to extend the deadline to modify the price for all cargo
on-close assessment processes. From that date, Platts will reflect values at 1630 and barge bids and offers in the European diesel, gasoil, naphtha and jet markets
London time, rather than 1730 London time currently, in its assessments for crude to 17:28 London time. The extension from 17:25 to 17:28 will bring these products
oil, European oil products, oil derivatives and the main petrochemical products. in line with fuel oil and gasoline in Europe. Any comments please to: Annalisa_
Editorial processes and protocols preceding the MOC assessment, including time Jeffries@platts.com, Peter_Stewart@platts.com and Jorge_Montepeque@platts.
cutoffs for submission of new bids and offers and for making incremental price com.
changes, will also be advanced by one hour. For comments or questions please
contact peter_stewart@platts.com, annalisa_jeffries@platts.com and jorge_ 08-Sep-05 Update on European Marketscan changes: Several of you
montepeque@platts.com. may have noticed that effective Tuesday, your e-mail containing the European
Marketscan contained two versions of the publication: the text version that you are
30-Aug-05 Review of NWE fuel oil barge market: Platts has conducted a reading now, and an Adobe Acrobat version. Both are attachments to the e-mail
review of the fuel oil barge market in North West Europe with a view to identifying you are sent every day. We are proud of the new Acrobat version, and believe

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METHODOLOGY AND SPECIFICATIONS GUIDE European Products

its clearer presentation will help its readers to more easily use the vast array nominations five calendar days prior to first delivery laycan day. Platts will switch
of information available in the Marketscan. To help ease the transition, e-mail to seven calendar days prior to first delivery laycan day, effective Sep 21. Any
subscribers to European Marketscan will continue to receive the text version of comments to annalisa_jeffries@platts.com and peter_stewart@platts.com with a
the European Marketscan along with this Adobe Acrobat pdf version. Both will be cc to Jorge_montepeque@platts.com
on attachment in your daily e-mail from Platts. However, after the issue of Friday,
December 30, only the Acrobat version will be sent to our readers. The text-only 21-Sep-05 Spot price assessments during hurricane season: In the
version will continue to be available on Platts EMIS information gateway, and to context of potential oil production, transportation and trading disruptions related
some real-time customers. One important improvement we ha ve done in o rder t o to the hurricane season, Platts clarifies that all spot price assessments will be
help smooth the transition is to provide a glossary (found on page 2 of the Acrobat published as usual as long as the related infrastructure and trading environment
file) that matches the text-version abbreviations for the products with the new, for a specific commodity remain operational. This policy will stay in place even if
clearer terms. Platts wants to make clear that no specifications for these products a particular Platts office (e.g. Houston) has to temporarily close for safety reasons.
have been changed. The only thing we are doing is using our greater space and Platts discloses publicly days of publication of its price assessments and indices,
appearance to spell out in more detail what each of the products are, and doing and times during each trading day in which Platts considers transactions in
away with often-confusing abbreviations. However, we know that people have determining its assessments and index levels. Publication dates and the assessment
become used to those abbreviations, and they are often written into contracts. The periods are subject to change in the event of outside circumstances that affect
text-version will continue to use those abbreviations while it is being delivered Platts’ ability to adhere to its normal publication schedule—network outages,
during the remainder of this year. This will give subscribers time, if they need it, to power failures, acts of terrorism, natural disasters and other situations resulting in
clarify with their counter parties the product descriptions carried in any commercial interruption in Platt s’ operations at one or more of its worldwide offices. Platts will
agreements. We know that Platts’ European refined product information will now endeavor, whenever feasible, to communicate publicly changes to its publication
be easier to access and understand with our new design. We would be glad to hear schedule and assessment periods, with as much advance notice as possible. For
from you at support@platts.com with any further comments or questions. Please questions/comments contact Gerald_Bueshel@platts.com or Jorge_Montepeque@
also feel free to contact our editorial staff in Europe for any comments regarding platts.com.
the design or nomenclature used in the new format.
26-Sep-05 Sep 26 IPE technical problems re: gasoil: Due to technical
09-Sep-05 Proposed changes NWE European gasoline assessments: problems at the IPE, gasoil futures did not trade around 17:30 London time (16:30
Following industry feedback, Platts proposes effective November 1 to standardize GMT) Monday, the time usually reflected in the IPE gasoil settlement. Platts’
cargo sizes reflected in its northwest European gasoline cargo assessments as assessments reflect prevailing values at 17:30 London time. As a result, the outright
follows: Premium gasoline 10ppm CIF cargo assessment to reflect 10,000 metric distillate prices for cargoes and barges will be calculated using Platts’ assessments
tonnes +/- 10% operational tolerance, basis North Sea with normal NWE charter of fixed price values at 17:30 London time as usual. Platts typically tracks both fixed
party options; Premium gasoline 50 ppm CIF cargo assessment to reflect 10,000 price as well as inter-product and crude-to-product relationships prevailing at 17:30
metric tonnes +/- 10% operational tolerance, basis Thames with normal NWE London time. This is in line with Platts’ published methodology regarding the time
charter party options; Premium gasoline 10ppm and 50 ppm FOB NWE assessments stamp for its assessments as well as the use of an alternative system to respond to
to reflect 30,000 metric tonnes +/- 10% operational tolerance, NWE basis any anomalous events. For any questions call Peter Stewart 00 44 207 176 6130 or
Rotterdam, with material from other locations considered at differentials. The Annalisa Jeffries 00 44 207 176 6115
existing standards encompass a range of cargo sizes from 10,000-30,000 metric
tonnes on both FOB and CIF. Any comments please to annalisa_jeffries@platts.c 03-Oct-05 Platts European MOC timings changes: Effective Oct 1,
om, simon_thorne@platts.com, peter_stewart@platts.com an d jorge_montep 2005, Platts will advance by one hour the timings for its European market-on-close
eque@p latts.com. assessment processes. From that date, Platts will reflect values at 16:30 London
time, rather than 17:30 London time currently, in its assessments for crude oil,
09-Sep-05 Review of European cargo operational tolerance: Platts is European oil products, oil derivatives and the main petrochemical products. Editorial
reviewing the standards used in Platts European oil products cargo assessments processes and protocols preceding the MOC assessment, including time cutoffs
relating to operational tolerance, in light of continuing extreme price volatility in for submission of new bids and offers and for making incremental price changes,
the market. Market participants have raised several concerns over the potential will also be advanced by one hour. For comments or questions please contact
cost and distortions associated with the current operational plus or minus 10% peter_stewart@ platts.com and annalisa_jeffries@platts.com.
tolerance. Platts requests subscriber feedback on the current volume tolerances
and comments on potential mechanisms that could be implemented to lower the 03-Oct-05 Platts seeks feedback on NWE jet specs: Following industry
operational tolerance or lower the financial risk associated with volume tolerances. feedback, Platts is conducting a review of NWE jet fuel standard specifications.
Platts will address this issue in coming weeks and welcomes comments, which Currently Platts assessments require that any jet fuel traded in NWE meet the
should be addressed to annalisa_jeffries@platts.com; peter_stewart@platts.com; Defstan 91 91 5 specification as issued by the UK Ministry of Defence on Feb 8
jorge_montepeque@platts.com. 2005. Platts requests further industry feedback on whether Platts assessments
parameters should be tightened to reflect jet fuel that meets both the Defstan 91
12-Sep-05 Mediterranean products ship nomination procedure: 91 5 and the Joint Fueling System Checklist. Platts understands that cargoes traded
Following subscriber feedback, Platts will change the ship nomination procedures within Europe typically meet both standards. The Joint Fueling System Checklist
acceptable for assessment purposes for deliveries of Mediterranean gasoil, requires jet fuel to meet the more stringent requirements of Defstan 91 91 5 and
gasoline and fuel oil. Currently, Platts includes in its assessments process ship the American Society for Testing & Materials’, Standard Specification D 1655-

