SUBSCRIBER NOTE: FOB Straits vessel nomination, substitution procedure

Platts would like to remind market participants that editorial standards for the Platts Market On Close assessment process for FOB Straits fuel oil, gasoil, gasoline and jet fuel calls for best practices in vessel nomination and substitution.

Sellers must declare a terminal 10 days prior to the first day of the loading window, and buyers should nominate a single performing vessel seven days prior, with the buyer narrowing the loading window to three days, subject to loading terminal acceptance.

If the nomination day falls on a weekend or public holiday, nominations should be done on the business day prior to the weekend or public holiday.

Buyers may submit multiple vessels for terminal vetting prior to nominating a performing vessel, and buyers may substitute the vessel prior to loading, subject to terminal acceptance.

Platts expects parties to be reasonable when exceptional circumstances require buyers to substitute vessels just prior to loading. Buyers should promptly communicate to sellers and terminals when vessel substitution is required.

Sellers should not unreasonably withhold substitutions or hamper the established loading process. If the substituted vessel tendered the notice of readiness in time for loading, sellers should not put buyers on best endeavor basis.

Please send all queries and feedback to asia_oilproducts@platts.com and pricegroup@platts.com.

For written comments, please provide a clear indication if the 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.

The subscriber note on the nomination procedures was previously published on December 22, 2014.