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Background: In the past, Platts has tended to reflect the most
recent trade on barges, and has reflected this in the cargo-barge
differential. Because this market is extremely illiquid, Platts now
realigns the cargo-barge spread in line with prevailing freight
rates on a daily basis.
Dispatch Category EB
12 Char. Symbol PRPNPHRTTCQE
9 Char. Symbol(s) PPNARTSBH · PPNARTSBL
7 Char. Symbol PAAAM00
Earliest Date 03-SEP-1979
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description Naphtha FOB R'dam Barges
JET FUEL
PJAAU00 JET CARGOES CIF NWE
Quality: The assessments reflect standard commercial Jet-A1
specifications, as defined by UK Ministry of Defence in DEFSTAN
91/91 latest issue and the Joint Fueling System Checklist. The
Joint Fueling System Checklist requires jet fuel to meet the more
stringent requirements of Defstan 91 91 5 and the American
Society for Testing & Materials', Standard Specification D 1655-
04a. Typical DEFSTAN specifications under issue 5 are as follows:
Sulfur is 0.3% maximum, specific gravity is 0.775-0.840 g/ml,
flash point is 38 degrees C minimum, freeze point is minus 47
degrees C maximum.
Size: Cargo assessments reflect standard tradable parcels. Because
of a change in the production and consumption patterns in
Europe, spot parcels have become increasingly larger with typical
spot trade within 25-45,000 mt with a standard emerging to
around 30,000mt.. Platts takes into account spot deliveries made
in full or part cargoes at seller’s options. Typically the assessment
is normalized to 30 kt full or part-cargo, seller’s option, delivered
basis a “par” port within NWE where the seller guarantees laytime
of 36 plus 6 hours to the buyer of each parcel. Full-cargo
only bids will be considered restrictive.
Location: CIF NWE. Typically, cargoes delivered into ARA, UK
and northern France are considered in the assessment but
because trading patterns are diverse, no single base base location
is reflected. Deliveries into Scandinavia including Copenhagen
are not considered, however. Offers are assumed to carry a
normal range of CP options within NWE. Where an offer is
made without CP options, it is regarded restrictive.
Timing: Reflects material for delivery 10-25 days from date of
publication, with prices normalized to the mid-point of this
delivery window.
Other: “Par” ports are typically considered to be those with
flexibility to handle a variety of cargo sizes from MR to LR.
METHODOLOGY GUIDE JET FUEL
EUROPEAN PRODUCTS
Offers or bids basis non-par ports may considered in the
assessment, but these will typically be normalized to the
standard. Typical “par” ports within NWE include Fawley,
Milford Haven, Shell Haven. Royal Portbury Docks is considered
as par port in those situations when the seller absorbs the extra
discharge costs and when offers/bids are made that do not
penalize the counterparty based on tidal draft conditions. Le
Havre is typically reflected at a slight discount to a “par” port as
this port can receive very large cargoes that may not fit in other
locations, while smaller ports with vessel-size restrictions such as
Isle of Grain may be considered at a premium to the standard.
Background: DEFSTAN 91/91 was formerly referred to as DERD
2494. The UK Ministry of Defence has updated Defstan 91-91,
the defining standard for Jet A1 in Europe, with the release Feb 8
of issue 5. Since Feb 8, 2005, Platts jet NWE and Mediterranean
assessments have reflected issue 5 spec, having previously Platts
reflected Defstan 91-91 issue 4 specification. Defstan 91/91
issue 4 was published June 14, 2002 and defined a sulfur limit of
0.3% maximum
Dispatch Category EB
12 Char. Symbol PRPJK$NWECLS
9 Char. Symbol(s) PPJKNEDCH · PPJKNEDCL
7 Char. Symbol PJAAU00
Earliest Date 03-SEP-1979
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Description Jet Kero CIF NWE Cargoes
15
PJAAV00 JET CARGOES FOB NWE
Quality: The assessments reflect standard commercial Jet-A1
specifications, as defined by UK Ministry of Defence in DEFSTAN
91/91 latest issue and the Joint Fueling System Checklist. The Joint
Fueling System Checklist requires jet fuel to meet the more
stringent requirements of Defstan 91 91 5 and the American Society
for Testing & Materials', Standard Specification D 1655-04a. Typical
DEFSTAN specifications under issue 5 are as follows: Sulfur is 0.3%
maximum, specific gravity is 0.775-0.840 g/ml, flash point is 38
degrees C minimum, freeze point is minus 47 degrees C maximum.
Timing: Cargo assessments reflect parcels loading or delivered
10-25 days forward.
Size: Cargo assessments reflect standard tradable parcels. Because
of a change in the production and consumption patterns in
Europe, spot parcels have become increasingly larger with typical
spot trade within 25-45,000 mt. Platts will also take into account
spot deliveries made in full or part cargoes.
Location: FOB NWE.
Timing: Reflects material for loading 10-25 days from date of
publication, with prices normalized to the mid-point of this
delivery window.