Platts to amend freight basket for 0.1% Med gasoil from Jan 4

S&P Global Platts will amend the basket of ports it uses to assess the 0.1% FOB and CIF Mediterranean 0.1% gasoil cargoes from January 4, 2021.

0.1% GASOIL FOB MED NETBACK: In order to better reflect flows of 0.1% gasoil into the Mediterranean, Platts will replace the Black Sea port of Batumi with the Mediterranean port of Agioi Theodoroi and apply a weighing of 50% for Novorossiisk, 30% for Sarroch and 20% for Agioi Theodoroi, all to Genoa and Lavera from January 4, 2021.

Currently, Platts derives its 0.1% gasoil FOB Med cargo assessment (Code: AAVJI00) by applying a freight netback to the 0.1% gasoil CIF Med cargo assessment (AAVJJ00).

The calculation is based on routes in the Mediterranean: Sarroch, Novorossiisk and Batumi to Genoa and Lavera using the daily freight rates published in the Platts Clean Tankerwire for Black Sea-Med 30,000-mt cargoes.

0.1% GASOIL CIF MED: In order to better reflect flows of 0.1% gasoil into the Mediterranean, Platts will replace the Black Sea port of Batumi with the Mediterranean port of Agioi Theodoroi from January 4, 2021.

Currently, CIF indications reported in the Platts Market on Close assessment process may typically be normalized back to the reference port of Genoa using a basket of the following three loadports, each with an equal weighting: Sarroch, Novorossiisk and Batumi.

The voyages will be calculated by the applicable Worldscale flat rates using the daily freight rates for clean Handysize Med-Med and Black Sea-Med routes, as published in Clean TankerWire.

The decision follows on from feedback received during the proposal and consultation period around the relevance of the existing loadports in the Mediterranean 0.1% gasoil assessment. The proposal note, published on June 18, can be found here: https://www.spglobal.com/platts/en/our-methodology/subscriber-notes/061820-platts-proposes-to-amend-freight-basket-for-01-med-gasoil

The 0.1% gasoil CIF Med cargo assessment is available in Platts European Marketscan, Oilgram Price Report and in the Platts pricing database under code AAVJJ00.

The 0.1% gasoil FOB Med cargo assessment is available in Platts European Marketscan, Oilgram Price Report and in the Platts pricing database under code AAVJI00.

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