Platts changes WIM, SEAM LNG standard cargo quantity specifications

Platts, part of S&P Global Energy, has changed the standard cargo quantity specifications for the Asia-Pacific LNG assessments, the Platts West India Marker (WIM) and the Platts Southeast Asia Marker (SEAM), effective Sept. 16.

As a result of the change, Platts WIM and SEAM now reflect a quantity range of 3.2-3.6 TBtu plus/minus 5% operational tolerance at the seller's option, compared with the current standards of 3.3 TBtu plus/minus 5% for WIM and 3.4 TBtu plus/minus 5% for SEAM.

Other quantity ranges and discrete quantities may be considered and normalized to this standard.

The change was based on market feedback that the most commonly traded cargo quantities in the South Asia and Southeast Asia regions have evolved in recent years due to the rise of portfolio-based trading, diversification of supply origins and greater flexibility within destination markets. This follows the changes to the JKM LNG benchmark and JKM forward price assessments made Feb. 16.

For bids, offers and trades submitted in a volume range, the seller would retain the option to declare a specific volume no later than 30 days prior to the initial delivery window.

A decision note was published Aug. 18, following a proposal July 28.

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