LNG
April 30, 2025
Platts proposes to further standardize specifications reflected in its JKM LNG MOC
Platts, part of S&P Global Commodity Insights, is proposing to further refine the standard specifications and consider for publication only bids and offers that reflect existing editorial guidelines for nominations at the final discharge port within the same country, specific volume from a volume range, base discharge port, base load port and base ship, reflected in its JKM assessment during the Asia-Pacific regional LNG Platts Market on Close assessment process, effective June 16.
The proposed changes would better reflect the further standardization in nomination terms as observed in the MOC and the wider market in recent years.
The proposed changes are summarized as follows:
| Existing | Proposed | |
| Discharge location | Bids must state a specific base discharge port. Buyers must nominate a delivery country, and a specific port within that country, at least 30 days before the first day of the initial window. Platts may publish and normalize bids, offers and trades where buyers may substitute the base discharge country and discharge port within that country latest by 30 days prior to the final delivery window subject to SSCS. Platts continues to publish bids, offers and trades with buyer's option to substitute a delivery port within the same country latest by 15 days before the initial delivery window, and these are subject to normalization. Platts may also consider for publication bids and offers with 20 days as the nomination deadline for this term. | Bids must state a specific base discharge port. Buyers must also state a base discharge port upon confirmation of a traded offer. Buyers must nominate a delivery country, and a specific port within that country, at least 30 days before the first day of the initial window. Platts may publish and normalize bids, offers and trades where buyers may substitute the base discharge country and discharge port within that country latest by 30 days prior to the final delivery window subject to SSCS. Platts will only publish bids, offers and trades with buyer's option to substitute a delivery port within the same country latest by 15 days before the final delivery window. |
| Loading location | Offers must explicitly state a base loading port. Sellers to nominate a base loading port and may substitute the loading port latest by 30 days prior to the initial delivery window subject to the Gross Heating Value (GHV) quality range reported in the trade. Platts may publish and may normalize bids, offers and trades where sellers nominate a base loading port and may substitute the loading port latest by 30 days prior to the final delivery window subject to the GHV quality range reported in the trade. | Offers must explicitly state a base loading port. Sellers must also state a base loading port upon confirmation of a traded bid. Sellers may substitute the loading port latest by 30 days prior to the initial delivery window subject to the GHV quality range reported in the trade. Platts may publish and normalize bids, offers and trades where sellers nominate a base loading port and may substitute the loading port latest by 30 days prior to the final delivery window subject to the GHV quality range reported in the trade. |
| Quantity | For bids, offers and trades submitted in a volume range, Platts reflects as the standard where the specific volume is to be declared by the seller latest by 30 days prior to the initial delivery window. Platts may publish and may normalize offers, bids and trades submitted in a volume range, in which the seller has the option to declare the specific volume latest by 30 days prior to the final delivery window, or other nomination deadlines. | For bids, offers and trades submitted in a volume range, sellers must declare a specific volume latest by 30 days prior to the initial delivery window. Platts may publish and may normalize offers, bids and trades submitted in a volume range, in which the seller has the option to declare the specific volume latest by 30 days prior to the final delivery window. |
| LNG ship | Sellers must state a base vessel in the offers. Platts reflects as the standard where sellers may substitute delivery vessels latest by 30 days prior to the initial delivery window subject to SSCS. Platts may publish and may normalize bids, offers and trades, in which sellers may substitute delivery vessels latest by 30 days prior to the final delivery window subject to SSCS. | Sellers must state a base vessel in the offers. Sellers must also state a base vessel upon confirmation of a traded bid. Platts reflects as the standard where sellers may substitute delivery vessels latest by 30 days prior to the initial delivery window subject to SSCS. Platts may publish and normalize bids, offers and trades, in which sellers may substitute the delivery vessel latest by 30 days prior to the final delivery window, subject to SSCS. |
Please send all comments, feedback and questions to LNGeditorialteam@spglobal.com and pricegroup@spglobal.com by May 15.
For written comments, please provide a clear indication if they are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make those not marked as confidential available upon request.