SUBSCRIBER NOTE: Platts proposes to amend laycan in Singapore delivered bunker assessments

S&P Global Platts proposes to amend the delivery period reflected in its assessment of delivered bunker prices in Singapore from June 1, 2018.

Platts proposes to change the assessed delivery period to 5-10 days from the date of publication from the current 3-7 days for 180 CST, 380 CST, 500 CST, marine gasoil and low-sulfur marine gasoil assessments for delivered bunkers in Singapore. Prices assessed would continue to reflect activity reported to Platts throughout the day, and values for all reported trades normalized to reflect the prevailing value of the market at 5.30 p.m. in Singapore.

The proposed change follows extensive consultation with the industry to ensure trading activity reflected in Platts assessments continues to reflect typical market trading cycles and standard practices.

Following the change, buyers/sellers participating in the Platts Market on Close assessment process for delivered bunkers would be required to specify a delivery period of one to six days within the assessment period of 5-10 days forward at the time of submitting bids or offers for publication in the assessment process.

Buyers must provide to the seller a written notice of arrival of the vessel at the place of delivery at least 48 hours prior to the day of delivery. Sellers are expected deliver bunker fuel that is merchantable, within port limits to the buyer's nominated vessel in a timely manner.

Platts understands deals in the Singapore delivered bunker market are typically performed using the seller's general terms and conditions. Platts expects counterparties to perform on trades reported in the MOC based on typical GT&Cs that have been applied and accepted by both counterparties in the open market.

Please send all feedback and comments to asia_products@spglobal.com and pricegroup@spglobal.com by March 31, 2018.

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.