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04a. Comments by October 7 should be addressed to Annalisa_jeffries@platts. 15-Dec-05 Platts invites views on Med gasoil assessment: SUBSCRIBER
com and alan_hayes@platts.com, with a cc to Peter_stewart@platt s.com, and NOTE: Platts invites industry views on whether any changes are required in the
jorge_montepeque@platts.com. parameters for its gasoil 0.2% assessments in the Mediterranean, given that Russian
material which forms the bulk of supply in the region may at times hold a premium to
03-Oct-05 Platts new MOC European oil products timings: Following regular grades for heating oil use only. Platts is not making any formal proposal at this
the switch to 16:30pm MOC Monday Oct 3, the new time parameters for all stage. Comments/feedback should be addressed by Dec 31 to Annalisa_Jeffries@platts.
European oil products are as follows: The cut off for any new cargo bids and com with a CC to Peter_Stewart@platts.com and Jorge_Montepeque@platts.com
offers is 15:45:00pm (London time). The cut off for all new barge bids and offers is
16.00.00pm (London time). The cut off for any incremental price changes for barges 29-Dec-05 Worldscale rates for Med naphtha calculations: Effective
and cargoes is 16.28.00pm (London time). Further details are available on the Jan 3, 2006 the Worldscale basket flat rate used to calculate FOB Mediterranean
following link. http://www.platts.com/Oil/Resources/Market%20Issues/window. naphtha will become $9.25. FOB Med naphtha is assessed as a freight differential
Any questions please contact Annalisa Jeffries on 00 44 207 176 6115. to the CIF Northwest Europe assessment. The actual rate applied to the netback
will fluctuate daily based on changes in Platts UKC-Med freight assessments for
07-Nov-05 New Instant Messenger names for LSFO and HSFO: Due to 27.5kt naphtha cargoes, applied against the $9.25/mt rate. The Worldscale flat
the increasing number of bids/offers and trade on fuel oil, Platts has set up two rate used to calculate the CIF MED Naphtha assessment will become $5.67 based
separate Yahoo Instant Messenger names to enhance communication: one for on published freight values between Alexandria and Lavera using Platts cross-Med
LSFO and one for HSFO. Platts has set up two names as follows: Plattsfueloil and clean tanker naphtha assessments.
Plattslsfo. Effective Wednesday Nov 9, Platts requests all LSFO bids and offers
to be sent to Plattlsfo and all HSFO bids and offers to be sent to plattsfueloil. Any 03-Jan-06 New worldscale rate for Med ULSD assessments: Effective
comments to annalisa_jeffries@platts.com, and peter_stewart@platts.com with a Jan 3, 2006 the Worldscale basket flat rate used to calculate FOB Med ULSD
cc to Jorge_montepeque@platts.com assessment will become $7.86. FOB Med gasoil 0.2% is assessed as a freight
differential to the CIF Med gasoil 0.2% assessment. The actual freight applied to
25-Nov-05 ARA 50 ppm ULSD barge assessment clarification: Platts the netback will fluctuate daily based on changes in Platts BSea-Med assessments
50 ppm sulfur ULSD FOB barges in the ARA region are assessed basis Antwerp. in the clean tanker wire for 30kt cargoes, applied against the $7.86/mt rate. Please
Earlier in the year, the Netherlands’ consumption switched from 50 ppm sulfur to note that the actual routes used in the calculation are unchanged from 2005, the
10 ppm sulfur. This switch prompted a change in the typical pattern of barge trade rate change simply reflects the new Worldscale flat rates that became effective in
from basis Rotterdam to basis Antwerp. Please submit comments to andrew_ the New Year. Please email lzbieta_rabalaska@platts.com, with cc to Annalisa_
bonnington@platts.com, annalisa_jeffries@platts.com, peter_stewart@platts.com jeffries@platts.com for further details if required.
and Jorge_montepeque@platts.com
03-Jan-06 New worldscale rate for Med diesel assessments: Effective
29-Nov-05 Platts tightens NWE jet assessment parameters: Following Jan 3, 2006 the Worldscale basket flat rate used to calculate FOB Med diesel
industry feedback regarding NWE jet fuel standard specifications, Platts 50ppm assessment will become $5.20. FOB Med ULSD is assessed as a freight
assessment parameters have been tightened. Platts now reflects jet fuel that differential to the CIF Med diesel 50ppm. The actual freight applied to the netback
meets the Defstan 91 91 5 specification as issued by the UK Ministry of Defence will fluctuate daily based on changes in Platts Med-Med assessments in the clean
and the Joint Fueling System Checklist. The Joint Fueling System Checklist tanker wire for 30kt cargoes, applied against the $5.20/mt rate. Please note that
requires jet fuel to meet the more stringent requirements of Defstan 91 91 5 the actual routes used in the calculation are unchanged from 2005, the rate change
and the American Society for Testing & Materials’, Standard Specification D simply reflects the new Worldscale flat rates that became effective in the New
1655-04a. Any comments should be addressed to Annalisa_jeffries@platts.com Year. Please email Andrew_bonnington@platts.com, with cc to Annalisa_jeffries@
and alan_hayes@platts.com, with a cc to Peter_stewart@platts.com, and jorge_ platts.com for further details if required.
montepeque@platts.com.
03-Jan-06 New worldscale rate for NWE diesel assessments: Effective
12-Dec-05 E-mails of European Marketscan text files to end: Subscriber Jan 3, 2006 the Worldscale basket flat rate used to calculate FOB NWE diesel
Note: With the end of the year, Platts is nearing the end of dual e- mail delivery 50ppm will be $5.75/mt, FOB NWE gasoil 0.2% $5.57/mt, FOB NWE diesel 50ppm
of European Marketscan as both a PDF file and a text-only file. When Platts UK $5.10/mt, and FOB NWE diesel 10ppm $4.69/mt. All diesel and gasoil FOB NWE
introduced the redesigned European Marketscan in September, we informed assessments are assessed as a freight differential to the CIF NWE assessments.
subscribers at that time that long-running text-only version would be delivered The actual freights applied to the netback will fluctuate daily based on changes in
through end-2005. The email European Marketscan subscibers have been receiving Platts cross UKC-UKC assessments in the clean tanker wire, applied against the
every day since then have contained a PDF file and a text file of the publicaion. respective 2006 flat rates. Further details are available on request. Please note
This text file will no longer be sent to e-mail subscribers after Dec 30. Customers that the actual routes used in the calculation are unchanged from 2005, the rate
who receive the text file through third-party distributors such as Reuters, or from change simply reflects the new Worldscale flat rates that became effective in the
Platts EMIS service, will continue to receive it. Please contact Platts at support@ New Year. Please email Andrew_bonnington@platts.com, and Elzbieta_rabalaska@
platts.com with any further comments or questions. Please also feel free to platts.com with cc to Annalisa_jeffries@platts.com for further details if required.
contact Platts’ editorial staff in Europe for any comments rega rding the design or
nomenclature used in the new format . A glossary o f thos e changes can be found 03-Jan-2006 Effective Jan 3, 2006 the Worldscale basket flat rate used
in the PDF version of the European Marketscan. to calculate FOB Med ULSD assessment will become $7.86. FOB Med gasoil 0.2%

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is assessed as a freight differential to the CIF Med gasoil 0.2% assessment. The 11-Jan-06 Proposed changes to NWE gasoline assessments: GASOLINE
actual freight applied to the netback will fluctuate daily based on changes in Platts SUBSCRIBER NOTE: In response to industry feedback, Platts proposes adjusting
BSea-Med assessments in the clean tanker wire for 30kt cargoes, applied against the existing methodology for assessing regular unleaded gasoline cargoes in
the $7.86/mt rate. Please note that the actual routes used in the calculation are Northwest Europe. Effective April 3, 2006 Platts proposes assessing FOB NWE
unchanged from 2005, the rate change simply reflects the new Worldscale flat Regular unleaded gasoline cargoes with the US netback acting as floor to the
rates that became effective in the New Year. Please email elzbieta_rabalaska@ assessment. The netback will be calculated using differentials to M-grade gasoline
platts.com, with cc to Annalisa_jeffries@platts.com for further deta ils if re quir ed. in New York harbor. CIF NWE regular unleaded gasoline cargo assessments will be
fixed as a freight differential using the cross-NWE freight assessments, published
03-Jan-2006 Effective Jan 3, 2006 the Worldscale basket flat rate used to in Platts clean tanker wire. Effective Jan 1 2007 Platts proposes discontinuing the
calculate FOB Med diesel 50ppm assessment will become $5.20. FOB Med ULSD is CIF assessments. Currently FOB and CIF NWE regular unleaded cargo assessments
assessed as a freight differential to the CIF Med diesel 50ppm. The actual freight are calculated as a differential to 50ppm unleaded gasoline assessments. The
applied to the netback will fluctuate daily based on changes in Platts Med-Med methodology for assessing CIF and FOB premium unleaded cargoes in NWE will
assessments in the clean tanker wire for 30kt cargoes, applied against the $5.20/mt not be adjuste d. Full details of the proposed netback calculation are av ailable on r
rate. Please note that the actual routes used in the calculation are unchanged from equest . Comments please to simon_thorne@platts.com, annalisa_jeffries@platts.
2005, the rate change simply reflects the new Worldscale flat rates that became com, peter_stewart@platts.com and jorge_montepeque@platts.com
effective in the New Year. Please email Andrew_bonnington@platts.com, with cc
to Annalisa_jeffries@platts.com for further details if requ ired. 11-Jan-2006 In response to industry feedback, Platts proposes adjusting
the existing methodology for assessing regular unleaded gasoline cargoes in
03-Jan-2006 Effective Jan 3, 2006 the Worldscale basket flat rate used to Northwest Europe. Effective April 3, 2006 Platts proposes assessing FOB NWE
calculate FOB NWE diesel 50ppm will be $5.75/mt, FOB NWE gasoil 0.2% $5.57/ Regular unleaded gasoline cargoes with the US netback acting as floor to the
mt, FOB NWE diesel 50ppm UK $5.10/mt, and FOB NWE diesel 10ppm $4.69/mt. All assessment. The netback will be calculated using differentials to M-grade gasoline
diesel and gasoil FOB NWE assessments are assessed as a freight differential to in New York harbor. CIF NWE regular unleaded gasoline cargo assessments will be
the CIF NWE assessments. The actual freights applied to the netback will fluctuate fixed as a freight differential using the cross-NWE freight assessments, published in
daily based on changes in Platts cross UKC-UKC assessments in the clean tanker Platts clean tanker wire. Effective Jan 1 2007 Platts proposes discontinuing the CIF
wire, applied against the respective 2006 flat rates. Further details are available on assessments. Currently FOB and CIF NW E regul ar unl eaded cargo assessments
request. Please note that the actual routes used in the calculation are unchanged are calculated as a differential to 50ppm unleaded gasoline assessments. The
from 2005, the rate change simply reflects the new Worldscale flat r at es t hat be methodology for assessing CIF and FOB premium unleaded cargoes in NWE will
came effective in the New Year. Please email Andrew_bonnington@platts.com, and not be adjusted. Full details of the proposed netback calculation are available on
Elzbieta_rabalaska@platts.com with cc to Annalisa_jeffries@platts.com for further request. Comments please to simon_thorne@platts.com, annalisa_jeffries@platts.
details if required. com, peter_stewart@platts.com and jorge_montepeque@platts.com

