SUBSCRIBER NOTE: Platts to update Americas bunkers volumes, laycans from Feb 1

Following a period of industry feedback, S&P Global Platts will revise the volumes and delivery periods reflected in its Americas bunker fuel assessments with effect from February 1, 2017.

These changes were proposed for industry feedback in a subscriber note published November 17, 2016, following a March 24, 2016 announcement of a review. The subscriber note can be found here: http://www.platts.com/subscriber-notes-details/10269481. Platts initially proposed to implement this in January 2017.

CHANGES TO VOLUME SIZES: Platts will revise the minimum and maximum assessed ranges for IFO 380, IFO 180 and MGO across the Americas, based on market feedback. Typical sizes vary from port to port. Trades reported for volumes outside typical ranges may be considered atypical when assessing standard tradeable volumes. These revised ranges and sizes are summarized in the following charts for ex-wharf and delivered assessments:

EX-WHARF ASSESSMENTS REGION IFO 380 IFO 180 MGO US Atlantic Coast 250-1000 300 150 US Gulf Coast 250-1000 300 150 US West Coast 500-1500 300 150 Panama 500-1500 300 150

DELIVERED ASSESSMENTS REGION IFO 380 IFO 180 MGO US Atlantic Coast 250-500 150 75 US Gulf Coast 250-500 150 75 US West Coast 250-750 150 75 South America 250-1500 150 75

0.1%S BUNKER FUEL: Platts will continue to assess 0.1% sulfur bunker fuel in Houston and New York on an ex-wharf basis. The assessments are derived from a calculation based on the prices of their two typical components, low-sulfur straight run fuel oil and ultra-low sulfur heating oil, with no associated stem size.

CHANGES TO LAYCANS: Based on market feedback, Platts will revise the laycan for its marine fuel assessments in Balboa and Cristobal, Panama, and the Panama Canal. With effect from February 1, the laycans in these three locations will be three to 10 days forward. The current assessed laycan is three to seven days forward.

Feedback suggested laycans in other ports reflect industry standards. Platts currently assesses US Atlantic Coast, US Gulf Coast, Central and South American ports three to seven days out. US West Coast ports are assessed three to 10 days out.

Market indications outside of the minimum and maximum assessed stem size range, and before or beyond the assessed laycans, may be normalized for inclusion the assessment process.

CHANGES TO DELIVERED BUNKERS, BARGE RATES ASSESSMENTS METHODOLOGY: As part of the broader Americas bunker fuel methodology review, Platts will also update its North American delivered bunker fuel and barge rates methodology. This will ensure these assessments are published in line with those of other oil products globally, particularly ex-wharf bunker fuel.

North American delivered bunker fuel prices will be composed of the ex-wharf price and the port-specific, typical barge rate applied to the midpoint of the assessed minimum-maximum range in that port. Platts will publish the delivered assessment with a 10 cents/mt low-high range, as ex-wharf bunker fuel assessments are currently published. Market indications will also be considered in these assessments.

Barge rates will be assessed in the same manner, based on a regular survey of the market. The barge rates will reflect the lump sum cost of delivering bunker fuel adjusted to a per metric ton basis by dividing the lump sum value by typical volumes delivered of IFO 380 CST and MGO. For example, the Houston barge rate would reflect the cost to deliver 375 mt of IFO 380 and 75 mt of MGO.

North America delivered bunker fuel assessments appear in Platts Bunkerwire, Platts Bunkerworld, on Platts Global Alert page 860 and in the Platts database. North America bunker barging rates also appear in Bunkerwire, on PGA page 866 and in the Platts database under the following codes:

PORT CODE New York AARUA00 Philadelphia AARUB00 Montreal AARUC00 Charleston AARUD00 Norfolk AARUE00 Houston AARUF00 New Orleans AARUG00 Los Angeles AARUH00 San Francisco AARUI00 Seattle AARUJ00 Vancouver AARUL00

Please send any further comments and feedback to americas_bunkers@spglobal.com and pricegroup@spglobal.com.

For written comments, please provide a clear indication if 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.