SUBSCRIBER NOTE:Platts proposes to amend reference freight basket for CIF Med ULSD cargoes

Following a formal consultation, S&P Global Platts proposes to amend the reference freight basket used as guidance to normalize indications received in the CIF Med diesel cargo Market on Close assessment process back to the reference port of Lavera from January 4, 2021.

In order to better reflect flows from the Black Sea into the Mediterranean region, Platts proposes the addition of the Black Sea port of Novorossiisk to the reference freight basket from January 4, 2021.

The amended reference freight basket will be made of Santa Panagia with a 30% weighting, Cartagena with a 30% weighting, Agioi Theodoroi with a 30% weighting and Novorossiisk with a 10% weighing.

Under the proposal, the voyages would be calculated by the applicable Worldscale flat rates using the daily freight rates for clean Handysize cross-Med and Black Sea-Med routes published in Clean TankerWire.

Platts launched a formal consultation on prevailing flows of diesel in the Mediterranean in a subscriber note published on April 14: www.spglobal.com.

Currently, CIF indications reported in the Platts Market on Close assessment process may typically be normalized back to the reference port of Lavera using a basket of the following three loadports, each with an equal weighting: Santa Panagia, Cartagena and Agioi Theodoroi.

The 10 ppm ULSD CIF Med cargo assessment is available in Platts European Marketscan, Oilgram Price Report and in the Platts pricing database under code AAWYZ00.

Please send any comments or queries by July 15 to europe_products@:spglobal.com, with a cc to 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.