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Platts clarifies MOC guidelines for Atlantic, Pacific LNG freight

S&P Global Platts would like to clarify its methodology and publishing standards for LNG freight data in its Atlantic and Asia Pacific LNG day rate Market on Close assessment processes.

The Platts Asia Pacific LNG day rate (APDR) and the Atlantic LNG day rate (ATDR) both reflect the daily spot rate of chartering a standard Tri-Fuel Diesel Engine (TFDE) LNG carrier of 155,000-180,000 cubic meters for loading 25 to 45 days forward, with value normalized to a standard volume of 165,000 cu m.

The MOC guidelines are aimed at bringing greater clarity, order, and transparency to the assessment process. The information is published in real-time, as it is received, on Platts information services. Platts endeavors to publish all information received that meets Platts editorial standards so that it can be fully tested by the market at large. Information collected and published includes the identities of buyers and sellers, prices, volumes, laycans, delivery, and redelivery locations, and stated trading terms.

When determining a final market assessment, Platts gives the greatest priority to fully verifiable and transparent market information.

The Asia-Pacific LNG day rate reflects loadings in the Asia-Pacific region, and Platts would like to clarify that the assessment represents a typical Pacific route of Australia-North Asia. Meanwhile, the Atlantic LNG day rate reflects loadings in the Atlantic region, with the assessment representing a typical Atlantic route of US Gulf Coast-Northwest Europe. Platts may publish bids, offers, and trades for other locations, but these may be normalized for assessment purposes.

Further details on the Asia Pacific and Atlantic LNG day rate assessment methodology and specifications can be found in its global LNG specifications guide:

MOC process

Platts will consider all firm bids and offers submitted and published as open to the market at large and executable unless informed otherwise by the market participant submitting the information.

Platts standards require full performance on all information submitted in its MOC process. This means that any entity participating in the MOC process must confirm any deal that results from information submitted during the MOC process, with a clear intention to fix a vessel and confirm the charter party, subject to requirements being fulfilled, with each counterparty and to Platts for publication.

Standard terms

Platts considers the following terms to be typical for the publication of LNG freight bids, offers, and trades. All submitted information will be considered against these terms for assessment purposes. Platts may publish bids, offers, and trades for LNG freight that carry different terms and conditions, but may normalize these for assessment purposes.

Unless stated otherwise by a market participant at the time of submission, all bids and offers will be considered as reflecting the below standards, which Platts understands to be broadly typical in the spot LNG freight market. Any variations from these standards in published bids or offers should be clearly stated by MOC participants at the time of submission.

Delivery laycan: Two or three days; to be narrowed to one day by charterer seven calendar days prior to the first day of original laycan

Delivery location: Region (e.g. USGC or Australia); with loadport to be nominated at least 20 calendar days prior to the first day of original laycan

Delivery condition: Cold and ready to load Redelivery location: Region (e.g. Northwest Europe or North Asia)

Charter period: Minimum of five calendar days and maximum of 60 calendar days, with charterers' options

Vessel size: Capacity range in cu m

Vessel terms: Any additional terms to be clearly stated

Day rate: To be provided on a round-trip basis

Platts expects parties to be reasonable when exceptional circumstances require sellers to substitute vessels or buyers to substitute terminals. Companies must promptly communicate to their counterparties when such a substitution is required. Buyers or sellers should not unreasonably withhold substitutions or hamper the established delivery process.

Timing and increments

Market participants must submit any bids and offers with complete information to Platts editors by phone, instant message, or email before 15:45:00:00 Singapore time ahead of the Asia MOC and before 15:45:00:00 London time ahead of the Atlantic MOC, for consideration to be published as part of the MOC process. Market participants can improve the price of their published bids and offers by a maximum of $1,000/day every two minutes. Participants may change the price of their bids or offers by a minimum of $100/d. No price changes will be permitted in the final two minutes of the MOC process, which concludes at 16:30:00:00 Singapore/London time for the Asia and Atlantic MOCs, respectively.

Buyers and sellers may withdraw their bids or offers at any time during the MOC by communicating so to Platts editors, provided interest to trade against the published bid or offer has not already been received by Platts.

Counterparties must clearly communicate their interest to trade a published bid or offer to Platts editors, and counterparties are expected to promptly report resultant confirmed transactions to Platts.

Please send all feedback, comments, and questions to platts_lng,, and

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.