04-Jan-06 Worldscale rate for European fuel oil freight: Effective Jan 23-Jan-06 Specifications for Europe fuel oil assessments: Following
3, the Worldscale basket flat rate used to calculate cross NWE high sulfur fuel industry feedback, Platts will reflect in its North West European low sulfur straight-
oil freight will be $5.40/mt, cross Med high and low sulfur fuel oil freight will run fuel oil assessments the following specifications: Sulfur 0.5-0.7%, normalized
be $5.00/mt, cross NWE low sulfur fuel oil $4.80/mt, and NWE-Med low sulfur to 0.6% CCR max 7 Density 0.935-0.95 at 15 degrees, Viscosity 200cst max at 50
fuel oil $8.25/mt. Respective rates used in 2005 were cross NWE high sulfur degrees Vanadium 10ppm Sodium 10ppm Nickel 10ppm The parcel size will
fuel oil freight $5.0/mt, cross Med high and low sulphur fuel oil freight $4.60/ remain as 25,000-30,000mt. Cargoes up to 50,000mt maybe taken into account
mt, cross NWE low sulfur fuel oil $4.45/mt, and NWE-Med low sulfur fuel oil when arbitrage opportunities occur.
$7.40/mt. Please note on both high and low sulfur FOB/CIF differentials reflect
actual market conditions and are not set according to a fixed freight netback. As 23-Jan-2006 Following industry feedback, Platts will reflect in its
such the differentials may be affected by arbitrage openings and other market North West European low sulfur straight-run fuel oil assessments the following
factors. Any comments please email Vanessa_ronsisvalle@platts.com with cc to specifications: Sulfur 0.5-0.7%, normalized to 0.6% CCR max 7 Density 0.935-0.95
Annalisa_jeffries@platts.com at 15 degrees, Viscosity 200cst max at 50 degrees Vanadium 10ppm Sodium
10ppm Nickel 10ppm The parcel size will remain as 25,000-30,000mt. Cargoes
04-Jan-2006 Effective Jan 3, the Worldscale basket flat rate used to up to 50,000mt maybe taken into account when arbitrage opportunities occur.
calculate cross NWE high sulfur fuel oil freight will be $5.40/mt, cross Med high
and low sulfur fuel oil freight will be $5.00/mt, cross NWE low sulfur fuel oil $4.80/ 03-Feb-06 Changes to ARA barge bids, offers assessments: Effective
mt, and NWE-Med low sulfur fuel oil $8.25/mt. Respective rates used in 2005 were Wednesday February 8 and following industry feedback regarding barge nomination
cross NWE high sulfur fuel oil freight $5.0/mt, cross Med high and low sulphur procedures in the ARA oil products market, Platts will start to reflect barge bids
fuel oil freight $4.60/mt, cross NWE low sulfur fuel oil $4.45/mt, and NWE-Med and offers on a Wednesday 5-15 days forward. This is to better reflect the two full
low sulfur fuel oil $7.40/mt. Please note on both high and low sulfur FOB/CIF working days nomination procedure required in the NWE barge market. Monday
differentials reflect actual market conditions and are not set according to a fixed and Tuesday loading dates will remain 3-15 days forward, and Thursday and Friday
freight netback. As such the differentials may be affected b y arbit ra ge o pening s 5-15 days forward. Platts is considering adapting the same standard of 5-15 days
and other market factors. Any comments please email Vanessa_ronsisvalle@platts. throughout the whole week. Please send any comments please to annalisa_jeffries@
com with cc to Annalisa_jeffries@platts.com platts.com, cc peter_stewart@platts.com and jorge_montepeque@platts.com.

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03-Feb-2006 Effective Wednesday February 8 and following industry frivolous, such a low bids or a high offers that does not represent market value.
feedback regarding barge nomination procedures in the ARA oil products market, Platts reflects incremental changes in bid/offer levels that give a counterparty
Platts will start to reflect barge bids and offers on a Wednesday 5-15 days forward. ample time to execute. In practice, improvements in bid/offer levels in excess of
This is to better reflect the two full working days nomination procedure required in $1.00/mt per minute may be seen as excessive. Platts may vary these parameters
the NWE barge market. Monday and Tuesday loading dates will remain 3-15 days without notice, depending on market conditions. Buyers and sellers can retreat at
forward, and Thursday and Friday 5-15 days forward. Platts is considering adapting any point on a non-incremental basis but any subsequent improvements in bids/
the same standard of 5-15 days throughout the whole week. Please send any offers must be made incrementally from the level to which the buyer or seller
comments please to annalisa_jeffries@platts.com, cc peter_stewart@platts.com retreated. If a buyer or seller retreats to a level considered frivolous, such a bid or
and jorge_montepeque@platts.com. offer will be excluded from the assessment process.

07-Feb-06 1.5% SFO Rotterdam basis assess proposal on Apr 3: In 31-Mar-2006 Effective March 31, in the light of industry feedback
light of new regulations by the International Convention for the Prevention of Platts will revert to reflecting only intermediate specification diesel in the
Pollution from ships (Marpol), Platts proposes to start assessing 1.5% sulphur 10ppm barge market assessment. Effective April 3 Platts will reflect both
fuel oil FOB barge assessment basis Rotterdam Apr 3 , 2006. The Marpol intermediate and summer grades of 10ppm diesel with summer specification
regulations limit sulphur in fuel oil used in bunkers to a maximum of 1.5% in having an increasing weighting until April 11. From April 12 summer
certain designated areas including the Baltic Sea. Platts invites comments to this specification will be full reflected.
proposal to be submitted no later than Feb 28, 2006. Please send any comments
to vanessa_ronsisvalle@platts.com and annalisa_jeffries@platts.com with a cc to 31-May-2006 Effective June 1, Platts will add a 1630 London time $/rouble
Peter_stewart@platts.com, and jorge_montepeque@platts.com exchange rate to the foreign exchange rates carried in Platts European Marketscan
and Platts Global Alert page 317. For comments/feedback please contact: jorge_
07-Feb-2006 In light of new regulations by the International Convention montepeque@platts.com, CC annalisa_jeffries@platts.com
for the Prevention of Pollution from ships (Marpol), Platts proposes to start
assessing 1.5% sulphur fuel oil FOB barge assessment basis Rotterdam Apr 3 , 02-Jun-2006 In recognition of the growing maturity and liquidity
2006. The Marpol regulations limit sulphur in fuel oil used in bunkers to a maximum surrounding global trade in freight derivatives, Platts will launch a series of new
of 1.5% in certain designated areas including the Baltic Sea. Platts invites forward freight assessments, effective 12 June. Platts Forward Curve-Freight
comments to this proposal to be submitted no later than Feb 28, 2006. Please send service will include assessments for 18 crude, refined product and dry bulk tanker
any comments to vanessa_ronsisvalle@platts.com and annalisa_jeffries@platts. swap or FFA markets for swap periods as far as two calendar years forward. These
com with a cc to Peter_stewart@platts.com, and jorge_montepeque@platts.com will reflect transactable values on an End-of Day, Market-on Close basis as at
1530 London time, and will be published daily at 1630 London time. If you have
08-Feb-06 Clarification of European products assessments: European any queries or need further information please contact mike_davis@platts.com,
products assessment methodologies, including those for fuel oil, gasoline, naphtha magnus_berge@platts.com, paul_hailey@platts.com, or pau l_wight ma n@pl
and middle distillates such as jet fuel remain unchanged. These assessments atts.c om
are transparently derived from fixed-price and floating-price bids, offers and
transactions. For instance, Platts considers in the assessment process both futures 16-Jun-2006 In recent months, Platts has been tracking price
and Platts-related transactions. Platts has been using these methodologies without developments in the domestic Russian crude market and presented the results
interruption since 2002. For further details please download the methodology of this market coverage at a recent forum in Moscow. Platts will provide daily
documents available at www.platts.com. coverage of this market on Platts Global Alert from June 19. Platts market coverage
has been focusing on Urals pipeline crude grades on a free in pipeline basis Ufa,
08-Feb-2006 Platts European products assessment methodologies, Bashkortostan. The crude market values reflect 1630 Moscow time as traded
including those for fuel oil, gasoline, naphtha and middle distillates such as jet fuel for typical traded pipeline qualities and quantities. Market information will be
remain unchanged. These assessments are transparently derived from fixed-price published on PGA page 3. For comment and market information please contact
and floating-price bids, offers and transactions. For instance, Platts considers in yahoo ID plattsruscrude or +44 207 176 6166, Corneliu_Tataru@platts.com,
the assessment process both futures and Platts-related transactions. Platts has Elza_Turner@p latts.c om , An nalisa _Jeffries@platts.com, Jorge_Montepeque@
been using these methodologies without interruption since 2002. For further details platts.com, Peter_Stewart@platts.com, Gerald_Bueshel@platts.com. Platts has
please download the methodology documents available at www.platts.com. also been tracking price developments in the domestic Russian products market.
Platts will provide daily coverage of this market on Platts Global Alert from June
10-Mar-06 New 1.5% sulfur fuel oil Rotterdam bunkers London(Platts): 19. Platts market coverage has been focusing on Normal Unleaded, Regular
Following subscriber feedback and in light of new regulations by the International Unleaded, Premium Unleaded, Diesel 0.2, Low Sulfur Fuel Oil and Fuel oil 3.5%
Convention for the Prevention of Pollution from ships (Marpol), Platts will start M-100 on FCA PFD (Privolzhsky Federal District)/Ufa basis and FCA CFD (Central
1.5PCT sulphur fuel oil bunkers delivered basis Rotterdam May 22 2006, for both Federal District)/Moscow basis. The products market values reflect 1630 Moscow
380cst and 180cst. May 22. The Marpol regulations limit sulfur in fuel oil used in time as traded for typical traded qualities and quantities. Market information will
bunkers to a maximum of 1.5% in certain designated areas including the Baltic Sea. be published on PGA page 5. For comment and market information please contact
yahoo ID plattsrusproducts or +44 207 176 6166, Corneliu_Tataru@platts.com,
2-Mar-06 Protocols on bids/offers deemed frivolous: CLARIFICATION Simon_Thorne@platts.com, Annalisa_Jeffries@platts.com, Jorge_Montepeque@
NOTE: Platts reserves the right not to publish any bids or offers considered platts.com, Peter_Stewart@platts.com.

