Platts to update FOB Straits gasoline guidelines for commensurate vessels

Platts, part of S&P Global Commodity Insights, is updating its guidelines for commensurate vessels for FOB Straits gasoline loadings to coincide with the Jan. 2, 2025 shift to larger gasoline clips of a minimum of 100,000 barrels for RON 92.

This follows the decision announced in a subscriber note published Oct. 17, here: https://www.spglobal.com/commodityinsights/en/our-methodology/subscriber-notes/101724-platts-to-raise-fob-singapore-ron-92-gasoline-volume-from-jan-2-2025 .

For gasoline loadings, small-range tankers will still be considered commensurate for individual clips of 50,000 barrels, while medium-range tankers will be considered commensurate for individual clips larger than 50,000 barrels. This is a change from the previous guidelines, where small-range tankers were considered commensurate for individual clips and up to medium-range tankers for co-loading of cargoes.

The changes will take effect for trades reported in the Platts Market On Close assessment process from Jan. 2 onwards.

In addition, Platts understands that the typical laytime for a 100,000-barrel parcel loading is 24 hours plus six hours, while a 150,000-barrel parcel loading is 36 hours plus six hours. Platts also understands that typical demurrage for medium-range tankers would be basis the Charter Party rate or at the Platts published Clean Demurrage rate for FOB Singapore, whichever is lower.

Platts would like to remind market participants that the Platts methodology reflects trades in which sellers nominate the load point 10 days before loading and buyers nominate a single performing vessel seven days prior. Platts expects parties to be reasonable when exceptional circumstances require buyers to substitute vessels or sellers to substitute terminals after the respective nomination deadlines.

Nomination of non-commensurate vessels should not expose the seller to incur additional costs associated with the larger vessels. The buyer has the right to nominate a non-commensurate vessel to load a cargo traded via the MOC, while the seller has the obligation to accept a commensurate vessel and try to accommodate a non-commensurate vessel if the terminal scheduling permits.

The seller's exposure to demurrage and laytime should not exceed the normal associated demurrage and laytime, of a commensurate vessel.

Please send any comments or questions to asia_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.