SUBSCRIBER NOTE: Platts extends feedback period on bids, offers in CIF Rotterdam Dated Brent MOC

S&P Global Platts is extending the deadline to submit feedback on its proposal to reflect published physical bids, offers and transactions in the the CIF Rotterdam Dated Brent assessment to May 31, 2017.

The original deadline for feedback was January 31, 2017.

Platts proposed to reflect indications in the CIF Rotterdam Dated Brent market on December 19.

The original subscriber note can be found here: http://platts.com/subscriber-notes-details/21381985. Platts currently publishes Dated Brent CIF Rotterdam as an outright price, based on the most competitive grade of Brent, Forties, Oseberg and Ekofisk delivered to Rotterdam for each day in the assessment period.

The value of each grade is also separately published CIF Rotterdam, including freight costs, Quality Premiums, and transposition of values to reflect expected delivery dates for FOB cargoes into Rotterdam.

Platts proposes to further publish bids, offers and trades in the Platts Market on Close assessment process for cargoes of all physical Dated Brent component grades delivered basis Rotterdam between 10 days and one month ahead of the date of publication.

In the absence of any bids, offers or trades, Platts would continue to evaluate each grade CIF Rotterdam on the basis of freight costs.

In any conflict between published transactional information and a freight calculation for any day in the assessment period, published MOC information would take precedence in the final assessment.

Platts does not propose to use indications seen in the Dated Brent CIF Rotterdam MOC as a basis for the Dated Brent FOB North Sea assessment.

Dated Brent FOB North Sea will continue to be assessed on the basis of bids, offers and trades seen in the MOC process for that market, as well as other market information already published by Platts. PRE-LOADED OIL: For transactions reported through the MOC process, Platts would reflect the delivery of pre-loaded oil, provided it meets all other Platts guidelines and the seller covers any reasonable additional costs incurred by the buyer.

However, oil sourced from land-based storage other than the original loading terminal will not be included.

BIDS: Bids may be expressed with a specific location.

Bids with excessive limitations -- whether expressed or implied -- may be deemed atypical and not considered for assessment purposes.

The name of the buyer and location chosen as the basis set the condition for any potential counterparty considering trading. Ships must meet vetting conditions of a reasonable buyer and physical limitations of port, e.g. Draft, beam etc.

Ships must also meet conditions set by country of destination.

OFFERS: Offers may be made into a specific location or to meet a broad area.

CIF offers may be made with a named or unnamed ship.

If seller offers with named vessel, then buyer can buy subject to vetting approval and if rejected then the deal is not finalized. For assessment purposes, editors will review quality of vessel to determine if it should be considered in the assessment process.

For an unnamed ship, the seller has the responsibility to meet the reasonable vetting requirements of a typical market participant in that region.

The seller is entitled to substitute the vessel with another meeting the same vettings at any reasonable time before delivery of the cargo.

DEMURRAGE AND FREIGHT: Platts guidelines maintain that buyers should not be harmed by higher freight and demurrage rates stemming from vessels chartered earlier than the 'natural fixing window' for a given delivery range.

Using industry feedback, Platts has determined that the natural fixing window is between 7 days and 25 days prior to the first date of delivery.

If no mutual agreement is reached for freight deviation costs, Platts expects counterparties to use the three-day average of the cross-North Sea 100,000 mt Aframax assessment as published in Platts Dirty Tankerwire 8-10 days prior to the first day of the original delivery window.

As such, the lower of either the charter party or the natural fixing window should be used to determine the cost of deviation.

Please send all comments by May 31, 2017, to europe_crude@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.