SUBSCRIBER NOTE: Platts reconstitutes port basket for Urals ex-Baltic net-back assessment

In line with changes in the natural loading ports for Urals crude oil in the Baltic Sea, Platts has amended the basket of ports used in its Urals ex-Baltic netback assessment as of January 4, 2016.

The basket of Baltic ports Platts formerly used to calculate the netback constituted routes from Butinge, Ventspils and Tallinn to Rotterdam. Platts has now reconstituted the basket to routes from Primorsk, Ust-Luga and Gdansk to Rotterdam, in line with current loading practices.

The Urals ex-Baltic assessment is calculated as a netback value from Urals CIF Rotterdam, subtracting all relevant freight and port costs. The annual Worldscale flat rate is adjusted using the daily Worldscale rate assessment published in the Platts Dirty Tankerwire for a 100kt Aframax Baltic to UKC route.

The change does not impact the underlying Urals CIF Rotterdam assessment. Other than the change in the basket of ports, the methodology behind the netback calculation for Urals ex-Baltic also remains unchanged.

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