Following feedback from the market on fuel oil flows, S&P Global Platts has amended the basket of routes which may be used to calculate the CIF Mediterranean 1% fuel oil cargoes assessment in the absence of competitive market indications, effective Friday, January 4.
The freight rate which may be used to calculate the CIF Mediterranean LSFO assessment from January 4 will be $11.34/mt, calculated using a basket of the following routes: Antwerp-Algeciras ($8.57/mt), Antwerp-Agioi Theodoroi ($12.35/mt), Antwerp-Vassiliko ($13.14/mt), and Antwerp-Milazzo ($11.30/mt).
This updates the existing basket, which has historically used a single freight route.
The new basket represents multiple delivery points within the Mediterranean, more closely reflecting the evolving Mediterranean 1% fuel oil market.
Milazzo remains the basis port of the assessment.
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