SUBSCRIBER NOTE: Platts to launch Dated Brent CIF Rotterdam assessment March 14

Starting March 14, 2016, Platts will start publishing an assessment representing the value of light sweet North Sea crude oil on a CIF Rotterdam basis, to be published alongside the current FOB North Sea Dated Brent assessment. This new assessment was proposed in a subscriber note published on February 8, 2016.

The assessment, which will be named Dated Brent CIF Rotterdam, will be based on the outright values of physical cargoes of Brent, Forties, Oseberg and Ekofisk, delivered on a CIF basis into the port of Rotterdam.

In line with the continued importance of Rotterdam as the key European refining hub for processing North Sea crude oil, the assessment is designed to represent the value of North Sea crude at one of its main points of delivery.

The assessment will be calculated based on prevailing values for Brent, Forties, Oseberg and Ekofisk, reflecting cargoes delivered within a period of between 10 days and one month from the date of assessment.

This calculation will take into account the sailing times from the grades' respective load ports to Rotterdam, which will be standardized as two days from Sture and Sullom Voe to Rotterdam, and one day from Hound Point and Teesside to Rotterdam.

The calculation will use the relevant freight costs, based on flat rates for the routes from the respective load ports to Rotterdam published by Worldscale, and adjusted according to the daily rate published in Platts Dirty Tankerwire.

Effective March 14, 2016, the Worldscale flat rates used to calculate the CIF Rotterdam values will be as follows: $6.95/mt (Sullom Voe-Rotterdam); $5.81/mt (Hound Point-Rotterdam); $5.51/mt (Sture-Rotterdam); and $4.62/mt (Teesside-Rotterdam).

A Rotterdam port fee appropriate for vessels plying the route from the respective load ports to Rotterdam will also be added. For 2016, the relevant port fee for Brent, Forties, Oseberg and Ekofisk will be 14 cents/barrel for all four grades.

In the case of Oseberg and Ekofisk, Quality Premiums will be taken into account, with the Quality Premium to be applied based on the date of loading.

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