Platts clarifies position on Russian vessels in the JKM LNG MOC process

Platts, part of S&P Global Commodity Insights, is clarifying that its Platts LNG Market on Close assessment process for North Asia cargo deliveries reflect transactions where the performing vessels are not Russian vessels.

Following feedback from market participants and recent observed changes in trading practices in North Asia, Platts observed that Russian LNG vessels, which would include vessels that are Russian flagged, registered, owned, controlled, chartered or operated, are not presently merchantable on the same basis as that of other vessels nominated in spot transactions.

This clarification applies to bids, offers and trades reported in the Platts JKM LNG MOC process.

Platts is aware that market participants continue to use a variety of contractual language related to Russian vessels.

Counterparties are expected to perform on trades reported in the MOC based on typical terms that have been applied and accepted in the open market, though the use of a Russian vessel may be agreed by mutual consent.

Furthermore, Platts continues not to reflect Russia-origin LNG in the Platts JKM LNG MOC process, as detailed in a subscriber not published March 7, 2022: https://www.spglobal.com/commodityinsights/en/our-methodology/subscriber-notes/030722-s-p-global-commodity-insights-clarifies-position-on-merchantability-of-russia-origin-lng.

Please send all feedback, comments or questions to LNGeditorialteam@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.