Platts changes IGS vessel indications in CIF NWE naphtha MOC

S&P Global Platts reflects bids, offers and transactions in its Naphtha Cargoes CIF NWE (PAAAL00) Market on Close assessment process where the vessel is guaranteed to have an inert gas system (IGS), effective Sept. 1.

Market feedback indicates IGS-equipped vessels are standard in Northwest Europe for coasters (typically carrying 12,500 mt of cargo) as well as larger vessels. The 2014 International Maritime Organization guidelines require IGS fitted on smaller vessels built after 2016.

The decision, which followed a period of industry feedback, was announced in a note published July 28: https://www.spglobal.com/platts/en/our-methodology/subscriber-notes/072820-platts-to-change-to-igs-vessel-indications-in-cif-nwe-naphtha-moc.

Under Platts previous methodology, if a buyer required a vessel equipped with IGS, that buyer should specify it in the bid or declare a delivery port that requires an IGS-equipped vessel.

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