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METHODOLOGY GUIDE elzbieta_rabalaska@platts.com, with cc to Annalisa_jeffries@platts.com for further deta ils if re quir ed. 03-Jan-2006 Effective Jan 3, 2006 the Worldscale basket flat rate used to calculate FOB Med diesel 50ppm assessment will become $5.20. FOB Med ULSD is assessed as a freight differential to the CIF Med diesel 50ppm. The actual freight applied to the netback will fluctuate daily based on changes in Platts Med-Med assessments in the clean tanker wire for 30kt cargoes, applied against the $5.20/mt rate. Please note that the actual routes used in the calculation are unchanged from 2005, the rate change simply reflects the new Worldscale flat rates that became effective in the New Year. Please email Andrew_bonnington@platts.com, with cc to Annalisa_jeffries@platts.com for further details if requ ired. 03-Jan-2006 Effective Jan 3, 2006 the Worldscale basket flat rate used to calculate FOB NWE diesel 50ppm will be $5.75/mt, FOB NWE gasoil 0.2% $5.57/mt, FOB NWE diesel 50ppm UK $5.10/mt, and FOB NWE diesel 10ppm $4.69/mt. All diesel and gasoil FOB NWE assessments are assessed as a freight differential to the CIF NWE assessments. The actual freights applied to the netback will fluctuate daily based on changes in Platts cross UKC-UKC assessments in the clean tanker wire, applied against the respective 2006 flat rates. Further details are available on request. Please note that the actual routes used in the calculation are unchanged from 2005, the rate change simply reflects the new Worldscale flat r at es t hat be came effective in the New Year. Please email Andrew_bonnington@platts.com, and Elzbieta_rabalaska@platts.com with cc to Annalisa_jeffries@platts.com for further details if required. 04-Jan-06 Worldscale rate for European fuel oil freight: Effective Jan 3, the Worldscale basket flat rate used to calculate cross NWE high sulfur fuel oil freight will be $5.40/mt, cross Med high and low sulfur fuel oil freight will be $5.00/mt, cross NWE low sulfur fuel oil $4.80/mt, and NWE-Med low sulfur fuel oil $8.25/mt. Respective rates used in 2005 were cross NWE high sulfur fuel oil freight $5.0/mt, cross Med high and low sulphur fuel oil freight $4.60/mt, cross NWE low sulfur fuel oil $4.45/mt, and NWE-Med low sulfur fuel oil $7.40/mt. Please note on both high and low sulfur FOB/CIF 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. Any comments please email Vanessa_ronsisvalle@platts.com with cc to Annalisa_jeffries@platts.com 04-Jan-2006 Effective Jan 3, the Worldscale basket flat rate used to calculate cross NWE high sulfur fuel oil freight will be $5.40/mt, cross Med high and low sulfur fuel oil freight will be $5.00/mt, cross NWE low sulfur fuel oil $4.80/mt, and NWE- Med low sulfur fuel oil $8.25/mt. Respective rates used in 2005 were cross NWE high sulfur fuel oil freight $5.0/mt, cross Med high and low sulphur fuel oil freight $4.60/mt, cross NWE low sulfur fuel oil $4.45/mt, and NWE-Med low sulfur fuel oil $7.40/mt. Please note on both high and low sulfur FOB/CIF EUROPEAN PRODUCTS differentials reflect actual market conditions and are not set according to a fixed freight netback. As such the differentials may be affected b y arbit ra ge o pening s and other market factors. Any comments please email Vanessa_ronsisvalle@platts.com with cc to Annalisa_jeffries@platts.com 11-Jan-06 Proposed changes to NWE gasoline assessments: GASOLINE SUBSCRIBER NOTE: In response to industry feedback, Platts proposes adjusting the existing methodology for assessing regular unleaded gasoline cargoes in Northwest Europe. Effective April 3, 2006 Platts proposes assessing FOB NWE Regular unleaded gasoline cargoes with the US netback acting as floor to the assessment. The netback will be calculated using differentials to M-grade gasoline in New York harbor. CIF NWE regular unleaded gasoline cargo assessments will be fixed as a freight differential using the cross-NWE freight assessments, published in Platts clean tanker wire. Effective Jan 1 2007 Platts proposes discontinuing the CIF assessments. Currently FOB and CIF NWE regular unleaded cargo assessments are calculated as a