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30-Jun-2006 Platts gasoline, fuel oil and gasoil CIF Mediterranean product current technology for repeatable testing the bio-content of hydrocarbon diesel and
assessments reflect bids and offers which specify load port and vessel nomination is also in line with analysis following the Platts biodiesel web forum held on June
7 calendar days prior to the 1st day of the laycan. For assessment purposes Platts 25, 2007. Comments please to jonathan_davies@platts.com and simon_thorne@
reflects bids and offers where the seller has the obligation to narrow the delivery platts.com with a CC to peter_stewart@platts.com, jorge_montepeque@platts.com
range to a 3 day laycan, 5 calendar days prior to the 1st day of the laycan. Platts and methodologyissues@platts.com
gasoline, fuel oil and gasoil CIF Northwest European assessments reflect bids and
offers which specify load port and vessel nomination 5 calendar days prior to the 13-July-2007 Platts is considering reflecting Russian 0.2% gasoil from
first day of the laycan. For assessment purposes Platts reflects bids and offers storage in the Sea of Marmara as part of the CIF Mediterranean 0.2% sulfur gasoil
where the seller has the obligation to narrow the de li very range to a 3 day laycan, assessments. Platts invites feedback and comments to corneliu_tataru@platts.
5 calendar days prior to the 1st day of the laycan. Comments please to vanessa_ com with a CC to simon_thorne@platts.com, peter_stewart@platts.com, jorge_
ronsisvalle@platts.com; simon_thorne@platts.com; annalisa_jeffries@platts.com montepeque@platts.com and methodologyissues@platts.com

30-Jun-2006 Following industry feedback, and in light of changes to the 20-July-2007 Effective August 1, 2007, Platts will reflect CIF Northwest
RMG 35 bunker grade specifications, as updated by the International Standards Europe gasoline, jet fuel, diesel, gasoil and fuel oil cargoes and CIF Mediterranean
Organization, Platts is inviting feedback on whether to change the current bunker gasoline, diesel and fuel oil cargoes that stipulate vessel nomination and narrowing
fuel specification required for the Northwest European and Mediterranean fuel to a 3 day delivery range by the earliest of either 5-calendar or 3-working days
oil assessments. Comments please to vanessa_ronsisvalle@platts.com; simon_ prior to the first day of the actual delivery range. In the case of CIF Mediterranean
thorne@platts.com; annalisa_jeffries@platts.com gasoil cargoes, the vessel nomination and narrowing should be made by the earliest
of either 7-calendar or 5-working days prior to the first day of the actual delivery
11-June-2007 In response to market analysis and industry feedback range. Comments please to simon_thorne@platts.com, peter_stewart@platts.com,
regarding current trading conditions and liquidity patterns effective October 1, jorge_montepeque@platts.com and methodologyissues@platts.com
2007 Platts will launch 0.1% sulfur gasoil assessments for barges FOB Rotterdam
and cargoes FOB and CIF NWE. These will run concurrently with the existing 0.2% 12-November-2007 Effective April 2, 2008 and in line with changing market
gasoil assessments in ARA and NWE. Platts will continue to monitor trade in the conditions and industry feedback, Platts will modify the specifications that it
0.2 gasoil market to determine whether, and for how long, those assessments reflects in the 1% fuel oil ARA barge market assessments. A maximum specific
should continue. Platts will continue to monitor trading patterns of 0.1% and gravity of 0.998 mg/kg, a maximum water content of 0.5%, a maximum aluminum
0.2% gasoil in the Mediterranean to determine whether an assessment would and silicon content of 120ppm, and a total sediment potential of 0.10 will be
be appropriate. Previously Platts had proposed launching assessments of 0.1% reflected. Platts currently normalizes its assessment to 1.005 mg/kg density and
gasoil barges in ARA, FOB and CIF cargoes in NWE and FOB and CIF cargoes in 1% water. There are currently no limitations on aluminum and silicon content and
the Mediterranean from July 1, 2007. Comments please to corneliu_tataru@platts. total sediment potential. Platts will continue to consider in its assessment process
com and simon_thorne@platts.com with a CC to peter_stewart@platts.com, jorge_ typical 1% market activity normalized to the new specifications. Comments please
montepeque@platts.com and methodologyissues@platts.com to andrew_bonnington@platts.com with a CC to simon_thorne@platts.com, jorge_
montepeque@platts.com and methodologyissues@platts.com
26-June-2007 Effective July 15 and following a period of consultation with
the industry Platts proposes to reflect 3.5% FOB fuel oil barges with a minimum size 27-November-2007 Platts is considering launching a 0.1% sulfur gasoil CIF
of 2,000 mt and a maximum size of 5,000 mt. Previously Platts assessed 3.5% fuel cargo Mediterranean assessment starting January 2, 2008. The assessment will
oil barges between 1,000 and 5,000 mt. Comments please to elzbieta_rabalska@ also include a 0.1% sulphur gasoil FOB cargo number for the Mediterranean which
platts.com, andrew_bonnington@platts.com with a CC to simon_thorne@ will be a fixed freight netback. A new basket of rates to reflect the different trade
platts.com, peter_stewart@platts.com, jorge_montepeque@platts.com and flow will be announced shortly. The CIF assessment would reflect 25,000-30,000
methodologyissues@platts.com mt cargoes on a CIF delivered 10-25 days forward Genoa basis. The assessment
reflects generally merchantable qualities for heating oil use in-line with the current
3-July-2007 Effective August 1 and following consultation with the 0.2% sulfur gasoil CIF Med assessment. Standard gasoil nomination procedures
industry and an open methodology forum in Rome on June 12 Platts plans to would apply where the seller nominates a vessel and narrows to a three day
price both 1% and 3.5% FOB fuel oil cargo assessments in the Mediterranean as laycan by the earliest of 7-calendar or 5-working days prior to the first day of the
a freight net back to the 1% and 3.5% CIF fuel oil assessments. The Worldscale actual three day delivery range. This new assessment will run concurrently with
basket flat rate used to calculate the FOB Med 1% and 3.5% assessments for 2007 the existing 0.2% gasoil assessments in the Mediterranean. Platts invites feedback
will be $5.60/mt. The actual freights applied in the net back will fluctuate daily on this proposal to corneliu_tataru@platts.com with a CC to simon_thorne@
based on changes in the Platts 30kt cross-Med freight assessments as published in platts.com, jonathan_davies@platts.com, jorge_montepeque@platts.com and
Dirty Tankerwire. Comments please to andrew_bonnington@platts.com and simon_ methodologyissues@platts.com.
thorne@platts.com with a CC to peter_stewart@platts.com, jorge_montepeque@
platts.com and methodologyissues@platts.com 13-December-2007 Platts will start publishing 0.1% sulfur European gasoil
assessments for cargoes CIF and FOB Mediterranean effective January 2, 2008. The
6-July-2007 Effective August 1 Platts proposes to define non-intentionally assessment will reflect material with quality specifications congruent with Spanish
blended trace elements of biodiesel in hydrocarbon diesel assessments as diesel B&C 0.1% sulfur gasoil. The assessment will reflect 25,000-30,000 mt cargoes on
with a maximum biodiesel content of no more than 0.30%. This is in line with the a CIF delivered 10-25 days forward on a Genoa delivery basis. The FOB assessment

