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Price Assessment

Marine Fuels

  • What are Marine Fuels?
  • How we assess marine fuel oils
  • Marine Fuel 0.5% - Barges/Cargoes
  • Marine Fuel 0.5% - Derivatives
  • Marine Fuels Subscriber Notes
  • Marine Fuels Special Reports
  • Oil Price Assessment Catalogue

What are Marine Fuels?

Marine fuels, or bunker fuels, are the primary energy source for the shipping industry. The market totals about 300 million mt/year worldwide, almost all of which is for refined oil products. Historically high sulfur fuel oil has been the dominant marine fuel, with cleaner marine gasoil used in port, but tightening emissions regulations for shipping have fragmented the market. The main marine fuel types are as follows:

  • High sulfur fuel oil (HSFO) – 3.5% sulfur fuel oil. The main type of HSFO currently used by the shipping industry has a viscosity of 380 CST, but 180 CST, 500 CST, and 700 CST grades are also widely used. From the start of 2020, the sulfur content in HSFO will be too high to comply with the new 0.5% global limit, but vessels equipped with emissions-cleaning scrubber equipment will be able to continue using it.

  • Marine gasoil (MGO) – A middle distillate product similar to heating oil. The sulfur content is typically 0.1% but varies worldwide according to local laws. In the past, MGO was mainly used only in port, but demand increased in 2015 as emission control areas (ECAs) in North America and Northwest Europe reduced their sulfur limit to 0.1%.

  • Ultra-low-sulfur fuel oil (ULSFO) – Distillate-based fuel blends designed as a cheaper 0.1% sulfur alternative to MGO for use in the ECAs.

0.5% sulfur fuels – New 0.5% sulfur blends being designed for use worldwide once the global sulfur limit drops to that level in January 2020. A wide range of these blends is likely to emerge with varying specifications.

How we assess marine fuel oils

We assess Marine fuels oils- High sulfur fuel oil (HSFO) – 3.5% sulfur fuel oil, marine gasoil (MGO), Ultra-low-sulfur fuel oil (ULSFO) – distillate-based fuel blends designed as a cheaper 0.1% sulfur alternative to MGO for use in the ECAs. 0.5% sulfur fuels – new 0.5% sulfur blends.

These marine fuel price assessments reflect the tradable, repeatable spot market value of the most competitive grades in Europe US and Asia at the close.

We publish bids, offers, expressions of interest to trade, and confirmed trades during our Market on Close assessment process every day. This information is summarised in our daily newsletters and is published in full on our real-time information service, Platts Global Alert.

Marine Fuel 0.5% - Barges/Cargoes

As of January 2, 2019, S&P Global Platts launched a suite of new daily assessments for cargoes and barges around the globe for residual marine fuels that reflect a maximum sulfur limit of 0.5%.

The launch of cargo and barge assessments came 12 months ahead of the IMO's new global sulfur limit –in response to strong demand from market participants around the world for visibility into how this new fuel will be valued by the market.

S&P Global Platts received feedback from a cross-section of stakeholders including refiners, shipowners, physical suppliers, traders, exchanges, government agencies, brokers, storage terminal owner/operators, and utility companies. Following extensive consultation, on March 26, 2018, the methodology and specifications were announced for the cargo assessments to be launched at the start of 2019.

The new cargo and barge assessments are named "Marine Fuel 0.5%", and are being published for product loading from the key hubs of Singapore, Fujairah, Rotterdam, Houston, and New York Harbor.

The new assessments reflect specifications for RMG fuels as defined by the International Organization for Standardization (ISO) 8217:2010 specifications, but with a sulfur cap of 0.5%. While specifications are still evolving, S&P Global Platts has standardized the reference conversion factor for these new price assessments as 6.35 barrels per metric ton, aligned with the conversion factor for other fuel oil assessments at these locations.

The new assessments reflect existing parameters for volume, delivery period, size, and pricing basis for HSFO cargoes in Singapore and Fujairah, and HSFO barges in Houston, New York Harbor, and Rotterdam. While S&P Global Platts reported bids and offers for this fuel in January, these new markets are for the moment generally thinly traded. In the absence of an active spot market, the new assessments reflect the tradeable value of low sulfur marine fuels, established using the information on blend economics from related fuels as an important reference point.

Our 0.5% sulfur marine fuel assessments can be accessed on Platts Global Alert using the codes below:

AMFSA00 (Singapore) AMFFA00 (Fujairah) PUMFA00 (Rotterdam)

AUGMA00 (US Gulf Coast) AUAMA00 (US Atlantic Coast)

Marine Fuel 0.5% - Derivatives

From May 2, S&P Global Platts has launched assessments for financially settled derivatives contracts that settle against its physical Marine Fuel 0.5% assessments in Asia, the Middle East, Europe, and the US.