differential to 50ppm unleaded gasoline assessments. The methodology for assessing CIF and FOB premium unleaded cargoes in NWE will not be adjuste d. Full details of the proposed netback calculation are av ailable on r equest . Comments please to simon_thorne@platts.com, annalisa_jeffries@platts.com, peter_stewart@platts.com and jorge_montepeque@platts.com 11-Jan-2006 In response to industry feedback, Platts proposes adjusting the existing methodology for assessing regular unleaded gasoline cargoes in Northwest Europe. Effective April 3, 2006 Platts proposes assessing FOB NWE Regular unleaded gasoline cargoes with the US netback acting as floor to the assessment. The netback will be calculated using differentials to M-grade gasoline in New York harbor. CIF NWE regular unleaded gasoline cargo assessments will be fixed as a freight differential using the cross-NWE freight assessments, published in Platts clean tanker wire. Effective Jan 1 2007 Platts proposes discontinuing the CIF assessments. Currently FOB and CIF NW E regul ar unl eaded cargo assessments are calculated as a differential to 50ppm unleaded gasoline assessments. The methodology for assessing CIF and FOB premium unleaded cargoes in NWE will not be adjusted. Full details of the proposed netback calculation are available on request. Comments please to simon_thorne@platts.com, annalisa_jeffries@platts.com, peter_stewart@platts.com and jorge_montepeque@platts.com 23-Jan-06 Specifications for Europe fuel oil assessments: Following industry feedback, Platts will reflect in its North West European low sulfur straight-run fuel oil assessments the following specifications: Sulfur 0.5-0.7%, normalized to 0.6% CCR max 7 Density 0.935-0.95 at 15 degrees, Viscosity 200cst max at 50 degrees Vanadium 10ppm Sodium 10ppm Nickel 10ppm The parcel size will remain as 25,000-30,000mt. Cargoes up to 50,000mt maybe taken into account when arbitrage opportunities occur. 68
METHODOLOGY GUIDE 23-Jan-2006 Following industry feedback, Platts will reflect in its North West European low sulfur straight-run fuel oil assessments the following specifications: Sulfur 0.5-0.7%, normalized to 0.6% CCR max 7 Density 0.935-0.95 at 15 degrees, Viscosity 200cst max at 50 degrees Vanadium 10ppm Sodium 10ppm Nickel 10ppm The parcel size will remain as 25,000-30,000mt. Cargoes up to 50,000mt maybe taken into account when arbitrage opportunities occur. 03-Feb-06 Changes to ARA barge bids, offers assessments: Effective Wednesday February 8 and following industry feedback regarding barge nomination procedures in the ARA oil products market, Platts will start to reflect barge bids and offers on a Wednesday 5-15 days forward. This is to better reflect the two full working days nomination procedure required in the NWE barge market. Monday and Tuesday loading dates will remain 3-15 days forward, and Thursday and Friday 5-15 days forward. Platts is considering adapting the same standard of 5-15 days throughout the whole week. Please send any comments please to annalisa_jeffries@platts.com, cc peter_stewart@platts.com and jorge_montepeque@platts.com. 03-Feb-2006 Effective Wednesday February 8 and following industry feedback regarding barge nomination procedures in the ARA oil products market, Platts will start to reflect barge bids and offers on a Wednesday 5-15 days forward. This is to better reflect the two full working days nomination procedure required in the NWE barge market. Monday and Tuesday loading dates will remain 3-15 days forward, and Thursday and Friday 5-15 days forward. Platts is considering adapting the same standard of 5-15 days throughout the whole week. Please send any comments please to annalisa_jeffries@platts.com, cc peter_stewart@platts.com and jorge_montepeque@platts.com. 07-Feb-06 1.5% SFO Rotterdam basis assess proposal on Apr 3: In light of new regulations by the International Convention for the Prevention of Pollution from ships (Marpol), Platts proposes to start assessing 1.5% sulphur fuel oil FOB barge assessment basis Rotterdam Apr 3 , 2006. The Marpol regulations limit sulphur in fuel oil used in bunkers to a maximum of 1.5% in certain designated areas including the Baltic Sea. Platts invites