Subscriber note: Vessel substitutions in European naphtha market

Effective July 1, 2013, Platts proposes that the ability of sellers to substitute vessels nominated to buyers in its European naphtha MOC process should be limited to no later than one clear working day before the first day of the narrowed three day delivery period (laycan). As an example, for a laycan narrowed by a seller to June 26-28, a seller should not substitute the vessel, other than in exceptional circumstances after close of business on Monday, June 24. Furthermore, Platts proposes that a buyer's ability to change the discharge location should also be limited to up to one clear working day before the first day of the narrowed three day laycan. Under Platts guidelines, a re-nominated cargo does not need to meet the same specifications as the originally nominated cargo, but needs to meet the specifications defined in Platts methodology and those expressed by the market maker in MOC. Re-nominated vessels need to be able to meet the logistical requirements of the originally agreed discharge port. Please send any comments or questions to europe_products@platts.com with a CC to pricegroup@platts.com by May 20, 2013.