Platts clarifies named vessel requirements for European FOB LPG coasters MOC

Platts, part of S&P Global Commodity Insights, clarifies that vessels are required to meet the following conditions in order to be reflected in the Platts European LPG Market on Close (MOC) assessment process for FOB Seagoing coasters.

In line with existing methodology, Platts reflects pressurized vessels in its FOB Seagoing coasters LPG assessments. Bids may be made with a named or unnamed vessel.

Buyers should only report bids subject to named vessels where they have all reasonable expectations that the vessel is acceptable to a critical mass of loadports in the region, and should stipulate that the vessel is subject to acceptance by the seller's vetting department and terminal.

Meanwhile, sellers reporting interest to trade on a bid stipulating a named vessel need to have all reasonable expectations that the vessel is acceptable to them and their intended load terminal.

An offer may also be lifted subject to a named vessel by contacting Platts within 30 seconds of the deal being consummated with the name of the vessel. The buyer must have all reasonable expectations that the named vessel will be accepted by the seller's vetting department and offered terminal.

Consistent with its methodology, Platts also monitors vetting to ensure that ships are not rejected because of commercial considerations but only because of internal and consistently applied company standards.

The above clarification applies to the following assessments and MOC processes:

Platts always expects demonstrable and reasonable efforts to be made to perform a trade reported in its Market on Close assessment processes.

Please send any comments 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.