Platts to change European fuel oil netback freight basket Jan 3, 2023

Platts, part of S&P Global Commodity Insights, will change the freight basket used in the calculation of its Northwest European high sulfur fuel oil netback cargo assessment to exclude Russian loadports and take into account changing trade flows into Europe with effect from Jan. 3, 2023.

This is in light of an upcoming EU ban on Russian oil product imports from Feb. 5, 2023, and follows the decision by Platts to exclude Russian-origin material in its HSFO assessments from Oct. 3, 2022:

Observations of changing trade flows so far as well as market feedback have suggested that the HSFO CIF NWE cargo market will increasingly be served by the Amsterdam-Rotterdam-Antwerp region, Le Havre and Klaipeda.

The changes and the affected assessments will be as follows:

FO 3.5%S CIF NWE Cargo (PUABA00)

FO 3.5%S FOB NWE Cargo (PUABB00)

The freight basked used to calculate FOB NWE HSFO cargoes (basis Baltics) as a freight netback from CIF NWE HSFO cargoes (basis Rotterdam) will be as follows:

Load Port

Discharge Port





Le Havre


As a comparison, the 2022 average of Worldscale flat rates for the routes listed in the basket above would be calculated to $5.24/mt. The basket currently in use is based on the following routes: Ust Luga, St Petersburg, Talinn and Vysotsk. It calculates to $7.95/mt and uses the dirty Baltic-UKC 30kt Wsc (TDADY00) freight rate. The updated basket will continue to use the dirty Baltic-UKC 30kt Wsc (TDADY00) freight rate.

Platts will continue to monitor prevailing trade flows. Platts has also clarified that it may normalize bids, offers and trades reported in its Market on Close assessment process into ports other than the basis through daily review of prevailing flow.

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