S&P Global Platts will launch daily assessments for ex-wharf 0.5% sulfur marine fuel bunker at the east China port of Zhoushan on July 1, 2021.
The assessment will reflect specifications for RMG fuels as defined by the International Organization for Standardization in document ISO 8217:2010 Petroleum products -- Fuels (class F) -- Specifications of marine fuels, but with a maximum sulfur limit of 0.5% and a minimum viscosity of 30 CST at 50 degrees Celsius.
The assessment will reflect 1,000-6,000 mt clips loading 3-15 days forward from the date of publication.
Buyers and sellers participating in the Platts Market on Close assessment process for ex-wharf bunker would be required to specify three consecutive days for loading within the assessment laycan.
Buyers and sellers may submit bids and offers for a minimum of 1,000 mt and in increments of 500 mt up to 6,000 mt.
Buyers would be required to nominate the performing barge between two and five working days in advance of the load date.
Sellers would be required to notify the buyer of barge acceptance promptly and within a reasonable time.
The acceptance is subjected to terminal availability, and the seller should supply material that is merchantable.
The assessment will be published in US$/mt, and reflect market value at the close of Asian trade at 5:30 pm Singapore time, and will follow the Singapore publishing schedule.
The new daily ex-wharf assessment will appear on Platts Bunker Alert page 2850, Platts Shipping Alert page 210 and Platts Bunkerwire publication.
Zhoushan has emerged as a prominent bunkering hub in Northeast Asia, especially since the International Maritime Organization's mandate to limit sulfur at a maximum of 0.5% for all marine fuel globally came into effect on Jan. 1, 2020.
Platts has published delivered bunker assessments at Zhoushan for Marine Fuel 0.5% and low sulfur marine gasoil with maximum 0.1% sulfur since July 1, 2019.
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