Platts, part of S&P Global Commodity Insights, on Wednesday (1 March) said it will no longer reflect Russian material as part of its open-origin assessment of low- and high-sulfur fuel oil cargoes and all bunker assessments in Asia and the Middle East, effective March 1, 2023.
This decision follows a consultation to review the merchantability of Russian material in the Asian high- and low-sulfur fuel oil and bunker markets by Platts announced on Feb. 10: https://www.spglobal.com/commodityinsights/en/our-methodology/subscriber-notes/021023-platts-invites-feedback-on-merchantability-of-russian-material-in-asia-fuel-oil-bunker-assessments
The majority of feedback that Platts received suggested that Russian-origin material was no longer merchantable in the open-origin Asian fuel oil and bunker markets and supported its exclusion from the relevant Platts assessments.
Platts has observed an increasing number of participants in the Asian fuel oil Market on Close assessment process is already restricting delivery of Russian-origin material in its bids, offers and trades.
Feedback received ranged from concerns around breach of previously announced international sanctions on Russia to potential implications for trading operations from the Feb. 5 G7 price caps on seaborne Russian petroleum products. Platts understands that oil market participants in Asia typically use G7-domiciled trade financing, shipping and insurance services to facilitate trade.
During the consultation, Platts also noted diverse definitions of origins used by companies restricting Russian material as well as how the G7 price cap applies through supply chain operations such as blending. Platts will continue to observe evolving market practice to ensure its origin standards remain consistent with the broader market.
Note: The full subscriber note can be found here.
Photo credit and source: S&P Global Platts
Published: 2 March, 2023
Transferred shares of 40 subsidiaries to BVI firm after tribunal awarded claims in favour of Trinity Seatrading; YSPL has also filed a civil complaint against DNV and Liberian ship registry at Nanjing Maritime Court.
ADNOC L&S, Gulf Energy Maritime, Cockett Marine Oil, Mideast/Bahri Ship Management and VPS experts present their views on biofuel bunker hurdles at the VPS Biofuels Seminar in Dubai on 16 March.
‘Bunker barges operate in very local areas so these vessels call at port very often which means it will be a good fit for women with families,’ states Elpi Petraki, President of WISTA International.
“Our Singapore branch is under preparation and is expected to start business at the republic before June 2023,” Managing Director Darcy Wong tells bunkering publication Manifold Times in an interview.
Development to supply B35 biodiesel blend officially takes effect on 1 February; local bunker suppliers will be able to deliver updated spec within March onwards, once current stocks of B30 avails run out.
VPS, Global Centre for Maritime Decarbonisation, Wilhelmsen Ship Management, and INTERTANKO executives offered a multitude of perspectives to 73 attendees during the VPS Biofuels Seminar, reports Manifold Times.
17 Mar 2023