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Methodology and specifications guide

w w w. a r g u s m e d i a . c o m

ARGUS FREIGHT

Contents:

Introduction 2
Overview 2
Rates (Dirty) 3
Middle East/East Asia 3
Northern Europe 3
West Africa 4
Black Sea/Mediterranean 5
Caribbean/Latin America 6
Rates (Clean) 6
Black Sea/Mediterranean 7
Middle East/East 8
Northern Europe 8
Caribbean 9
Coal freight rates 10
LPG freight rates 10
Bunker prices 10

Last Updated: July 2011

The most up-to-date Argus Freight methodology is available on www.argusmedia.com

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Methodology and specifications guide July 2011

Argus Freight involve more than 30 market participants contacted by telephone or


electronically. Market participants each day will include ship owners,
Argus Freight is a daily market report that publishes prices and mar- oil company charterers and ship brokers. The information will be
ket commentary on the international shipping spot market for crude, verified and analysed. The approach is methodical and standard-
petroleum products, LPG and coal together with prices for bunker ised and the assessments will be tested against the views of other
fuel in the main bunkering centres. market participants. Argus Freight does not use the Baltic Exchange
for its freight assessments.
Argus Freight contains assessments of the prevailing Worldscale
spot rates for generic routes for dirty and clean tankers and also US Information from the survey is verified as best possible and archived
dollars per tonne costs for all routes reported. Market commentary in databases. The methodologies are detailed and transparent. A
is provided for the main routes. The key benchmark Mideast Gulf* professional approach by trained staff monitored by experienced
to East has double hull and single hull dirty routes. managers is a characteristic of the Argus tradition.

The price assessments reflect typical and repeatable freight rates Argus Freight assessments for dirty and clean tankers are made in
discussed in the market. The assessed prices are based on prices Worldscale spot rates and are inter-regional (regions defined below)
from the open spot market whenever possible. Argus Freight and are not port specific. The conversion from Worldscale spot
assessments reflect the level at which vessels have been fixed rates assessed by Argus to a $/mt figure in Argus Freight Report is
and could be fixed. A fixture does not need to be concluded with made using an average of the three most typically-used Worldscale
subjects lifted in order for a rate to be taken into account when mak- flat rates in a region. An exception is the MEG-Singapore 55,000t
ing an assessment. Offers of and bids for tonnage and discussed gasoil rate which is based on an average of the two most typically-
market levels will also be reflected if deemed to be representative of used Worldscale flat rates in the region. This does not mean that
an achievable market rate. only fixtures for those routes are taken into account; these routes
are used only to derive a typical Worldscale flat rate which is then
Argus market specialists conduct comprehensive daily surveys of applied to the inter-regional Worldscale spot assessment.
key industry participants to collect trade information and gauge
prevailing market sentiment. Argus price assessments for Argus All assessments and formulas refer to the price of the product on
Freight reflect market information gathered on fixtures and daily bid/ the day of the published report and expressed in Worldscale spot
ask spreads for each route under standardised specifications and rates and/or US dollars a tonne unless otherwise stated. The prices
under the general terms and conditions employed for the standard are for contracts under whatever general terms and conditions are
contracts in common use. accepted as standard and prevailing in that particular market. Price
changes refer to the last published report. Argus Freight assess-
Argus reporters conduct a comprehensive daily survey of key in- ments are made at 5pm London time and incorporate information
dustry participants to uncover all relevant market information and to received since 5pm on the previous working day.
confirm market fixtures, bids and offers. Argus uses the telephone
and various electronic mail and messaging services to acquire * Mideast Gulf. This stretch of water is traditionally referred to as the
and cross check its information. The market surveys are balanced Persian Gulf but some reference prices used by the industry refer
in their approach and are conducted by well trained specialists to it as the Arab Gulf. Argus Freight uses Mideast Gulf to avoid any
who are part of a dedicated team responsible for the Argus Freight contractual confusion.
report.
Overview
The assessment, whenever possible, will be based on tonnage
that has passed two major oil companies’ vetting procedure in Argus Freight provides a market commentary on the daily market
the previous 12 months. If fixing activity for well approved tonnage discussions in the shipping market.
constitutes a minority of the total market activity in a sector, Argus
will consider any other relevant market information in making the The routes with most activity will be given most prominence.
Argus assessment. Fixtures and bid/ask ranges outside of the Ar-
gus specifications are considered when assessing prices if market Ships are assumed to be less than 20 years old. Ships more than
participants believe they have affected market values for the routes 20 years old will not be taken into account unless their rates or mar-
under the standardised terms reported in the Argus Freight report. ket discussions concerning these vessels are adjudged by Argus to
have altered the market for ships less than 20 years old.
Deals, bids and offers must be considered repeatable to be reflect-
ed in daily assessments. All day information is taken into account The report also includes charts showing historical trends of shipping
but if the market shows high intra-day volatility, Argus will weight the rates and arbitrage possibilities.
assessments towards trading activity at the end of the working day
up to the cut-off time in the specifications listed below. Dirty refers to shipping that is chartered for the shipment of crude,
fuel oil and vacuum gasoil. Clean refers to shipping that is chartered
The Argus methodology relies on a common sense approach for the shipment of gasoline, naphtha and middle distillates.
and informed analysis of all market data. The market surveys will References to t or tonnes are metric tonnes.

