SUBSCRIBER NOTE: Platts confirms new Singapore fuel oil delivery points

Following feedback on its proposal note published November 20, 2015, to consider the Energy Star, Fortune Star and Amity Star 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 February 15, 2016.

The very large crude oil carrier Energy Star is operated by BP Singapore Pte Ltd and Gunvor Singapore Pte Ltd while the VLCC Fortune Star is operated by Mercuria Energy Trading Pte Ltd and the VLCC Amity Star is operated by Mitsui & Co Energy Trading Singapore Pte Ltd, and are classed as floating storage units, or FSUs.

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

There are currently two floating storage units approved as additional delivery points in the Platts' FOB Singapore fuel oil assessment process. Platts confirmed to include the VLCC Speranza operated by Vitol Asia Ltd and the VLCC Jade Palms operated by Itochu Singapore Pte Ltd, in its Market on Close assessment process with effect from September 24, 2015.

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 Market on Close 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 an FOB Straits transaction reported during the MOC process except by mutual agreement between counterparties.

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