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AAHNI00 VGO 2% MAX BARGES Quality: 2% max with a specific gravity of 0.900-0.920 g/ml. Size: Barge assessments reflect parcels of 1,000 to 5,000mt each. Location: FOB ARA basis Rotterdam Timing: Barge assessments reflect parcels for loading 3-15 (Monday-Tuesday) or 5-15 (Wednesday through Friday) days forward. Other: N/A Background: The assessment was introduced June 1, 2001, replacing barge assessment reflecting 1.5-1.6% sulfur VGO. Dispatch Category FS 12 Char. Symbol AAHNI0000000 9 Char. Symbol(s) · 7 Char. Symbol AAHNI00 Earliest Date 01-JUN-2001 Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR Description VGO 2.0% Max FOB Rdam LPG METHODOLOGY GUIDE LPG Platts European and west Mediterranean LPG assessments typically reflect transactable values over the course of the trading day, typically 08.30-16.30 local London time. All bids, offers and transactions will be included over the set time period, but prices will be normalized to reflect end of day market values. As such, the timing of the transaction will be taken into consideration. BIDS/OFFERS Platts considers transactions, bid/offer levels and market indications that are reflective of typical conditions and originating from sources deemed reliable. Bids and offers must in principle be open to the market at large. Platts accepts that individual companies may have trading limits with counter parties and that national legislation may prevent companies from dealing in materials from certain origins and specifications. These will be dealt with on a case-by-case basis. The time cut-off for new bids/offers on coasters and cargoes is 15.45:00 London time and on barges and FCA material 16.00:00 London time. Platts will exclude transactions, bids/offers or any market indications when these appear to be unrepresentative of the market, or unrepeatable. Deals done below the level of prevailing bids or above the level of prevailing offers (ie, selling through the bid or buying through the offer) will not be reflected in EUROPEAN PRODUCTS Platts assessments. Exception will be given to circumstances where one party can demonstrate a necessity to pay above the offer or sell below the bid, ie, paying a higher FOB price from a location where there is a demonstrable freight advantage. Reported transactions must be confirmed by both parties including approximate time of price agreement, irrespective of outstanding subjects. All other deals may be taken into account at the editor’s discretion. Only arm’s length deals will be taken into account. Parties should report any terms, conditions or clauses that would distort the typical market value. This would include charter-party options, price options, credit terms or transactions that are commercially linked to any other transaction etc. 32 REPEATABILITY Bids, offers and transactions are also viewed against the broader supply/demand generated by those bids/offers and transactions. Hence if a low price offer generates too much demand, Platts may determine in its editorial process that the market value is hence higher. Likewise if a high bid generates too much supply and the buyer is unable to buy all the volume that is offered, Platts in its editorial process may determine that that the market value is lower. SPREADS Platts typically reflects fixed price transactions, bids and offers in its assessments, but may use additional indications as appropriate including the market value of spread relationships with other oil products where there is a demonstrable price relationship with LPG as well as associated markets such as derivatives. When assessing the market, Platts will give priority to, in descending order, deals, firm bids and offers, indications, market fundamentals and price relationship with associated markets. In certain illiquid markets, Platts may establish FOB or CIF values based on freight differentials. However Platts recognizes that FOB and CIF prices within northwest Europe may operate independently. TIME GRADIENT Platts’ assessments take into account any backwardation or contango in the market place. Typically, Platts assesses to the middle of the loading/delivery window specified for each market. The assessment thus reflects the value after taken into consideration the difference in prices prevailing along the time curve, assessed by Platts, where appropriate. FREIGHT ISSUES
