Platts proposes to change cargo size for cross-Caribbean Suezmax dirty tanker assessment

Platts, part of S&P Global Commodity Insights, proposes to change the cargo size basis for its 150,000 mt cross-Caribbean Suezmax dirty tanker assessment, effective Oct. 3, 2022, to better reflect the shift in spot loadings in the Caribbean.

The proportion of spot fixtures on a 145,000 mt basis on the cross-Caribbean route has been steadily increasing since 2019, comprising 77% of total observed fixtures on the route so far in 2022 from 41% in 2019, as the market aligns with the wider US Gulf Coast market that primarily sees fixtures negotiated on a 145,000 mt basis.

This also comes amid the beginning of crude production and exports from Guyana in late 2019, with the majority of loadings from Guyana typically done on a 145,000 mt basis. Loadings from Covenas, which also accounts for a significant share of the cross-Caribbean market, have also shifted to primarily a 145,000 mt basis since 2020. So far in 2022, all observed spot fixtures from Covenas have been on a 145,000 mt basis.

The proposed change will affect the following assessments:

These assessments appear on Platts Global Alert pages 1972 and 1971; on Platts Shipping Alert pages 2440 and 2441; in the Dirty Tankerwire and in the Platts price database under the codes above.

Please send any feedback, comments or questions by Aug. 12, 2022 to shipping@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 to the public upon request.