S&P Global Platts, the leading independent provider of information and benchmark prices for the commodities and energy markets, has expanded its suite of market-leading, International Maritime Organization (IMO) 2020-compliant marine fuel price assessments, with new pricse launched in more than a dozen ports before the implementation of stricter global marine fuel regulations takes effect in less than one month.
From December 2, Platts is publishing new daily marine fuel 0.5% bunker assessments in ports throughout North and South America, Europe and Russia. The price assessments adhere to the Platts Market on Close assessment process methodology and reflect the tradeable value of IMO 2020-compliant fuel in ports such as Novorossiysk, Istanbul, Seattle and Santos.
Vera Blei, Global Director of Oil Market Reporting, S&P Global Platts, said: "We are pleased to further extend the range of our IMO 2020 price assessments, which bring additional transparency to the market through this period of change. We have seen adoption of these price assessments by market participants in our MOC price assessment process since the beginning of the year as well as their inclusion as a basis in derivatives launched by global commodities exchanges, which have seen increased traded volume and open interest. This reflects a willingness by market participants to adapt to the IMO 2020 rules ahead of the implementation date."
The new assessments complement Platts' existing marine fuel 0.5% assessments, which are progressively being adopted thanks to increased traded volume and open interest on Platts-settled derivatives launched by global commodities exchanges.
Most recently, new assessments were launched on November 1 for cargoes of marine fuel 0.5% on FOB and CIF bases in the Mediterranean. These are the latest in a series of 0.5% assessment launches over 2019: initial cargo and barge assessments in five key ports globally in January, forward market assessments in May, and bunker assessments in the Americas, Europe and Asia launched in July.
In addition to new assessments, Platts lowered the sulfur limit to 0.5% for certain delivered marine gasoil and marine diesel oil assessments in Asia and Africa that previously reflected higher sulfur standards. The change was implemented to better reflect the changing supply-demand picture for bunker fuel in Singapore, Fujairah, Shanghai, Lome and other major ports. Full details can be found at the following link.
S&P Global Platts Media Contact update
Americas: Kathleen Tanzy, +1 917 331 4607, email@example.com
Asia: Melissa Tan, +65-6597-6241, firstname.lastname@example.org
EMEA: Alex Brog, +44 20 7176 7645, email@example.com and Russ Gerry, +44 207 176 3569, firstname.lastname@example.org
About S&P Global Platts
At S&P Global Platts, we provide the insights; you make better informed trading and business decisions with confidence. We're the leading independent provider of information and benchmark prices for the commodities and energy markets. Customers in over 150 countries look to our expertise in news, pricing and analytics to deliver greater transparency and efficiency to markets. S&P Global Platts coverage includes oil and gas, power, petrochemicals, metals, agriculture and shipping.
S&P Global Platts is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies and governments to make decisions with confidence. For more information, visit https://www.spglobal.com/platts/en