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Location: The CIF assessment reflects German North Sea<br />
delivery basis Hamburg with normal CP options within NWE<br />
calculated pro rata at cost.<br />
Timing: Reflects material for delivery 10-25 days from date of<br />
publication, with prices normalized to the mid-point of this<br />
delivery window.<br />
Other: N/A<br />
Background: Platts started the CIF NWE 10ppm cargo<br />
assessment effective December 1, 2002.<br />
Note: For typical qualities traded in individual countries, see<br />
attached table.<br />
Dispatch Category EB<br />
12 Char. Symbol AAKWP0000000<br />
9 Char. Symbol(s) ·<br />
7 Char. Symbol AAKWP00<br />
Earliest Date 02-DEC-2002<br />
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR<br />
Description Gsl ULSD 10 PPM CIF NWE Crg<br />
AAKWR00 DIESEL 10 PPM FOB NWE<br />
METHODOLOGY GUIDE ULSD<br />
Quality: The ULSD 10 ppm CIF NWE assessment reflects<br />
German and UK quality diesel fuel with a maximum sulfur of 10<br />
ppm normalized to reflect German quality diesel fuel. German<br />
and UK specs reflect a reference density of 0.845 g/l.<br />
Size: Typical cargo sizes of 10-20,000 mt are reflected. Platts<br />
currently normalizes to reflect the smaller end of the range of<br />
parcel-sizes as this is the prevailing cargo size traded at present.<br />
Platts monitors changes in shipping practices to ensure its<br />
assessments are in line with shipping logistics.<br />
Location: FOB NWE. Typically the FOB assessment is derived at<br />
a freight differential to the CIF assessment, based on the<br />
following routes: Wilhelmshaven, Porvoo, Tees, Slagen, Klaipeda,<br />
Ventspils and Antwerp.<br />
Timing: Reflects material for delivery 10-25 days from date of<br />
publication, with prices normalized to the mid-point of this<br />
delivery window.<br />
Other: Effective Jan 2, 2008 the Worldscale basket flat rate used to<br />
calculate the FOB NWE diesel 10ppm assessment is $5.35/mt. The<br />
assessment is typically based on a freight differential to the CIF<br />
NWE assessments. The actual freights applied to the netback<br />
fluctuate daily based on changes in Platts cross UKC-UKC<br />
assessments in the Clean Tankerwire, applied against the<br />
respective 2008 flat rates.<br />
Background: Platts started the FOB NWE 10ppm cargo<br />
assessment effective December 1, 2002.<br />
EUROPEAN PRODUCTS<br />
Dispatch Category EB<br />
12 Char. Symbol AAKWR0000000<br />
9 Char. Symbol(s) ·<br />
7 Char. Symbol AAKWR00<br />
Earliest Date 02-DEC-2002<br />
Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR<br />
Description Gsl ULSD 10 PPM FOB NEW Crg<br />
18<br />
AAVBG00 ULSD 10 PPM CIF NWE<br />
Quality: The assessment reflects material with a flash point of 60<br />
degrees with seasonality and cold properties congruent with the<br />
UK market. Bids, offers and transactions for other 10ppm grades<br />
into typical CIF NWE locations will be considered in the<br />
assessment process and normalized to the base assessment.<br />
Size: Typical cargo sizes of 10-20,000 mt are reflected. Platts<br />
currently normalizes to reflect 12,500 mt size. Platts monitors<br />
changes in shipping practices to ensure its assessments are in<br />
line with shipping logistics.<br />
Location: The CIF assessment reflects Amsterdam-Rotterdam-<br />
Antwerp delivery basis with typical charter party options,<br />
including the German North Sea, the German Baltic Sea, ARA,<br />
Poland, the East Coast and the South Coast of the UK. West<br />
Coast UK charter party options may not be unreasonably<br />
withheld.<br />
Timing: Reflects material for delivery 10-25 days from date of<br />
publication, with prices normalized to the mid-point of this<br />
delivery window.<br />
Other: N/A<br />
Background: Platts started the CIF NWE 10ppm cargo<br />
assessment effective November 1, 2007.<br />
Dispatch Category EB<br />
12 Char. Symbol AAVBG0000000<br />
9 Char. Symbol(s)<br />
7 Char. Symbol AAVBG00<br />
Earliest Date 01-NOV-200&<br />
Vendors BLM CQI DRI EMS FTP FUT KR<br />
PL12 RTR SAR<br />
Description ULSD 10ppm CIF NWE<br />
Platts also launched on November 1, 2007 a 10ppm UK diesel<br />
index based on a freight differential from CIF NWE ULSD to<br />
typical UK ports. For further information please check the<br />
following link:<br />
http://www.platts.com/Oil/Resources/Market%20Issues/ulsd.pdf?<br />
S=n<br />
AAIKO00 DIESEL 50 PPM UK CARGOES CIF NWE