Platts, part of S&P Global Commodity Insights, wishes to clarify the nomination guidelines applicable for trades reported in its FOB ARA ULSD Cargoes Market on Close assessment process.
Platts assessments reflect market-standard terms around nominations. FOB ARA ULSD cargo assessments reflect transactions where the seller is expected to nominate the loadport six calendar days ahead of the first day of the five-day laycan. The buyer is also expected to nominate the vessel five calendar days ahead of the five-day laycan and at the same time narrow the five-day laycan to a three-day laycan.
In all EMEA refined products markets, nominations must be completed on a working day. If the nomination would otherwise fall on a weekend or a UK bank holiday, then all nominations must be submitted before the close of the previous working day.
The laytime of the performing vessel should be typical for the vessel size nominated and commensurate with the cargo size being bid or offered. Platts will review for publication bids and offers which stipulate a lay-time against those expectations.
Please note nomination terms can be amended post-trade subject to mutual agreement between counterparties.
Source: Platts