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will be a freight netback from CIF Genoa using a basket of ports including formulation of the assessment. Comments please to simon_thorne@platts.com,
Novorossiisk, Batumi and Malta. Standard gasoil nomination procedures would andrew_bonnington@platts.com
apply where the seller nominates a vessel and narrows to a three day laycan by the
earliest of 7-calendar or 5-working days prior to the first day of the actual three day 27-March-2008 Platts has created the following codes dirty tanker codes:
delivery range. This new assessment will run concurrently with the existing 0.2% AAWIK00, Bosporus Days Northbound Delays and AAWIL00, Bosporus Days
gasoil assessments in the Mediterranean. Comments please to corneliu_tataru@ Southbound Delays. The codes represent the number of days’ delay for tanker
platts.com with a CC to simon_thorne@platts.com, jonathan_davies@platts.com, traffic northbound and southbound through the Bosporus region for which the
jorge_montepeque@platts.com and methodologyissues@platts.com. charterer is liable for payment. Platts defines the Bosporus region as including the
Bosporus and Dardanelle Straits in Turkey. These new assessments were launched
19-December-2007 Effective Jan 2, 2008 the Worldscale flat rate used to April 1, 2008, and the new assessments will be carried in the Dirty Tankerwire.
calculate the netback formula for FOB Med 50ppm diesel becomes $6.60 per metric
tonne. The Worldscale flat rate used to calculate the netback formula for FOB NWE 1-April-2008 Effective March 31, and in response to UK road fuel
50ppm diesel becomes $6.63 per metric tonne. The Worldscale flat rate used to legislation, Platts has discontinued the CIF and FOB diesel 50ppm UK cargo
calculate the netback formula for the FOB NWE 50ppm UK grade becomes $5.85 per assessments. Comments please to tim_worledge@platts.com and simon_thorne@
metric tonne (Please note that the FOB and CIF NWE 50ppm UK assessment will be platts.com with a CC to jorge_montepeque@platts.com and methodologyissues@
discontinued as of March 31, 2008). The Worldscale flat rate used to calculate the platts.com
netback formula for the FOB NWE 10ppm diesel becomes $5.35 per metric tonne.
14-May-2008 Effective January 2, 2009 and due to changes in the flows
19-December-2007 Effective Jan 2, 2008 the Worldscale flat rate used to of European regular gasoline, Platts will discontinue the FOB regular gasoline barge
calculate the netback formula for FOB Med 0.1% gasoil will be $7.49 per metric assessment. The existing 10ppm premium FOB gasoline barge will continue to be
tonne. The Worldscale flat rate used to calculate the netback formula for FOB NWE assessed. Platts had previously proposed to discontinue the FOB regular gasoline
0.1% gasoil becomes $6.86 per metric tonne. Flat rate used to calculate the netback barge assessment from July 1, 2008. Comments please to andrew_bonnington@
formula for FOB Med 0.2% gasoil becomes $9.03 per metric tonne. The Worldscale platts.com with a CC to simon_thorne@platts.com, jorge_montepeque@platts.com
flat rate used to calculate the netback formula for FOB NWE 0.2% gasoil becomes and methodologyissues@platts.com
$6.86 per metric tonne
20-May-2008 Effective July 1 2008, Platts clean and dirty regional
4-January-2008 Platts high sulfur fuel oil barge assessments in Northwest freight rates will be assessed following Singapore and UK holiday schedules.
Europe reflect normal tradeable qualities in line with RMG 380 Northwest Europe Freight routes originating in Asia and the Middle East will be assessed fully in
reflect normal tradeable qualities in line with RMG 380 bunker grade material. line with Singapore holidays. Freight routes originating in Europe, Africa, the
Typically such material should contain no more than 0.5% of water. Comments US and the Caribbean will be assessed in line with the UK holiday schedule. For
please to andrew_bonnington@platts.com comment or further clarification please contact pradeep_rajan@platts.com, Yahoo:
platts_asia_shipping; william_bathurst@platts.com, yahoo: cleantankerplatts and
24-January-2008 Effective April 1 2008, and in response to subscriber Plattsdirtytanker and methodologyissues@platts.com
feedback, clean and dirty freight rates for the east of Suez tanker markets will be
assessed from the Platts Singapore office. These values will be assessed at the 27-June-2008 Following a period of industry engagement and in response
close of the Asian assessment process, at 4.30pm Singapore time (0830 GMT). The to EU regulations requiring a further reduction of sulfur in road fuels, Platts will
previous Platts practice was to assess east of Suez tanker markets from the London launch new CIF and FOB cargo assessments of 10ppm diesel in Northwest Europe.
office reflecting market conditions prevailing at 1630 London time, after the Asian The new CIF cargo assessment, diesel 10ppm NWE, will start October 1, 2008
market was closed. In addition, from April 1 2008, the Asian oil product netbacks and will reflect 20kt +/- 10% French specification diesel cargoes basis Le Havre
— such as naphtha and fuel oil — will be calculated using the same day’s freight with normal charterparty options. The new FOB NWE cargo assessment will be
assessments. Prior to this date, Asian oil product netbacks were calculated using calculated as a freight derived netback from the new CIF assessment using daily
freight assessments published in Europe. Contact details will be as follows: freight rates as published in the Platts Clean Tankerwire. As part of the 10ppm
telephone, +65 6530 6487; yahoo: platts_asia_shipping NWE launch Platts is reviewing shipping obligations and requirements in the
region’s diesel market including France and Spain to ensure proper adherence to
24-January-2008 Platts FOB Northwest European and FOB Mediterranean oil Platts editorial guidelines. Furthermore, the existing CIF and FOB assessments of
product cargo assessments reflect market activity where the seller nominates the 50ppm French specification diesel basis Le Havre will be discontinued on the last
loading terminal 7-days ahead of the first day of the 5-day laycan. Additionally, trading day of 2008. Comments please to simon_thorne@platts.com, andrew_
Platts reflects cargoes which stipulate the buyer must nominate the vessel 7 bonnington@platts.com, tim_worledge@platts.com, jorge_montepeque@platts.com
calendar days ahead of the first day of the original 5-day laycan. Buyer must also and methodologyissues@platts.com
narrow the 5-day laycan to a 3-day laycan at the same time. Comments please
to andrew_bonnington@platts.com and simon_thorne@platts.com with a CC to 27-June-2008 Following a period of industry engagement and in response
jorge_montepeque@platts.com and methodologyissues@platts.com to EU regulations requiring a further reduction of sulfur in road fuels, Platts will
launch new CIF and FOB cargo assessments of 10ppm diesel in the Mediterranean.
1-March-2008 Platts views CIF refined product cargo bids which stipulate The new CIF cargo assessment, diesel 10 ppm, will launch November 1, 2008 and
the bidder’s GT&C’s as restrictive. Such indications will not be used in the will reflect 25-30kt French specification diesel cargoes basis Lavera with normal

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METHODOLOGY AND SPECIFICATIONS GUIDE European Products

charterparty options. The new FOB Mediterranean cargo assessment will be 10-September-2008 Effective immediately and due to changes in trading
calculated as a freight derived netback from the CIF assessment using daily freight paterns in the Spanish port of Ceuta, Platts will assess delivered bunker prices
rates as published in the Platts Clean Tankerwire. Furthermore, the existing CIF and in the port at a market related premium to ex-pipe prices. The premium will be
FOB assessments of 50ppm French specification diesel in the Mediterranean will be assessed using previous trading patterns in Ceuta and the premium observed in
discontinued on the last trading day of 2008. Comments please to simon_thorne@ neighboring ports. Comments please to Chris_Vowden@platts.com, William_
platts.com, andrew_bonnington@platts.com, tim_worledge@platts.com, jorge_ Bathurst@platts.com, Simon_Thorne@platts.com and methodologyissues@
montepeque@platts.com and methodologyissues@platts.com platts.com

30-June-2008 Effective November 14, 2008 Platts will set the CIF Diesel 1-October-2008 The Platts 10ppm CIF NWE gasoline cargo assessment
10ppm NWE (basis Hamburg) assessment at parity to the ULSD 10 ppm CIF (AAXFQ00) reflects EN228 specification gasoline with a maximum oxygen content of
(basis ARA) assessment. Furthermore, the CIF and FOB Diesel 10ppm NWE (basis 0.9% weight by oxygen. The oxygenate limit enables companies to operate within
Hamburg) assessments will be discontinued on the last trading day of 2009. From the guidelines of the Renewable Transport Fuels Obligation (RTFO). Comments
September 1, 2008 Platts will launch a new Diesel 10ppm FOB NWE assessment. please to andrew_bonnington@platts.com with a CC to simon_thorne@platts.com
The new FOB assessment will be calculated as a freight derived netback from the and methodologyissues@platts.com.
CIF basis ARA assessment using daily freight rates as published in Platts Clean
Tankerwire. Comments please to simon_thorne@platts.com, andrew_bonnington@ 3-November-2008 After a period of industry consultation, Platts will discontinue
platts.com, tim_worledge@platts.com, the 0.2% sulfur gasoil Mediterranean CIF and FOB cargo assessments effective the
last trading day of 2009. Comments please to andrew_bonnington@platts.com with
1-July-2008 Further to a proposal originally released in February 2008, a CC to simon_thorne@platts.com and methodologyissues@platts.com.
Platts is discontinuing the 0.2% sulfur gasoil barge assessment, basis ARA and
the Northwest European FOB and CIF cargo assessments on the last trading day of 1-November-2008 Effective January 2, 2009 and following industry feedback,
2008. The existing 0.1% sulfur FOB barge assessment and the Northwest European Platts will link the CIF Mediterranean gasoline assessment to the FOB Med gasoline
and Mediterranean FOB and CIF cargo assessments will continue to be published. as a freight netback using cross-Med freight rates published daily in Platts Clean
tankerwire. Comments please to andrew_bonnington@platts.com with a CC to
1-July-2008 Effective August 1 and following significant changes to the simon_thorne@platts.com and methodologyissues@platts.com.
consumption patterns of 0.2% gasoil, Platts will reflect merchantable 0.2% gasoil
that is congruent in specification with typical demands in the region. Previously 15-December-2008 Effective January 2, 2009 the Worldscale flat rate used to
Platts had reflected 0.2% gasoil that was merchantable and in line with generic calculate the netback formula for CIF Med premium gasoline 10ppm will be $7.04
requirements for a heating oil. Comments please to andrew_bonnington@platts. /mt. Comments please to andrew_bonnington@platts.com with a CC to simon_
com with a CC to simon_thorne@platts.com and methodologyissues@platts.com. thorne@platts.com and methodologyissues@platts.com.

1-August-2008 Due to changes in EU legislation and in response to industry 5-February-2009 Platts CIF Northwest European Jet assessments typically
feedback, Platts will discontinue the gasoline 50ppm CIF Northwest European cargo reflect the value of spot jet A1 at ports capable of accepting a part cargo of 30,000
assessment and the 10ppm CIF Northwest European cargo assessment on the last mt +/- 10 pct operational tolerance from a LR1 vessel. Therefore, currently Platts
trading day of 2008. Furthermore, Platts will launch a new CIF cargo assessment on assessments do not include UK’s Isle of Grain and Killingholme among other ports
October 1, 2008. The new CIF Gasoline NWE 10ppm assessment will reflect typical only capably of accepting smaller ships. Platts routinely reviews these standards
grades and sized of gasoline traded in the Northwest European market but will be as ports facilities and logistics are modified. For any comments please contact
normalized to UK specification, basis Thames on 10kt vessels. Comments please to Andrew_bonnington@platts.com, with a CC to simon_thorne@platts.com and
simon_thorne@platts.com, methodologyissues@platts.com.

