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PUAAZ00 FUEL OIL 3.5% CARGOES FOB MED Quality: The typical quality reflected is 3.5% maximum sulfur with 420 cst max viscocity and 0.995 density. Platts takes an inclusive approach to the assessment, as the quality of fuel oil in the Med is less homogenous than that in Northwest Europe. Bunker grade material is considered in the CIF Med assessment, but typically at a premium to the typical quality assessed. The premium varies according to market conditions. Size: Cargo assessments typically reflect parcels of 25-30,000mt each, but cargoes up to 50,000 mt may be taken into account when arbitrage openings present themselves, for instance to the Far East. Location: FOB Med basis Italy. Timing: Reflects material for loading 10-25 days from date of publication, with prices normalized to the mid-point of this loading window. Other: Where the market is illiquid, the FOB Med value may be inferred from the CIF Med value, or from related swaps markets plus any physical premium or discount. Effective Jan 3, 2006, the Worldscale basket flat rate used to calculate the cross Med high sulfur fuel oil freight is $5.00/mt. The corresponding rate in 2005 was $4.60mt. Please note that FOB/CIF fuel oil differentials reflect actual market conditions and are not set according to a fixed freight netback. As such the differentials may be affected by arbitrage openings and other market factors. Backrgound: From Apr 2, 2001, bunker grade material was considered in the assessment with the specific gravity range extended to 0.991-0.998. Higher density cargoes of up to 1.020 SG were viewed as typically traded at a discount to the assessed quality. Dispatch Category EB 12 Char. Symbol PRP635MEDBSO 9 Char. Symbol(s) PPFBMISCH · PPFBMISCL 7 Char. Symbol PUAAZ00 Earliest Date 03-SEP-1979 Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR Description 3.5PCT Fuel FOB Med Cargoes PUABA00 FUEL OIL 3.5% CARGOES CIF NWE Quality: The assessment typically reflects 3.5% sulfur cracked fuel oil with 0.991 max density and 12 engler max viscocity. Typically, standard cracked Russian quality M100 is reflected in the assessment. The quality of M100 may vary widely in density, viscocity and water content. Size: The cargo assessment reflect parcels of 25-30,000 mt. METHODOLOGY GUIDE CRACKED FUEL OIL EUROPEAN PRODUCTS Location: CIF NWE basis Rotterdam. Timing: Reflects material for delivery 10-25 days from date of publication, with prices normalized to the mid-point of this delivery window. Other: Where the market is illiquid, CIF NWE values may be derived from the time gradient on barges extrapolated to cargo dates (10-25 forward rather than the barge dates of 3-15 (Monday-Tuesday) or 5-15 (Wednesday through Friday) forward) plus blending costs to meet 12 engler basis. Platts also monitors differentials to the two means formula. Background: From Apr 2, 2001, cargo assessments for 3.5% sulfur were renamed CIF basis ARA and have incorporated duty-paid utility grade fuel oil and bunker grade fuel oil. Specific gravity range was expanded to cover 0.991 to 0.998g/ml. Utility grade cargoes traded on FOB basis continue to be taken into account, but some grades such as 16ccr (Conradson Carbon Residue) material are seen as grades typically commanding a premium to the assessed quality.In the past, Platts has reflected cargoes of as little as 17,000 mt but such sizes are no longer typical under current market conditions. Similarly, higher density cargoes around 1.005 SG are viewed as typically traded at a discount to assessed quality. Effective July 3, 2000, assessments for 3% sulfur cargoes FOB and CIF NWE were discontinued. Dispatch Category EB 12 Char. Symbol PRP635NWEBSQ 9 Char. Symbol(s) PPFBNEDCH · PPFBNEDCL 7 Char. Symbol PUABA00 Earliest Date 03-SEP-1979 Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR Description 3.5PCT Fuel CIF NWE Cargoes 28 PUABB00 FUEL OIL 3.5% CARGOES FOB NWE Quality: The assessment reflects standard cracked Russian quality M100 with 0.991 max density and 12 engler max viscocity. The quality of M100 may vary widely in density, viscosity and water content, and Platts monitors differentials to the two means formula in making assessment. Size: Cargo assessments typically reflect parcels of 25-30,000mt each, although smaller volumes may be considered. On the FOB Med, cargoes up to 50,000 mt may be taken into account when arbitrage openings present themselves, for instance to the Far East. Location: FOB Baltic ports. Timing: Reflects material for loading 10-25 days from date of publication, with prices normalized to the mid-point of this delivery window.
