Platts revises 2025 European fuel oil & feedstock netback rates to reflect updated Rotterdam port fees

Platts, part of S&P Global Commodity Insights, will update the formulas to derive its netback and net forward assessments for 2025 to include updated Rotterdam port fees, as detailed in Worldscale Circular No. 8 (2025).

This notice overwrites the Dec. 20 subscriber note detailing the 2025 European fuel oil and feedstock netback formulae, available here: https://www.spglobal.com/commodity-insights/en/pricing-benchmarks/our-methodology/subscriber-notes/122024-platts-to-update-european-fuel-oil-and-feedstocks-2025-netback-formulas.

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 $6.67/mt.

The flat rate used to calculate FOB Mediterranean HSFO cargoes (PUAAZ00) as a freight netback from CIF Mediterranean HSFO cargoes will be $7.80/mt.

The Rotterdam harbor dues will be $1.12/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 $7.67/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 $14.49/mt.

The flat rate used to calculate FOB Mediterranean LSFO cargoes (PUAAK00) as a freight netback from CIF Mediterranean LSFO cargoes will be $8.00/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 $6.94/mt.

Fuel oil feedstocks

The flat rate used to calculate FOB NWE VGO cargoes (AAHMX00 and AAHNB00) as a freight netback from CIF NWE VGO cargoes will be $5.04/mt.

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

The flat rate used to calculate FOB Mediterranean VGO cargoes (ABBAD00 and ABBAC00) as a freight netback from CIF Mediterranean cargoes will be $5.08/mt.

The Rotterdam harbor dues will be $1.12/mt.

Also effective Jan. 2, Platts will update netback routes for European vacuum gasoil cargoes on Jan. 2 to reflect a change in trade flows following European sanctions on Russian-origin oil products. This was announced on a Nov. 8 subscriber note here: https://www.spglobal.com/commodity-insights/en/pricing-benchmarks/our-methodology/subscriber-notes/110824-platts-to-change-european-vgo-netback-routes-assessment-names-jan-2.

Please send any comments and feedback to europe_products@spglobal.com and pricegroup@spglobal.com.

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