SUBSCRIBER NOTE: Platts changes its Europe LPG large cargo assessments

Please note that Platts has made a number of changes to its large refrigerated propane and butane cargo assessments in Europe. These changes are effective from January 3, 2017. Under these changes Platts has standardized the names of these assessments across all publications, formalized basis locations and updated reflected volumes.

This announcement follows a decision subscriber note published on September 15, 2016.

NAMES OF ASSESSMENTS: Platts previously described its large refrigerated cargo assessments as "7000+ MT" (for propane) and "3kt+" (for butane) in most publications and also as "Large Cargo" in others. Platts has now standardized these to "Large Cargo". A full table of affected assessments follows.

VOLUME ASSESSED: Platts has also changed the volume under assessment, from a maximum delivered volume (inclusive of operational tolerance) of 20,000 mt to 23,100 mt for propane, and to reflect full or part cargoes. This replaces a previous standard reflecting only full cargoes. Platts continues to reflect a minimum delivered volume of 8,500 mt. For butane, Platts has changed the volume under assessment, from a minimum of 4,000 mt plus or minus 5% tolerance to a volume range of between 8,000-12,000 mt plus or minus 5%, and to reflect full or part cargoes. This replaces a previous standard to reflect only full cargoes.

DELIVERY BASIS: Platts also reflects a basis port of Flushing, Netherlands for CIF propane large cargoes and Rotterdam, Netherlands, for CIF butane large cargoes. Platts will continue to reflect deliveries to relevant ports in Northwest Europe with values normalized to Flushing for propane and Rotterdam for butane. This replaces a previous standard for both propane and butane reflecting an area represented by a triangle with Wilhelmshaven, Germany, Teesside, UK, and Le Havre, France, as its three corners.

Table of affected assessments: CODE - PREVIOUS NAME - NEW NAME PMABA00 Propane CIF NWE 7000+ MT Propane CIF NWE Large Cargo PMUEE03 Propane CIF NWE 7000+ MT Mavg Propane CIF NWE Large Cargo Mavg AABEY00 Propane CIF NWE 7000+ MT Wavg Propane CIF NWE Large Cargo Wavg PMAAK00 Butane CIF NWE 3kt+ Butane CIF NWE Large Cargo PMUDY03 Butane CIF NWE 3kt+ Mavg Butane CIF NWE Large Cargo Mavg AABES00 Butane CIF NWE 3kt+ Wavg Butane CIF NWE Large Cargo Wavg

Platts welcomes feedback and questions to europe_products@platts.com, with a cc to pricegroup@platts.com. For written comments, please provide a clear indication if the comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.