Platts launches paraxylene demurrage assessment for 20,000 dwt vessel

S&P Global Platts has launched a daily paraxylene demurrage assessment for 20,000 dwt vessels, following market feedback on requirements for a demurrage reference associated with the commensurate vessel size used to deliver PX cargoes on vessels up to 20,000 dwt through the Asia Paraxylene Market on Close assessment process from March 6, 2020.

The PX demurrage assessment for 20,000 dwt vessels will be published in $/day.

The assessment reflects the PX demurrage rate for 20,000 dwt vessels, typically loading 21-30 days forward. The daily PX demurrage assessment takes into consideration the latest information sourced from the market up to the close of the assessment window at 4:30 pm Singapore time (0830 GMT).

Platts amended the guidelines for its CFR Taiwan/China PX assessments for laytime and demurrage on open and Asian-origin deliveries on January 6, 2020, as per the link below:

http://plts.co/STiU30qiz1a

BACKGROUND: The subscriber note published on January 6, 2020, states that buyers who receive 5,000-mt cargoes of PX through the Market on Close process on a non-commensurate vessel should not be exposed to demurrage charges beyond the rate associated with the commensurate vessel size used to deliver PX cargo which from an extensive study of the shipping market and from market feedback, Platts has found to be up to 20,000 dwt.

The new daily PX demurrage assessment for 20,000 dwt vessel (CODE PXDMR00) will be is published on page PC0214, in Asian Petrochemical Scan and Platts Market Center.

Please direct any questions or comments to petchems@spglobal.com, with a copy to pricemethodology@spglobal.com. 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 these comments available on request.