3-September-2008 Due to subscriber feedback, Platts will now launch the 11-February-2009 Platts reflects undyed material in the 0.1% sulfur FOB
new ULSD 10 ppm CIF and FOB Mediterranean cargo assessments on October 1 Rotterdam barge assessment. A buyer has the right to request that the product can
2008, in line with the Northwest Europe 10 ppm basis Le Havre CIF and FOB cargo be dyed at the buyers expense at the loadport while the seller can not unreasonably
assessments. Comments please to andrew_bonnington@platts.com with a CC to withhold such a request from the buyer. Comments please to andrew_bonnington@
simon_thorne@platts.com and methodologyissues@platts.com. platts.com and simon_thorne@platts.com

8-September 28 Following industry feedback and effective immediately, 16-February-2009 Within Platts European Biodiesel and FAME 0 assessments,
Platts is reviewing its assessment process in European oil products markets and it Platts reflects material with a minimum of 99.9% biodiesel and excludes tax
will reflect FOB bids/offers and transactions where bids and offers are expressed in refunds or other rebates. Comments please to Vanessa_ronsisvalle@platts.com,
reference to a basis port. However, should delivery occur from a different location andrew_bonnington@platts.com and simon_thorne@platts.com
than the basis port, the seller will compensate the buyer if that different loading
location results in a higher cost to the buyer. Conversely, the buyer will compensate 14-April-2009 Platts reflects in its Northwest European and Mediterranean
the seller if the different loading location resukts in a cost saving to the buyer. refined product cargo assessments material which is sold as REACH compliant
Comments please to simon_thorne@platts.com, andrew_bonnington@platts.com, where the market requires. Comments please to europe_products@platts.com with
jorge_montepeque@platts.com and methodologyissues@platts.com. a CC to price_group@platts.com

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METHODOLOGY AND SPECIFICATIONS GUIDE European Products

22-April-2009 Effective May 15, 2009 Platts European gasoline barge Comments should be directed to europe_products@platts.com and pricegroup@
assessments will no longer reflect full window bids or offers, where the buyer platts.com
retains the option to nominate loading dates at any point in the loading period.
Platts will continue to reflect bids and offers which specify 5 day loading periods. 18-June-2009 Effective January 4, 2010 and in line with changing market
For example, either the front 5 days of the loading period, the middle 5 days of requirements, Platts proposes reflecting full RMG 380 specifications in the Fuel
the loading period or the back 5 days of the loading period. This brings Platts Oil 1% FOB Rotterdam barge assessment, bringing specific gravity to 0.991 mg/
European gasoline barge assessments in line with all other refined product barge kg, a maximum aluminum plus silicon of 80 ppm and maximum viscosity of 380
assessments. Comments please to europe_products@platts.com with a CC to cst. Platts currently reflects material with a maximum specific gravity of 0.998 mg/
pricegroup@platts.com kg, a maximum aluminum and silicon content of 120ppm and a maximum viscosity
of 420cst. Comments should be directed to europe_products@platts.com and
15-May-2009 Effective May 15, 2009, Platts will extend European pricegroup@platts.com
product Market on Close assessment processes where a valid re-bid/re-offer is
submitted no later than 20 seconds from the close of the MOC. The extension will 18-June-2009 Platts considers in its European refined oil product barge
remain three minutes in duration and is designed to fully test market levels. For assessment processes transactions where buyer and seller have agreed to a
comments please contact pricegroup@platts.com, europe_products@platts.com, five day loading range for the barge. For purposes of measuring the impact of
asia_products@platts.com. the contango or backwardation in the assessment process, Platts will assign the
value of the transaction to the middle of the loading date range with effect from
9-June-2009 Effective July 1, 2009 and following subscriber feedback, July 1, 2009. Comments should be directed to europe_products@platts.com and
Platts proposes to launch new assessments of EuroBob 10ppm gasoline barges. The pricegroup@platts.com
assessment will reflect oxygenated EuroBob barges of 1kt, basis ARA. All timings
and assessment parameters will be as per the Platts ARA barge market guidelines. 19-June-2009 Effective July 1, 2010 and in line with changing
Comments should be directed to europe_products@platts.com and pricegroup@ requirements for the content of sulfur in fuel oil consumed by ships in European
platts.com waters, Platts proposes to discontinue the fuel oil 1.5% FOB Rotterdam barge
assessment. Platts introduced the 1.5% assessment on April 1, 2006 in response
9-June-2009 Platts CIF refined product cargo assessments in Northwest to new regulations by the International Convention for the Prevention of Pollution
Europe and in the Mediterranean reflect offers where the seller has the option to from ships (Marpol). As of July 1, 2010 the Marpol regulations limit sulfur in fuel
make final delivery on a vessel that had received its cargo on a ship-to-ship basis. oil used in bunkers to a maximum of 1% in designated areas including the Baltic
Should the seller elect to deliver a CIF cargo that has loaded on a ship-to-ship Sea. Accordingly, Platts will continue to assess fuel oil 1% barges in the ARA
basis, the binding quantity and quality would be established on a ship’s composite region, but proposes from January 4, 2010, to amend the location basis of the
basis in the final delivering vessel. The seller may not unreasonably withhold a 1.0% assessment from Antwerp to Rotterdam in line with bunker fuel consumption
buyer’s request for title to transfer after the separation of the vessels involved in patterns. Comments should be directed to europe_products@platts.com and
the ship-to-ship transfer. Furthermore, Platts reflects offers which grant the buyer pricegroup@platts.com.
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 1-July-2009 Effective the last trading day of 2009 and in line with
practices in CIF transactions. Comments should be directed to europe_products@ changing flows of high sulfur gasoil, Platts proposes to discontinue the Northwest
platts.com and pricegroup@platts.com European CIF Russian Gasoil (RGO) assessment. The Northwest European 0.1%
sulfur gasoil CIF and FOB cargo assessments will continue to be published. Please
18-June-2009 Cut off time for changing price. Effective July 1, 2009 Platts direct any comments to europe_products@platts.com with a CC to pricegroup@
is implementing a change to the timing guidelines in those editorial processes platts.com
where eWindow is used in Europe. Currently, Platts publishes price changes
following the initial bid/offer up until 16.27.59 London Time. In those refined 9-September-2009 In all clean product assessment processes Platts considers
product markets where the bids/offers are submitted directly via eWindow, Platts that the EuroMed charter party option includes the option to discharge in the port
will accept in its editorial processes price changes up until 16.29.01 London Time. of Gibraltar. Comments please to europe_products@platts.com and pricegroup@
Comments should be directed to europe_products@platts.com and pricegroup@ platts.com
platts.com
13-November-2009 Effective November 13, 2009, Platts will be using the
18-June-2009 Platts FOB barge assessments, basis ARA, reflect bids and eWindow tool in its Market on Close assessment process for European fuel oil.
offers where the buyer commits to load the contractual volumes as per the agreed The instruments listed on eWindow are physical Northwest European barges, and
volume at the time of trade. Any potential for short loading -beyond the normal 5% NWE and Mediterranean derivatives contracts. For full details or any questions
operational tolerance- for logistical reasons, such as water level issues on inland please send a Yahoo IM message to plattsfueloil or plattslondon, or email Europe_
waterways, must be agreed with the seller prior to the commencement of loading. products@platts.com with a CC to ewindow@platts.com
The seller retains the option on whether to accept or reject the buyers request to
short load. Any buyer who wishes to retain an option to short load barges due to 9-December-2009 Effective January 4, 2010 Platts proposes reflecting in its
water level concerns on inland waterways must express this in their bid. Bids with physical naphtha assessments only open-spec naphtha with a maximum oxygenate
such stipulations will be considered atypical and may be subject to normalization. content of 100 ppm. This total oxygenate content will not impact the existing

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METHODOLOGY AND SPECIFICATIONS GUIDE European Products

