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

Following a period of industry feedback, S&P Global Platts has revised 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. A decision note on the changes was published January 5, 2017. The proposal and decision notes can be found here: http://www.platts.com/subscriber-notes-details/10269481 and http://www.platts.com/subscriber-notes-details/26633218

CHANGES TO VOLUME SIZES: Platts has revised 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

CHANGES TO LAYCANS: Based on market feedback, Platts has revised 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 is three to 10 days forward.

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 has also updated 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.