LPGASWIRE EUROPEAN ASSESSMENTS Platts takes into account prevailing freight rates in establishing both FOB and CIF values. Where a market has become illiquid, Platts may routinely determine the FOB value from the CIF value. Where there is limited local demand but longer range arbitrage opportunities emerge, the FOB value may rise relative to the CIF value. Platts typically reflects good quality modern tonnage in its assessments, and excludes from its CIF assessments any vessels which are outside the normal parameters of acceptability METHODOLOGY GUIDE LPG Propane Butane NWE: SPOT USD/MT SPOT USD/MT FOB SEAGOING +x.00 PMABB00-PMABB00 +x.00 +x.00 PMAAL00-PMAAL00 +x.00 FOB ARA +x.00 PMAAS00-PMAAS00 +x.00 +x.00 PMAAC00-PMAAC00 +x.00 FCA ARA* +x.00 PMABH00-PMABH00 +x.00 +x.00 PMABI00-PMABI00 +x.00 CIF 1-3000MT +x.00 PMAAZ00-PMAAZ00 +x.00 +x.00 PMAAJ00-PMAAJ00 +x.00 CIF 3000+MT +x.00 PMAAC00-PMAAC00 +x.00 CIF 7000+MT +x.00 PMABA00-PMABA00 +x.00 Monthly rolling average FOB SEAGOING PMUDI00-PMUDI00 CIF 7000+MT PMUDK00-PMUDK00 Propane swaps (basis CIF NWE) Aug +x.00 AAHIK00-AAHIK00 +x.00 Sep +x.00 AAHIM00-AAHIM00 +x.00 Oct +x.00 AAHIO00-AAHIO00 +x.00 Q4 +x.00 AAHIL00-AAHIL00 +x.00 W MED: FOB EX-REF/STOR +x.00 PMABC00-PMABC00 +x.00 +x.00 PMAAM00-PMAAM00 +x.00 FCA EX-REF/STOR +x.00 PMABJ00-PMABJ00 +x.00 CIF 7000+MT +x.00 PMABE00-PMABE00 +x.00 NOTE:* FCA ARA refers to sales onto railcars and trucks in the Amsterdam-Rotterdam-Antwerp region DATA CODES Each Platts assessment is identified in the electronic databases by a 7-character data code. The following table provides the data codes for each European LPG assessment carried in Platts LPGaswire. The table layout is that carried in the telex/newsletter version of LPGaswire; when assessments are carried in related publications such as Platts Petrochemical Alert, the actual layout may vary. PMABB00 PROPANE FOB SEAGOING Quality: Pressurized vessels including both field-grade and refinery material with a minimum of 93% C3s and a maximum of 30% olefinic content. A slight premium may be given for product with a higher c3 content. Size: The assessment refers to coasters ex-refinery/storage with EUROPEAN PRODUCTS full cargoes between 1,000-3,600mt, although smaller full cargoes or split cargoes may be included at the discretion of the editor after consultation with the market. Location: The assessment covers an area represented by a triangle, with Wilhelmshaven (Germany), Teesside (UK) and Le Havre (France) as its three corners, and also including Milford Haven, Fawley and Grangemouth. Product from ports on the French Atlantic coast, as well as Portugal and the Spanish Atlantic coast, are not included in assessments. Timing: Loading 5-15 days from date of publication Other: N/A Dispatch Category LI 12 Char. Symbol PRPPN$NWECVD 9 Char. Symbol(s) PPPRNESGH · PPPRNESGL 7 Char. Symbol PMABB00 Earliest Date 02-JUL-1982 Vendors BLM CQI DRI EMS FTP FUT KR RTR SAR Description Propane FOB NWE Seagoing Hi 33 PMAAS00 PROPANE FOB ARA Quality: Pressurized vessels including both field-grade and refinery material with a minimum of 93% C3s and a maximum of 30% olefinic content. Size: Refers to sales onto barges of full cargoes between 420-1,100mt.
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 and 28: PUAAM00 FUEL OIL 1% CARGOES FOB NWE
Page 29 and 30: Other: The FOB NWE assessment may b
Page 31: AAHMX00 VGO 0.5-0.6% CARGOES FOB NW
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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