The derivatives assessments reflect contracts that settle against the average of the respective underlying physical assessment in each region that are listed as below. The metric ton-to-barrel conversion factor for the derivatives contracts is 6.35 -- in line with the conversion factor for Platts physical Marine Fuel 0.5% assessments and with the prevailing qualities of fuel oil.

ASIA: The underlying physical assessment is "FOB Singapore Marine Fuel 0.5%" (Price database code: AMFSA00). Platts publishes derivatives assessments for balance month, 12 subsequent months, inter-month spreads and four quarters from the month of publication. In addition, Platts publishes a MOPS strip for Marine Fuel 0.5% as well as an FOB Singapore Marine Fuel 0.5% differential to the strip.

MIDDLE EAST: The underlying physical assessment is "FOB Fujairah Marine Fuel 0.5%" (Code: AMFFA00). Platts publishes derivatives assessments for balance month and two subsequent months. In addition, Platts publishes a MOPFUJ strip for Marine Fuel 0.5% as well as an FOB Fujairah Marine Fuel 0.5% differential to the strip.

EUROPE: The underlying physical assessment is "FOB Rotterdam Marine Fuel 0.5% Barge" (Code: PUMFD00). Platts publishes derivatives assessments for balance month, 24 subsequent months, inter-month spreads, eight quarters and two calendar years from the month of publication. In addition, Platts publishes the differential to FO 3.5% FOB Rotterdam Barge derivatives and crack values relative to Brent 1st Line Swaps for the same period.

Marine Fuels Subscriber Notes

03 Jun 2019
SUBSCRIBER NOTE: Platts includes KM Galena Park for USGC Marine Fuel 0.5%S

SUBSCRIBER NOTE: Platts amends Asia bunker assessment methodology

22 May 2019
SUBSCRIBER NOTE: Platts to launch Marine Fuel 0.5% bunker assessments globally from Jul 1

21 May 2019
SUBSCRIBER NOTE: Platts considers CS Brilliance as delivery point in Singapore HSFO MOC

16 May 2019
SUBSCRIBER NOTE: Platts reaffirms merchantability of Marine Fuel 0.5%S in MOC

SUBSCRIBER NOTE: Platts to include KM Galena Park for USGC 0.5%S assessment

SUBSCRIBER NOTE: Platts to publish IMO-compliant bunker assessments at Zhoushan from Jul 1

09 May 2019
SUBSCRIBER NOTE: Platts proposes new $/mt assessments, MOC process for US marine fuel 0.5%S

02 May 2019
SUBSCRIBER NOTE: Platts launches Marine Fuel 0.5% derivatives assessments

17 Apr 2019
SUBSCRIBER NOTE: Platts to amend Asia bunker assessment methodology

15 Apr 2019
SUBSCRIBER NOTE: Platts to reflect new CN code in Europe LSFO assessments

08 Apr 2019
SUBSCRIBER NOTE: Platts to publish Marine Fuel 0.5% derivatives from May 2, 2019

01 Apr 2019
SUBSCRIBER NOTE: Platts discontinues Asia LSWR assessments from April 1, 2019

29 Mar 2019
SUBSCRIBER NOTE: Platts recommends LSWR differentials to Singapore Marine Fuel 0.5%

01 Feb 2019
SUBSCRIBER NOTE: Platts switches Rotterdam 0.1% bunker fuel specification to RMD 80

SUBSCRIBER NOTE: Platts reduces max sulfur content for Durban MGO bunkers assessment

SUBSCRIBER NOTE: Platts launches new 0.1% sulfur marine gasoil assessment at Algoa Bay

SUBSCRIBER NOTE: Platts launches new 0.1% sulfur bunker fuel assessment at St. Petersburg

SUBSCRIBER NOTE RESEND: Platts includes 2 vessels as delivery points in Singapore HSFO

18 Jan 2019
SUBSCRIBER NOTE: Platts to publish one-time differentials for Asia LSWR to Marine Fuel 0.5%

09 Jan 2019
SUBSCRIBER NOTE UPDATE: Platts launches Marine Fuel 0.5% sulfur cargo, barge assessments

04 Jan 2019
SUBSCRIBER NOTE: Platts to include two vessels as delivery points in FOB Singapore HSFO assessments

SUBSCRIBER NOTE: Platts amends LSFO CIF Mediterranean 2019 freight basket

02 Jan 2019
SUBSCRIBER NOTE: Platts launches USAC 0.5%S marine fuel assessment from January 2, 2019

SUBSCRIBER NOTE: Platts reflects ISO 2010 in bunker, cargo assessments from Jan 2, 2019

SUBSCRIBER NOTE: Platts reflects ISO 2010 in bunker, cargo assessments from Jan 2, 2019


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