Other: The FOB NWE assessment may be assessed as a freight differential to the CIF NWE cargoes. Effective Jan 3, the Worldscale basket flat rate used to calculate cross NWE high sulfur fuel oil freight is $5.40/mt. The corresponding rate in 2005 was $5.0/mt. Please note that FOB/CIF fuel oil differentials reflect actual market conditions and are not set according to a fixed freight netback. As such the differentials may be affected by arbitrage openings and other market factors. Background: In the past utility companies used to buy 3.5% sulfur cargoes for burning purposes, but limits endorsed by the EU on the sulfur content mean that utility grade trades on high sulfur are rare. Most utilities now use 1% max for burning purposes. From Apr 2, 2001, 3.5% sulfur cargoes FOB Northwest Europe have incorporated bunker grade cargoes. Utility grade cargoes traded on FOB basis continue to be taken into account, but some grades such as 16ccr (Conradson Carbon Residue) material are seen as grades typically commanding a premium to the assessed quality. Similarly, higher density cargoes around 1.005 SG are viewed as typically traded at a discount to assessed quality. Effective July 3, 2000, assessments for 3% sulfur cargoes FOB and CIF NWE were discontinued. Dispatch Category EB 12 Char. Symbol PRP635NWEBSS 9 Char. Symbol(s) PPFBNESCH · PPFBNESCL 7 Char. Symbol PUABB00 Earliest Date 01-JUL-1980 Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR Description 3.5PCT Fuel FOB NWE Cargoes AASXR00 FUEL OIL 1.5% BARGES Quality: Typical specifications are 1.5% max sulfur content, with other paramtersin line with RMG35 bunker spec. Material is bunker quality for supply into the shipping market. Volume: Barge assessments reflect parcels of 1,000 to 5,000mt each. Barges are traded typically in 1-2kt lots, but 3-5kt trades are not uncommon. In all cases the smallest tradeable volume sets the market prices and in this case the smallest volume applicable is 1,000mt. Location: FOB basis Rotterdam Timing: Barge assessments reflect parcels for loading 3-15 (Monday-Tuesday) or 5-15 (Wednesday through Friday) days forward, with prices normalized to the mid-point of these loading ranges. Other: N/A Background: Platts introduced the 1.5% assessment on April 1subscriber feedback and in light of new regulations METHODOLOGY GUIDE CRACKED FUEL OIL EUROPEAN PRODUCTS by the International Convention for the Prevention of Pollution from ships (Marpol), Platts will start 1.5PCT sulphur fuel oil bunkers delivered basis Rotterdam May 22 2006, for both 380cst and 180cst. May 22. The Marpol regulations limit sulfur in fuel oil used in bunkers to a maximum of 1.5% in certain designated areas including the Baltic Sea. Dispatch Category EB 12 Char. Symbol AASXR0000000 9 Char. Symbol(s) · 7 Char. Symbol AASXR00 Earliest Date 03-APR-2006 Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR Description Fuel Oil 1.5% FOB Rdam 29 PUABC00 FUEL OIL 3.5% BARGES Quality: 3.5% sulfur barges reflect RMG 35 bunker grade material. Typical specifications are 3 to 4% sulfur content, specific gravity of 0.991 g/ml, and viscosity of around 380 centistokes at 50 degrees C. Volume: Barge assessments reflect parcels of 1,000 to 5,000mt each. Barges are traded typically in 1-2kt lots, but 3-5kt trades are not uncommon. In all cases the smallest tradeable volume sets the market prices and in this case the smallest volume applicable is 1,000mt. Location: FOB basis Rotterdam Timing: Barge assessments reflect parcels for loading 3-15 (Monday-Tuesday) or 5-15 (Wednesday through Friday) days forward, with prices normalized to the mid point of these loading ranges. Barges typically trade for full window dates and the front five days or the back five days depending on whether the market is in contango or backwardation. Platts 3.5% barge assessment is based on bids/offers and deals for 5-day loading windows. Full window bids which give the buyer a wider optionality may be disregarded in the assessment process. Other: N/A Background: In the past, Platts has assessed slightly different specs: the typical quality for high sulfur cargo assessments was a viscosity of 380 to 420 centistokes at 50 degrees C, a maximum of 300 parts per million of vanadium. Dispatch Category EB 12 Char. Symbol PRP635RTTBSU 9 Char. Symbol(s) PPFBRTSBH · PPFBRTSBL 7 Char. Symbol PUABC00 Earliest Date 03-SEP-1979 Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR
Page 1 and 2: ] www.platts.com Methodology and Sp
Page 3 and 4: METHODOLOGY GUIDE GENERAL TERMS AND
Page 5 and 6: EUROPEAN MARKETSCAN ASSESSMENTS MET
Page 7 and 8: In the past, Platts has tended to t
Page 9 and 10: gravity of 0.755 g/ml. The Motor Oc
Page 11 and 12: Size: Barge assessments reflect par
Page 13 and 14: AAYDT00 (FOB) ; AAYDS00 (CIF) ETHAN
Page 15 and 16: Background: In the past, Platts has
Page 17 and 18: published by Worldscale. Effective
Page 19 and 20: Quality: The ULSD CIF NWE assessmen
Page 21 and 22: AAJUS00 DIESEL 10 PPM BARGES Qualit
Page 23 and 24: Size: Cargo size is for full cargoe
Page 25 and 26: Location: FOB basis Rotterdam. Tran
Page 27: PUAAM00 FUEL OIL 1% CARGOES FOB NWE
Page 31 and 32: AAHMX00 VGO 0.5-0.6% CARGOES FOB NW
Page 33 and 34: LPGASWIRE EUROPEAN ASSESSMENTS Plat
Page 35 and 36: METHODOLOGY GUIDE LPG Quality: Both
Page 37 and 38: Dispatch Category LI 12 Char. Symbo
Page 39 and 40: METHODOLOGY GUIDE APPENDIX EUROPEAN
Page 61 and 62: DATA CODES METHODOLOGY GUIDE APPEND
Page 63 and 64: Barges FOB Rotterdam, 10 PPM Barges
Page 65 and 66: contractual terms, the seller shoul
Page 67 and 68: METHODOLOGY GUIDE ppm sulfur. This
Page 69 and 70: METHODOLOGY GUIDE 23-Jan-2006 Follo
Page 71 and 72: METHODOLOGY GUIDE APPENDIX VI: DISC
Page 73: METHODOLOGY GUIDE cargoes became 0.

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