Platts clarifies on standards reflected in its Asia bitumen assessments

Platts, part of S&P Global Commodity Insights, would like to clarify that its Asia bitumen assessment methodology reflect standard industry trade terms that include demurrage, which may be payable in case of delays.

Platts may publish bids, offers and trades that exclude demurrage from the terms and conditions, and may use the information in the assessment process after normalization.

Market participants who wish to exclude demurrage from the trade terms must clearly state that when communicating their bids, offers or trades to Platts editors at the time of publication.

Market participants should note that nomination of a "non-commensurate" ship should not expose the seller to incur additional costs associated with the large-sized ship. The buyer has the right to nominate a non-commensurate ship to load a cargo traded via the Singapore Platts Market on Close assessment process from S&P Global, while the seller has the obligation to accept a commensurate ship and try to accommodate a non-commensurate ship if the terminal scheduling permits.

The sellers' exposure to demurrage and laytime should not exceed the normal associated demurrage and laytime of a commensurate ship.

More information on S&P Global Asia bitumen price assessment and methodology are available here: https://www.spglobal.com/commodityinsights/en/our-methodology/methodology-specifications/oil/bitumen-assessments-faq

Please send all comments and queries to asia_products@spglobal.com and pricegroup@spglobal.com.

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.