SUBSCRIBER NOTE: Platts amends a number of Urals, CPC, VGO 2018 freight netbacks

Effective February 1, 2018, S&P Global Platts will amend the Worldscale rates used to calculate the freight netbacks for certain Urals, CPC Blend, and vacuum gasoil products loading in the Black Sea it assesses.

This amendment follows the release of Worldscale Association circular number 4 on January 9, which revised the $/mt flat rates for all cargoes loading or discharging at the Russian port of Novorossiysk.

The Worldscale Association said it was changing the flat rates to and from the port of Novorossiysk "in light of recent information received regarding a revised port tariff structure."

Platts published a subscriber note detailing the effect of the changes on Platts' freight assessments on December 20, 2017. This note is available here: https://platts.com/subscriber-notes-details/26859959.

In light of the changes highlighted in the circular, Platts is revising its annual WS flat rates for the following assessments and voyages.

Assessment Code Route Old Rate New Rate Urals FOB ex-Novorossiysk AAHPH00 Novo-Augusta $7.20/mt $7.02/mt Urals FOB ex-Novorossiysk 80kt AAOTI00 Novo-Augusta $7.20/mt $7.02/mt CPC Blend FOB ex-Novo AALVZ00 Novo-Augusta* $7.20/mt $7.02/mt CPC Blend FOB ex-Novo 80kt AAOFW00 Novo-Augusta* $7.20/mt $7.02/mt VGO Low Sulfur ABBAD00 BS-Malta** $5.74/mt $5.70/mt VGO High Sulfur ABBAC00 BS-Malta** $5.74/mt $5.70/mt

* Platts applies separate port costs for the CPC Blend terminal of 3 cents/b for 80 kt cargoes and 5 cents/b for Suezmax cargoes.

** Platts assesses its Black Sea VGO netbacks as an average of a basket of relevant voyages, which are as follows: Taman-Malta ($5.28/mt), Kavkaz-Malta ($5.28/mt), Kerch-Malta ($5.28/mt), Tuapse-Malta ($6.45/mt), Novorossiysk-Malta $(6.23/mt).

Please send all comments or questions to europe_crude@spglobal.com, europe_products@spglobal.com and pricegroup@platts.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.