Platts CIF European fuel oil assessments reflect bids, offers and trades that allow a seller to deliver oil from a part-cargo, provided the vessel is named at the time of sale, either as a named vessel in the offer or by hitting a bid with a named vessel.
Additionally, when selling on a part-cargo basis, a seller must commit to supplying the performing fuel in segregated tanks with separate bills of lading.
A seller must also commit to discharging any additional fuel above the contractual size prior to discharging the main cargo, and also protect the buyer against any additional freight exposure caused by delivering on a part-cargo basis.
When supplying on a part-cargo basis, the seller must provide a vessel commensurate with typical trade patterns in that market.
In the event of a bid being hit subject to the acceptance of a vessel, the ship's name should be communicated within 30 seconds through the typical and reasonable means of communication, including instant messaging services.
Failure to do so would result in the deal going through in the standard way, with the seller committing to supplying a vessel, which meets the buyers conditions in relation to vetting stipulated in the original terms of the bid.
Trades reported in the Platts MOC subject to a named vessel are deemed to be conditional on the buyer determining if the ship is acceptable to its vetting department, where this is applicable. Platts monitors vetting to ensure that ships are not rejected through commercial considerations but only because of internal and consistently applied standards.
Bids which stipulate full cargo delivery only could be deemed restrictive and not be considered for publication in the Market On Close assessment process.
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