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 it will include the FSUs in its Market on Close assessment process with effect from September 25, 2015.

The very large crude oil carrier Speranza is operated by Vitol Asia Ltd. while the VLCC Jade Palms is operated by Itochu Singapore Pte Ltd. and are classed as floating storage units, or FSUs.

Both vessels are anchored at Tanjung Pelepas in the Johor province of southern Malaysia.

There are currently no other floating storage units approved as additional delivery points in the FOB Singapore fuel oil assessment process.

The standards applicable to approved floating storage units require that sellers specifically name the vessel used as delivery point at the time of providing an offer for publication in the Platts MOC assessment 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 a FOB Straits transaction reported during the MOC process except by mutual agreement between counterparties.

Please send all further comments, feedback and questions to asia_oilproducts@platts.com and pricegroup@platts.com.

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