SUBSCRIBER NOTE: Platts clarifies nomination for crude cargoes with slippage

S&P Global Platts wishes to clarify the nomination procedure and the usage of slippage days in the Urals crude oil and Mediterranean crude oil Platts Market on Close assessment process.

In its Urals and Mediterranean crude oil assessment process, Platts considers cargo bids and offers loading 10-25 days from date of publication.

Platts considers bids made on a minimum five day loading window where buyer grants the right to narrow the two day laycan to the seller.

The seller must nominate the actual two day loading laycan, the loading port, and the name of the vessel at least 7 calendar days in advance of the first day of the five day loading range.

However, Platts also reflects bids and offers for Urals and Mediterranean crude that can be supplied with cargoes whose two-day laycan meets at least one day of the five-day loading range.

These additional dates on either side of this original five-day laycan are referred to as 'slippage days'.

A full definition of slippage days and rules can be found here: https://www.platts.com/subscriber-notes-details/26813855. If a seller chooses to exercise their right to nominate a cargo using a slippage day preceding the originally-traded five day loading window, then they should nominate the cargo, load port and performing vessel at least 7 calendar days in advance of the slippage day used.

A seller exercising their right to nominate a cargo and performing vessel loading one day later than the originally-traded five day loading window, must still specify the name of the ship and the loading port at least 7 days in advance of the first day of the original five day loading range.

For example, Company A sells a cargo loading August 17-21 to Company B.

Company A must specify the name of the ship and loading port 7 calendar days in advance, on August 9.

If company A exercises their right to use a slippage day and nominates a cargo loading August 16, then they must specify the name of the ship and loading port 7 calendar days in advance, on August 8.

However, if company A exercises their right to use a slippage day and nominates a cargo loading August 21-22, then they must specify the name of the ship and loading port 7 calendar days in advance of the original 5-day loading range, on August 9.

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