Platts updates European fuel oil & feedstocks netback formulae to reflect revised Rotterdam port fees, Turkish flat rates

Platts, part of S&P Global Commodity Insights, will update the formulae to derive its netback and net forward assessments to reflect an increase in flat rates for voyages including Turkish ports, as detailed in Worldscale Circular No. 6 (2024) and an increase in Port Tariffs for the port of Rotterdam, as detailed in Worldscale Circular No. 7 (2024).

The changes to the formulas are effective Jan. 2 for the following assessments:

High sulfur fuel oil

The flat rate used to calculate FOB NWE HSFO cargoes (PUABB00) as a freight netback from CIF NWE HSFO cargoes (basis Rotterdam) will be $6.25/mt.

The flat rate used to calculate FOB Mediterranean HSFO cargoes (PUAAZ00) as a freight netback from CIF Mediterranean HSFO cargoes will be $7.32/mt.

The Rotterdam harbor dues will be $1.04/mt.

Low sulfur fuel oil

The flat rate used to calculate CIF NWE LSFO cargoes (PUAAL00) as a freight net-forward from FOB NWE LSFO cargoes will be $7.28/mt.

The flat rate used to calculate CIF Mediterranean LSFO cargoes (PUAAJ00) as a freight net forward from FOB NWE LSFO cargoes, in the absence of other daily bid/offer/trades information, will be $13.21/mt.

The flat rate used to calculate FOB Mediterranean LSFO cargoes (PUAAK00) as a freight netback from CIF Mediterranean LSFO cargoes will be $7.47/mt.

Marine fuel

The flat rate used to calculate FOB Mediterranean Marine Fuel 0.5% cargoes (MFFMM00) as a freight netback from CIF Mediterranean Marine Fuel 0.5% cargoes will be $6.57/mt.

Fuel oil feedstocks

The flat rate used to calculate FOB Baltics VGO cargoes (AAHMX00 and AAHNB00) as a freight netback from CIF NWE VGO cargoes will be $9.73/mt.

Please note that spot market bids/offers/trades may, where relevant, also be taken into account when assessing FOB Baltics VGO cargoes.

The flat rate used to calculate FOB Black Sea VGO cargoes (ABBAD00 and ABBAC00) as a freight netback from CIF Mediterranean cargoes will be $8.91/mt.

The Rotterdam harbor dues will be $1.03/mt.

This note is an update to a Dec. 18 note outlining 2024 netback and net forward rates, available here:

https://www.spglobal.com/commodityinsights/en/our-methodology/subscriber-notes/121823-platts-to-update-european-fuel-oil-feedstocks-freight-netback-and-net-forward-rates-jan-2

Platts to update European fuel oil & feedstocks freight netback and net-forward rates Jan 2

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