SUBSCRIBER NOTE: Platts confirms new Singapore fuel oil delivery points

Following feedback on its proposal note published on August 5, 2015, to consider the Speranza and Jade Palms tankers as additional delivery points in its FOB Singapore fuel oil assessment process, Platts confirms that it will include the floating storage units in its Market on Close assessment process with effect from September 25, 2015.

The VLCC Speranza is operated by Vitol Asia Ltd and the VLCC Jade Palms is operated by Itochu Singapore Pte Ltd. Both vessels are classified as floating storage units, or FSUs, and are anchored at Tanjung Pelepas in the Johor province of southern Malaysia.

The standards applicable to approved FSUs require that sellers specifically name the vessel used as delivery point at the time of providing an offer for publication in the Platts MOC process.

Any vessel accredited for the FOB Singapore fuel oil assessment process would be on a FOB FSU basis only and cannot be nominated into an FOB Straits transaction reported during the MOC process except by mutual agreement between counterparties.

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Platts will consider all comments received and will make comments not marked as confidential available upon request.