comments to this proposal to be submitted no later than Feb 28, 2006. Please send any comments to vanessa_ronsisvalle@platts.com and annalisa_jeffries@platts.com with a cc to Peter_stewart@platts.com, and jorge_montepeque@platts.com 07-Feb-2006 In light of new regulations by the International Convention for the Prevention of Pollution from ships (Marpol), Platts proposes to start assessing 1.5% sulphur fuel oil FOB barge assessment basis Rotterdam Apr 3 , 2006. The Marpol regulations limit sulphur in fuel oil used in bunkers to a maximum of 1.5% in certain designated areas including the Baltic Sea. Platts invites comments to this proposal to be submitted no later than Feb 28, 2006. Please send any comments EUROPEAN PRODUCTS to vanessa_ronsisvalle@platts.com and annalisa_jeffries@platts.com with a cc to Peter_stewart@platts.com, and jorge_montepeque@platts.com 08-Feb-06 Clarification of European products assessments: European products assessment methodologies, including those for fuel oil, gasoline, naphtha and middle distillates such as jet fuel remain unchanged. These assessments are transparently derived from fixed-price and floating-price bids, offers and transactions. For instance, Platts considers in the assessment process both futures and Platts-related transactions. Platts has been using these methodologies without interruption since 2002. For further details please download the methodology documents available at www.platts.com. 08-Feb-2006 Platts European products assessment methodologies, including those for fuel oil, gasoline, naphtha and middle distillates such as jet fuel remain unchanged. These assessments are transparently derived from fixed-price and floating-price bids, offers and transactions. For instance, Platts considers in the assessment process both futures and Plattsrelated transactions. Platts has been using these methodologies without interruption since 2002. For further details please download the methodology documents available at www.platts.com. 10-Mar-06 New 1.5% sulfur fuel oil Rotterdam bunkers London(Platts): Following subscriber feedback and in light of new regulations 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. 2-Mar-06 Protocols on bids/offers deemed frivolous: CLARIFICATION NOTE: Platts reserves the right not to publish any bids or offers considered frivolous, such a low bids or a high offers that does not represent market value. Platts reflects incremental changes in bid/offer levels that give a counterparty ample time to execute. In practice, improvements in bid/offer levels in excess of $1.00/mt per minute may be seen as excessive. Platts may vary these parameters without notice, depending on market conditions. Buyers and sellers can retreat at any point on a non-incremental basis but any subsequent improvements in bids/offers must be made incrementally from the level to which the buyer or seller retreated. If a buyer or seller retreats to a level considered frivolous, such a bid or offer will be excluded from the assessment process. 31-Mar-2006 Effective March 31, in the light of industry feedback Platts will revert to reflecting only intermediate specification diesel in the 10ppm barge market assessment. Effective April 3 Platts will reflect both intermediate and summer grades of 10ppm diesel with summer specification having an increasing weighting until April 11. From April 12 summer specification will be full reflected. 69
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] www.platts.com Methodology and Sp
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METHODOLOGY GUIDE GENERAL TERMS AND
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EUROPEAN MARKETSCAN ASSESSMENTS MET
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In the past, Platts has tended to t
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gravity of 0.755 g/ml. The Motor Oc
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Size: Barge assessments reflect par
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AAYDT00 (FOB) ; AAYDS00 (CIF) ETHAN
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Background: In the past, Platts has
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