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SUBSCRIBER NOTE: Platts amends demurrage formula for Black Sea crude FOB netback assessments

Following a period of feedback, S&P Global Platts has amended how demurrage is reflected in the calculation of its crude oil assessments from the Black Sea to reflect delay time through the Turkish Straits, effective January 2, 2020.

This follows an updated decision note published September 19 and available here:

https://www.spglobal.com/platts/en/our-methodology/subscriber-notes/091919-platts-updates-decision-to-amend-demurrage-formula-for-black-sea-crude-fob-netback-assessments

Platts understands that general market practice is to allow for one day journey through the Turkish Straits each way, with only time spent in excess of 24 hours used in the final calculation of demurrage.

With this change, Platts will reflect demurrage time through the Turkish Straits rather than full transit time.

For example, if the journey through the Turkish Straits was assessed at four days each for both northbound and southbound voyages, Platts Black Sea netback calculations would account for three days of demurrage each way.

Similarly, if the journey through the Turkish Straits was assessed at one day each for both northbound and southbound voyages, Platts Black Sea netback calculations would demonstrate no additional demurrage calculation.

This change will impact the following assessments:

Assessment Outright Differential

Urals FOB Novorossiisk Suezmax AAGZS00 AAHPH00

Urals FOB Novorossiisk Aframax AAOTH00 AAOTI00

CPC Blend FOB Suezmax AALVX00 AALVZ00

CPC Blend FOB Aframax AAOFV00 AAOFW00

Azeri Light FOB Supsa AATHM00 AATHN00

Please send all further feedback and comments to europe_crude@spglobal.com and pricegroup@spglobal.com.

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing.

Platts will consider all comments received and will make comments not marked as confidential available upon request.