S&P Global Platts has included two very large crude carriers as additional delivery points in the FOB Singapore fuel oil and marine fuel assessment processes effective February 1, 2019.
The two vessels -- CS Innovation and CS Development -- are being operated as floating storage units or FSUs, anchored at Tanjung Pelepas in the Johor province of southern Malaysia.
CS Innovation (IMO 9158886) is operated by CSZ Shipping Co. Ltd., and CS Development (IMO 9133850) is operated by CSH Shipping Co. Ltd.
Platts initially proposed to consider the two vessels as delivery points in FOB Singapore HSFO assessments through a subscriber note published December 18, 2018 https://www.spglobal.com/platts/en/our-methodology/subscriber-notes/121818-pl atts-considers-two-vessels-in-fob-singapore-hsfo-assessments.
Besides the two newly approved vessels, there are six floating storage units approved as additional delivery points in the Platts FOB Singapore fuel oil assessment process: CS Prosperity, Grace Star, Marine Star, Energy Star, Fortune Star and Jubilee Star.
The standards applicable to approved floating storage units require that sellers specifically name the vessel used as delivery point at the time of submitting offers to Platts for publishing.
Any offer of oil from vessels accredited for the FOB Singapore fuel oil and marine fuel assessment process would be on an FOB FSU basis. Sellers cannot unilaterally nominate an approved vessel as a delivery point in FOB Straits trades.
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