Following market feedback, S&P Global Platts will reflect bids, offers and transactions in its Platts Naphtha Cargoes CIF NWE (PAAAL00) Market on Close assessment process where the vessel is guaranteed to have an inert gas system (IGS), effective September 1.
Under Platts current methodology, if a buyer requires a vessel equipped with IGS, that buyer should specify it in the bid or declare a delivery port that requires an IGS-equipped vessel.
The 2014 International Maritime Organization guidelines require IGS fitted on smaller vessels built after 2016. Market feedback indicates IGS-equipped vessels are standard in Northwest Europe for coasters (typically carrying 12,500 mt of cargo) as well as larger vessels.
This decision follows a period of industry feedback. This change was first proposed in a note published July 8: https://www.spglobal.com/platts/en/our-methodology/subscriber-notes/070820-platts-proposes-change-to-igs-vessel-indications-in-cif-nwe-naphtha-moc
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