maximum 50 ppm MTBE specification for open-spec naphtha reflected in Platts 26-January-2010 Platts reflects in its Northwest European high sulphur fuel
assessment processes. Comments please to europe_products@platts.com with a oil barge Market on Close assessment process, barges with a basis of Rotterdam.
CC to pricegroup@platts.com If the seller chooses to deliver product from another port, within the contractual
laycan, they can do so and the buyer cannot unreasonably deny this option,
31-December-2009 Effective January 4, 2010 the Worldscale flat rate used to providing any exposure is at the risk and cost of the seller and that exercising this
calculate the netback formula for FOB Med naphtha cargoes becomes $11.05 per option does not impact the original laycan. Comments please to europe_products@
metric tonne. The Worldscale flat rate used to calculate the netback formula for CIF platts.com with a CC to pricegroup@platts.com
MED naphtha becomes $6.91 per metric tonne. An additional $3/mt will be added
to the cross-Med worldscale rate used to cover additional costs. Comments please 1-February-2010 Platts reflects in its Northwest European high sulphur fuel
to richard_turner@platts.com, joel_hanley@platts.com, cc simon_thorne@platts. oil barge Market on Close assessment process, barges with a basis of Rotterdam.
com and methodologyissues@platts.com If the seller chooses to deliver product from another port, within the contractual
laycan, they can do so and the buyer cannot unreasonably deny this option,
4-January-2010 Effective Jan 4, 2010 the Worldscale flat rate providing any exposure is at the risk and cost of the seller and that exercising this
Augusta-Rotterdam used to calculate the netback formula for FOB Med jet option does not impact the original laycan. Comments please to europe_products@
and jet av fuel becomes $9.01 per metric tonne. Harbor dues at Rotterdam platts.com with a CC to pricegroup@platts.com
are calculated at $1.28/mt based on 1.30/GT of vessel, converted to an
mt basis. Comments please to europe_products@platts.com with a CC to 1-February-2010 Effective January 3, 2011, and following the move in
pricegroup@platts.com European markets to lower sulfur bunker fuels, Platts proposes to reflect non-EU
qualified 1% fuel oil barges in its Market on Close assessment process. Platts
4-January-2010 Effective Jan 4, 2010 the Worldscale flat rate used to has historically reflected EU qualified material to represent the volumes of inland
calculate the netback formula for FOB Med 10ppm diesel becomes $6.92 per metric Northwest European utility demand. Comments please to europe_products@platts.
tonne. The Worldscale flat rate used to calculate the netback formula for FOB NWE com with a CC to pricegroup@platts.com
10ppm diesel (Le Havre) becomes $6.93 per metric tonne. The Worldscale flat
rate used to calculate the netback formula for the FOB ULSD 10ppm diesel (ARA) 16-March-2010 Following industry consultation, Platts is planning to
becomes $6.33 per metric tonne. Comments please to europe_products@platts.com incorporate clear and bright specification standards into its Market on Close
with a CC to pricegroup@platts.com assessment process for ultra low sulfur diesel CIF Northwest Europe and CIF
Mediterranean with effect from April 1, 2010. Comments please to pricegroup@
4-January-2010 Effective Jan 4, 2010 the Worldscale flat rate platts.com and Europe_products@platts.com.
used to calculate the netback formula for FOB Med 0.1% gasoil will be
$7.78 per metric tonne. The Worldscale flat rate used to calculate the 30-April-2010 Platts is considering, as part of an ISO fuel oil specification
netback formula for FOB NWE 0.1% gasoil becomes $7.25 per metric change currently proposed for July 1, reflecting LSFO barges with 60 mg/kg
tonne. Comments please to europe_products@platts.com with a CC to aluminium and silicon content in all Platts European fuel oil barge assessments.
pricegroup@platts.com This proposal and the date of implementation are dependent on the ISO regulations
being adopted in their current form. In addition, Platts invites comments on the
4-January-2010 Effective January 4, 2010 the Worldscale flat rate used to merits of reflecting non-EU qualified 1 percent barge material in Platts low sulfur
calculate the netback formula for CIF Med premium gasoline 10ppm will be $5.73 / fuel oil barge assessments and Market on Close assessment process. Please submit
mt. Comments please to robert_sheridan@platts.com, joel_hanley@platts.com, cc comments on this proposal by June 1, 2010 to europe_products@platts.com with a
simon_thorne@platts.com and methodologyissues@platts.com CC pricegroup@platts.com

4-January-2010 Effective January 4, 2010, and in order to ensure 30-April-2010 Platts European naphtha assessments have included bids,
due time for information gathering, Platts has extended the feedback period offers and transaction where the seller has committed to meeting the receivers’
on its proposal to amend the specifications of open spec naphtha in its reasonable shipping and vetting requirements. Platts has also adopted in its
Northwest European assessments. Any change to the specification will be assessment processes bids, offers and transactions where the buyer requests
implemented on April 1, 2010. Platts will continue to assess merchantable oil delivery into a ship. Platts will continue to adhere to and follow these standards
and still welcomes feedback on the oxygenate content in open-spec naphtha. provided the vessel the buyer requests delivery into is of widespread acceptability.
Comments please to europe_products@platts.com with a CC to pricegroup@ Platts will continue to review vessel acceptability as needed. Comments to Europe_
platts.com products@platts.com with a cc to Pricegroup@platts.com.

4-January-2010 Effective January 4, 2010 and in line with changing market 27-May-2010 Platts will continue to reflect ISO 8217 2005 RMG bunker
requirements, Platts reflects full RMG 380 specifications in the Fuel Oil 1% FOB fuel specifications in its European fuel oil assessments, despite any possible
Rotterdam barge assessment, bringing specific gravity to 0.991 mg/kg, a maximum upcoming announcement of ISO 8217 2010 RMG specifications. Market participants
aluminum plus silicon of 80 ppm and maximum viscosity of 380 cst. Platts has will be able to bid or offer differing specifications in Platts Market on Close
amended amend the location basis of the 1.0% assessment of fuel oil barges in assessment process, and these orders or trades will be normalized to reflect
the ARA region to from Antwerp to Rotterdam in line with bunker fuel consumption ISO 8217 2005 RMG specifications. Platts will continue to investigate ISO’s
patterns. announcement of the 2010 8217 RMG specifications and will inform the industry of

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METHODOLOGY AND SPECIFICATIONS GUIDE European Products

any updates as we receive them. Comments please to europe_products@platts.com action, unless the buyer commits to pay 100 percent of any demurrage incurred as a
with a cc to pricegroup@platts.com result of the industrial action. Comments please to europe_products@platts.com

10-June-2010 Effective January 3, 2011, Platts plans to reflect non-EU 22-October-2010 Effective December 1, 2010, Platts will only publish middle
qualified low sulfur fuel oil barge material in its Northwest European 1.0 percent distillate CIF cargo offers and FOB barge bids for the European assessment
sulfur fuel oil barge assessments. In the meantime, Platts 1.0 percent sulfur barge processes that limit a counterparty’s price exposure to operational tolerance.
assessments will continue to reflect EU qualified material. Up to the end of this Typically, Platts will not show European middle distillate CIF cargo offers that relate
year, bids, offers or transactions for non-EU material will be normalised to reflect the operational tolerance element of the pricing formula to dates that occur prior to
EU qualified material. Comments please to europe_products@platts.com with a cc the delivery range. Platts would accept CIF cargo offers that relate the operational
to pricegroup@platts.com tolerance element of the pricing formula to on or around the discharge dates.
Comments please to europe_products@platts.com with a Cc to pricegroup@platts.
14-June-2010 Effective August 1, 2010 and due to IMO legislation com
governing the sulfur content in intermediate fuel oil used in the Baltic and North
Seas, Platts proposes the discontinuation of its 1.5% sulfur assessments in the 10-November-2010 Platts reflect European refined oil product bids, offers
ports of Rotterdam, Antwerp, Hamburg, Great Belt, Gdansk, St Petersburg, Falmouth and transcations that stipulate vessel nomination and narrowing to a 3 day
and Dunkirk. Comments please to Globalbunkers@platts.com and pricegroup@ delivery range by the earliest of either 5-calendar or 3-working days prior to the
platts.com. first day of the actual delivery range. In the case of CIF Mediterranean gasoil
cargoes, the vessel nomination and narrowing should be made by the earliest of
14-September-2010 In its European CIF refined product cargo assessment either 7-calendar or 5-working days prior to the first day of the actual delivery
processes, Platts reflects bids and offers where the seller’s General Terms and range. Comments please to europe_platts@platts.com with a cc to pricegroup@
Conditions apply. Platts views this as standard industry practice. Furthermore, Platts platts.com
only reflects GTCs that are well established, widely traded and reflective of typical
trading practices. Comments please to europe_products@platts.com with a CC to 17-November-2010 Effective January 4, 2011 Platts will discontinue the CIF
pricegroup@platts.com and FOB Northwest European ULSD Flexi (E) (AARXM00) assessment. Furthermore,
Platts will increase the cargo size reflected in the ULSD 10 PPM assessment
12-October-2010 In European CIF refined product markets, Platts reflects bids (AAVBG00) to reflect cargoes of 10,000-35,000 mt, normalized to 20,000 mt.
and offers from companies that make every reasonable effort to perform on physical Currently the ULSD 10ppm assessment reflects cargoes of 10,000-20,000 mt,
trades. Among other things, Platts expects that a buyer would not order a vessel to normalised to 12,500 mt. Comments please to europe_products@platts.com with a
berth at a port where there is a reasonable expectation of delay due to industrial cc to pricegroup@platts.com

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METHODOLOGY AND SPECIFICATIONS GUIDE European Products

APPENDIX VI: DISCONTINUED ASSESSMENTS


Other: The netback value from the US acts as a floor for the FOB Med assessment.
To establish this floor, Platts calculates the freight netback to basis Augusta from
The following assessments have been discontinued since the European Oil Products New York Harbour using the Med-USAC Worldscale freight rate published in Platts
Specifications guide was last issued: clean tankerwire. Platts current practice is to calculate this value as the netback
for oxygenated cargoes for delivery into the US Atlantic Coast. Platts uses the 37 kt
assessment pro-rated to 33 kt.
PGAMN00 Premium Unleaded cargoes CIF Med
Background: Effective 2 January 2003, when grades in NWE move to 50 ppm,
Quality: The assessment represents EN 228 meeting Italian, French, and Spanish the Mediterranean cargo assessments remained unchanged and continued to
specifications with a maximum sulfur content of 150 ppm. The RON is 95 and the reflect 150ppm sulphur specification only. Platts introduced new 50 ppm gasoline
MON is 85. The specific gravity is 0.755 g/ml. assessments FOB and CIF Med on July 1, 2004 to run concurrently with the existing
150 ppm assessments until the end of 2004. Assuming no change in the EU’s
Size: The CIF assessment typically reflects parcels of 25,000-30,000mt each. implementation schedule for tightening sulfur standards in European gasoline, on
the first trading day of January 2005, Platts plans to drop its Prem Unl 150 ppm
Location: The assessment is CIF basis Genoa/Lavera with normal CP options. assessment.

