Platts amends weighted average flat rate for North Sea-Rotterdam route from July 3

Following the Worldscale Association update to flat rates for the port of Hound Point, Platts, part of S&P Global Commodity Insights, has amended the $/mt weighted average flat rate of the North Sea-Rotterdam Freight Adjustment Factor (FAF), effective July 3, 2023.

The North Sea-Rotterdam FAF is used to netback CIF Rotterdam WTI Midland values to FOB North Sea-equivalent values for Dated Brent.

As a result of the recent Hound Point update, the weighted average flat rate has been updated to $7.00/mt from July 3, up from $6.93/mt.

The FAF is calculated from the 10-day rolling freight average of the Dirty Cross-UK/Continent 80,000 mt freight assessment as published in Platts Dirty Tankerwire and in the Platts Pricing Database under code TDUUW00.

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