STS Nominations procedures in CIF refined products effective May 18, 2020

Please note that S&P Global Platts has amended the methodology for nomination procedures for ship-to-ship transfers reflected in its CIF European products cargo assessments effective May 18, 2020.

This followed a decision note published on April 29, which can be found here: https://www.spglobal.com/platts/en/our-methodology/subscriber-notes/042920-platts-amends-sts-nomination-procedures-in-cif-european-refined-products-from-may-18

Should a seller elect to deliver on a vessel that loaded its cargo on a ship-to-ship basis, it should provide vessel nomination and narrow laycan by the earliest of seven clear calendar or five clear working days before the first day of the actual delivery. In line with market standard, this guidance would not apply to performing vessels which have completed loading prior to being put forward to buyers for nomination.

Platts has observed that ship-vetting procedures typically extend to the vessel from which the performing vessel has loaded. Under current CIF nomination procedures, Platts guidelines require that sellers nominate the performing vessel and narrow the five-day delivery range to a three-day delivery range by the earliest of five clear calendar or three clear working days before the first day of the narrowed delivery range.

Please send all questions and comments to Europe_products@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 upon request.