Timing: Reflects material for delivery 10-25 days from date of publication, with Dispatch Category EB
prices normalized to the mid-point of this delivery window. 12 Char. Symbol PRPPRUMEDCEM
9 Char. Symbol(s) PPGMMISCH · PPGMMISCL
Other: N/A 7 Char. Symbol PGAMP00
Earliest Date 03-OCT-1994
Background: Effective 2 January 2003, when grades in NWE move to 50 ppm, Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
the Mediterranean cargo assessments remained unchanged and continued to Description Prem Unl FOB Med Cargoes
reflect 150ppm sulphur specification only. Platts introduced new 50 ppm gasoline
assessments FOB and CIF Med on July 1, 2004 to run concurrently with the existing
PGABV00 Premium 0.15 cargoes FOB Med
150 ppm assessments until the end of 2004. Assuming no change in the EU’s
implementation schedule for tightening sulfur standards in European gasoline, on
the first trading day of January 2005, Platts plans to drop its Prem Unl 150 ppm Platts dropped its Premium 0.15 (leaded gasoline) CIF assessment in 2002 because
assessments. of changes in European Union regulations which made the use of lead in gasoline
illegal. Platts maintained its Premium 0.15 g/l FOB Med assessment at the
Dispatch Category EB industry’s request. This assessment is determined using a fixed premium of $6/
12 Char. Symbol PRPPRUGNACEK mt against the FOB Med Premium Unleaded gasoline assessment, the prevailing
9 Char. Symbol(s) PPGMMGDCH · PPGMMGDCL differential that was used before the change in EU regulations. Platts has proposed
7 Char. Symbol PGAMN00 to drop the Premium 0.15 Fob Med assessment several times, but has continued
Earliest Date 03-OCT-1994 the assessment at the request of market participants. Platts intends to drop the
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR assessment from April 1, 2005.
Description Prem Unl CIF Med Cargoes
Dispatch Category EB
12 Char. Symbol PRPPR1MEDCFS
PGAMP00 Premium Unleaded cargoes fob Med
9 Char. Symbol(s) PPGPMISCH · PPGPMISCL
7 Char. Symbol PGABV00
Quality: The assessment represents EN 228 material meeting Italian, French, and Earliest Date 01-MAY-1991
Spanish specifications with a maximum sulfur content of 150 ppm. The RON is 95 Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
and the MON is 85. The specific gravity is 0.755 g/ml. . Description Prem 0.15 FOB Med Cargoes

Size: The assessment typically reflects parcels of 25,000-30,000mt each, though


AAIJP00 Gasoline barge quality differential
FOB cargoes of up to 33,000 mt may be considered when arbitrage openings mean
theseshipments are a significant market factor.
Quality: The assessment reflects the differential between 50 ppm and 150 ppm
Location: FOB basis Italy but with other origins considered in the assessment on material
the basis that neither buyer nor seller is disadvantaged by any additional costs
incurred if the material is non-Italian origin. Size: 1,000-5,000 mt parcels

Timing: Reflects material for loading 10-25 days from date of publication, with Location: FOB ARA basis Rotterdam
prices normalized to the mid-point of this delivery window.

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METHODOLOGY AND SPECIFICATIONS GUIDE European Products

Timing: 2-15 days from date of publication included the additive WASA used for finished German grades in its assessments for
EN590 gasoil cargoes and barges in Northwest Europe.
Other: N/A
Dispatch Category EB
Background: Platts introduced its assessment of the differential between prem unl 12 Char. Symbol PRPGS9NWEBJA
150ppm barges and prem unl 50ppm barges on Jan 2, 2002. Platts discontinued this 9 Char. Symbol(s) PPD7NEDCH · PPD7NEDCL
differential assessment Oct 1 2004. 7 Char. Symbol PPAQH00
Earliest Date 01-JUL-1994
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
PJAAT00 Jet Fob Med
Description Gasoil EN590 CIF NWE Cargo

(assessment discontinued May 1, 2003)


PPAQF00 EN590 cargo assessments fob NWE
Platts introduced a formula to calculate FOB Med jet as a netback from NWE CIF
cargo assessment on Oct 1, 1998. Quality: The EN590 assessment FOB NWE reflects finished French Gasoil Moteur
(GOM) grade meeting EU directive number EN590 with a maximum sulfur of 350
The formula for FOB Med jet took the Worldscale flat rate from Augusta to ppm. The density is basis 0.845 g/l.
Rotterdam plus harbor dues at Rotterdam based on cts/mt of vessel converted to
metric tonnes basis. The flat rate was then multiplied by Platts clean tanker rate Size: Cargo assessments reflect parcels of 20,000 mt each.
assessment for Med-NWE cargoes. The spot tanker rate assessment was first
pro-rated from 30,000mt to 25,000mt and then multiplied by 1.3 to reflect the Location: FOB NWE.
added cost for superior tonnage. Adjustments to the formula were made on the
first working day of January each year to reflect updated Worldscale flat rates as Timing: Reflects material for delivery 10-25 days from date of publication, with
published by Worldscale. prices normalized to the mid-point of this delivery window.

Platts extended its original January 2, 2003 deadline for dropping its Jet FOB Med Other: Typically the FOB assessment is derived at a freight differential to the CIF
assessment. Platts continued to publish an assessment for Jet FOB MED until April assessment. Recently, a flat rate of 5.11 based on handy size freight between origin
30, 2003, simultaneously with the Jet Av Fuel FOB Med assessment which it had ports including Amsterdam, Rotterdam, Antwerp, Klaipeda, Wilhelmshaven and
published since November 2002. Ventspils and destination ports in northern France.

Background: Platts has made a number of changes in recent years in the


PPAQH00 EN590 cargo assessments cif NWE
maximum sulphur content in line with EU regulations. Effective Sep 2, 1996, sulfur
content in EN590 was reduced from 0.2% to 0.05% in line with European Union
Quality: The EN590 assessment CIF NWE reflects finished French Gasoil Moteur legislation. Effective Jan 1, 2000 sulfur content was reduced further to 0.035%. The
(GOM) grade meeting EU directive number EN590 with a maximum sulfur of 350 new quality was reflected from Dec 1, 1999. Effective Jan 1, 2000, the standard
ppm. The density is basis 0.845 g/l. density range for EN590 cargoes became 0.82 to 0.845 g/ml maximum to reflect
changes to EU regulations. Platts’ assessments continued to reflect a reference
Size: Cargo assessments reflect parcels of 20,000 mt each. density of 0.845 in line with industry practice. From Feb 1, 1997, Platts no longer
included the additive WASA used for finished German grades in its assessments for
Location: CIF NWE assessments reflect cargoes basis Le Havre, and delivered in a EN590 gasoil cargoes and barges in Northwest Europe.
Le Havre/Hamburg port range.
Dispatch Category EB
Timing: Reflects material for delivery 10-25 days from date of publication, with 12 Char. Symbol PRPGS9NWEBJC
prices normalized to the mid-point of this delivery window. 9 Char. Symbol(s) PPD7NESCH · PPD7NESCL
7 Char. Symbol PPAQF00
Other: N/A Earliest Date 01-JUL-1994
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Background: Platts has made a number of changes in recent years in the Description Gasoil EN590 FOB NWE Cargo
maximum sulphur content in line with EU regulations. Effective Sep 2, 1996, sulfur
content in EN590 was reduced from 0.2% to 0.05% in line with European Union
PPAQD00 EN590 Mediterranean cif cargoes
legislation. Effective Jan 1, 2000 sulfur content was reduced further to 0.035%. The
new quality was reflected from Dec 1, 1999. Effective Jan 1, 2000, the standard
density range for EN590 cargoes became 0.82 to 0.845 g/ml maximum to reflect Quality: Mediterranean En590 CIF assessment typically reflects French spec
changes to EU regulations. Platts’ assessments continued to reflect a reference diesel fuel for automotive use but other grades such as Italian and Spanish may be
density of 0.845 in line with industry practice. From Feb 1, 1997, Platts no longer considered.

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METHODOLOGY AND SPECIFICATIONS GUIDE European Products

PPAQB00 EN590 Mediterranean fob cargoes


Size: Cargo assessments reflect parcels of 25,000-30,000mt each.

Location: CIF assessment is calculated basis Lavera, with normal CP options within Quality: Mediterranean En590 FOB assessment typically reflects French spec
the Med considered. diesel fuel for automotive use but other grades such as Italian and Spanish may be
considered.
Timing: Reflects material for delivery 10-25 days from date of publication, with
prices normalized to the mid-point of this delivery window. Size: Cargo assessments reflect parcels of 25,000-30,000mt each.

Other: N/A Location: FOB Med (see freight calculation below).

Background: Platts has made a number of changes in recent years in the Timing: Reflects material for loading 10-25 days from date of publication, with
maximum sulphur content in line with EU regulations. Effective Sep 2, 1996, sulfur prices normalized to the mid-point of this delivery window.
content in EN590 was reduced from 0.2% to 0.05% in line with European Union
legislation. Effective Jan 1, 2000 sulfur content was reduced further to 0.035%. The Other: The FOB assessment is calculated as a freight netback from the CIF value,
new quality was reflected from Dec 1, 1999. using a worldscale rate published in Platts Clean Tankerwire and a basket of
flat rates including typical routes in the Mediterranean from Genoa and Lavrea.
Dispatch Category EB Recently a flat rate of 4.5 has been applied representing freight between origin
12 Char. Symbol PRPGS9GNABIW ports including Santa Panagia, Constantza and Skikda and destination ports Genoa
9 Char. Symbol(s) PPD7MGDCH · PPD7MGDCL and Lavera.
7 Char. Symbol PPAQD00
Earliest Date 01-JUL-1994 Background: Platts has made a number of changes in recent years in the
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR maximum sulphur content in line with EU regulations. Effective Sep 2, 1996, sulfur
Description Gasoil EN590 CIF Med Cargo content in EN590 was reduced from 0.2% to 0.05% in line with European Union
legislation. Effective Jan 1, 2000 sulfur content was reduced further to 0.035%. The
new quality was reflected from Dec 1, 1999.

Dispatch Category EB
12 Char. Symbol PRPGS9MEDBIY
9 Char. Symbol(s) PPD7MISCH · PPD7MISCL
7 Char. Symbol PPAQB00
Earliest Date 01-JUL-1994
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description Gasoil EN590 FOB Med Cargo

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