SUBSCRIBER NOTE: Vessel requirements for CIF European distillates cargoes

S&P Global Platts wishes to clarify the conditions a vessel is required to meet in order to be reflected in the Platts CIF European Distillate cargo assessment processes.

As stated in the current Platts methodology guide, CIF offers may be made with a named or unnamed ship.

If a named ship is offered, a buyer is to determine if a ship is acceptable to its own vetting department. If the buyer has no vetting department, reasonable efforts to physically perform should be demonstrated.

Platts may review these efforts by requesting documentation to support the outcome.

In the case of an unnamed ship, a seller has the responsibility to declare its commitment to meet either the vetting requirement of any one buyer or to state in its offer which companies' vetting the seller is guaranteeing the ship will meet. Platts' standard requires a seller name at least three relevant oil majors.

In the case of an offer committing to meet the vetting requirement of any buyer, a buyer may put forward a requirement for any single relevant major's approval, but this should be communicated to the seller within 24 hours of reporting the trade to Platts.

Platts always expects demonstrable and reasonable efforts to be made to perform a trade reported in its Market on Close assessment processes.

Please send any comments, questions or feedback to europe_products@spglobal.com and copy 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.