Subscriber note: Update to Europe naphtha vessel standards from July 1

Following feedback to a subscriber note published on May 3, 2013, Platts confirms that the ability of sellers to substitute vessels nominated to buyers in the Platts European naphtha Market on Close assessment process should be permitted up until one clear working day before the first day of the narrowed three day delivery period (laycan), with effect from July 1. As an example, for a laycan narrowed by a seller to June 26-28, a seller will be permitted to substitute the vessel up until the close of business on Monday, June 24. Platts also expects parties to be reasonable when exceptional circumstances may require later substitutions and also in managing buyers' requests to change discharge orders. Under Platts guidelines, a nominated cargo need solely 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 further comments or questions to europe_products@platts.com with a CC to pricegroup@platts.com.