Platts adds Yeosu to S Korean discharge port basket in clean tanker assessments

S&P Global Platts has added Yeosu to the basket of South Korean discharge ports used in the dollar per metric ton calculations for all its Arab Gulf-South Korea, Red Sea-South Korea and Singapore-South Korea clean tanker assessments from April 1, 2021.

The addition, which brings the number of South Korean discharge ports to three, from two previously, reflects the position of Yeosu as one of the country's most active oil ports, due to the significant volume of naphtha being delivered to major petrochemical complexes there.

Platts first proposed changing the port baskets in a subscriber note published Nov. 17, 2020 : - http://plts.co/OlBu30rrL6I

Over November 2018 to November 2020, Platts observed 76 clean product shipments moving from the Arab Gulf and Red Sea into Yeosu out of a total 123 product tankers that called at South Korea, according to data from Platts trade flow software cFlow. In comparison, the number of similar shipments to Ulsan/Onsan was 12; Daesan had 29 callings and Incheon saw six shipments. The product tankers tracked were in the 30,000 dwt to 128,000 dwt range which includes ships from Medium Range size to the Long Range 1 and 2 segments.

Following the change to the port baskets, the new $/mt calculations are based on the average Worldscale flat rates for the following routes:

1) Arab Gulf-South Korea MR, LR1, LR2

Jubail-Ulsan

Ruwais-Yeosu

Bandar Mahshahr-Daesan

2) Red Sea-South Korea MR, LR1

Yanbu-Ulsan

Rabigh-Yeosu

Jeddah-Daesan

3) Singapore-South Korea MR, LR1

Singapore-Ulsan

Singapore-Yeosu

Singapore-Daesan

Previously, the $/mt calculations were based on the average Worldscale flat rates for the following routes:

1) Arab Gulf-South Korea MR, LR1, LR2

Jubail-Ulsan (Onsan)

Ruwais-Ulsan

Bandar Mahshahr-Daesan

2) Red Sea-South Korea MR, LR1

Yanbu-Ulsan (Onsan)

Rabigh-Ulsan

Jeddah-Daesan

3) Singapore-South Korea MR, LR1

Singapore-Ulsan (Onsan)

Singapore-Ulsan

Singapore-Daesan

In addition, Platts has separately announced it has added Yeosu to the basket of discharge ports used in the $/mt calculation for the India-South Korea 35kt MR $/mt assessment from April 1, 2021 :- http://plts.co/9zso30rCYrY .

The affected assessments are:

Assessment name Daily Code Month Average Code

Clean Arab Gulf-South Korea 35kt MR $/mt TCAAK00 TCAAK03

Clean Arab Gulf-South Korea 55kt LR1 $/mt TCAAL00 TCAAL03

Clean Arab Gulf-South Korea 75kt LR2 $/mt TCAAM00 TCAAM03

Clean Red Sea-South Korea 35kt MR $/mt TCABL00 TCABL03

Clean Red Sea-South Korea 55kt LR $/mt TCABM00 TCABM03

Clean Singapore-South Korea 30kt MR $/mt TCABR00 TCABR03

Clean Singapore-South Korea 55kt LR $/mt TCABS00 TCABS03

These assessments appear in Clean Tankerwire and Monthly Clean Tankerwire; on Platts Shipping Alert pages 320, 321, 330 and 331, Platts Tanker Alert pages 2920, 2921, 2922 and 2923; and in the Platts price database under the codes above.

Please send any further questions or comments to shipping@spglobal.com and pricegroup@spglobal.com