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19 January 2005
Methodology and specifications guide July 2011

Freight rates ARA (Amsterdam-Rotterdam-Antwerp), and the North Sea ports.


Mediterranean is Gibraltar to Canakkale/Dardanelles.
The Freight rate table for dirty and clean tankers shows the daily Vessels are double hull and double bottomed vessels with segre-
Worldscale spot rate, the change since the last publication and the gated ballast tanks.
US dollar per tonne rate for specified vessels on generic routes. Vessels chartered for 260,000t of oil.
Rates are based on fixtures and market discussion for positions
VLCCs are assumed to be vessels carrying 260,000t to 280,000t 30-40 days ahead. Argus takes into account liquidity outside this
of oil. LR1 vessels are assumed to be carrying 55,000t of oil. LR2 period and market structure.
vessels are assumed to be carrying 75,000t of oil. MR vessels are
assumed to be carrying 30,000t of oil. MEG-US Gulf 260,000t

Suezmax are assumed to be carrying 130,000t to 140,000t. Aframax MEG is Mideast Gulf and refers to all ports in the Arab Gulf/Persian
are assumed to be carrying 75,000t. Panamax are assumed to be Gulf up to Quoin Island (Straits of Hormuz).
carrying 50,000t. US Gulf is the Gulf of Mexico centred on the Loop crude discharge
terminal.
Clean rates in the Mediterranean and Black Sea assume a base rate Vessels are double hull and double bottomed vessels with segre-
for gasoil. gated ballast tanks.
Vessels chartered for 260,000t of oil.
It is possible that the freight rates in Argus Freight may not be same Rates are based on fixtures and market discussion for positions
as those published in Argus Asia-Pacific Products for the same 30-40 days ahead. Argus takes into account liquidity outside this
routes. The timestamp in Argus Freight is 5pm London time. The period and market structure.
routes in Argus Asia-Pacific products may be amended during the
Asian day as this report has a 4.30pm Singapore timestamp. MEG-Red Sea 280,000t

Dirty MEG is Mideast Gulf and refers to all ports in the Arab Gulf/Persian
Gulf up to Quoin Island (Straits of Hormuz).
Middle East/East Asia Vessels are double hull and double bottomed vessels with segre-
gated ballast tanks.
MEG-East (double hull) 260,000t Vessels chartered for 280,000t of oil.
Rates are based on fixtures and market discussion for positions
MEG is Mideast Gulf and refers to all ports in the Arab Gulf/Persian 30-40 days ahead. Argus takes into account liquidity outside this
Gulf up to Quoin Island (Straits of Hormuz). period and market structure.
East refers to Singapore, China (including Hong Kong), South Ko-
rea, Taiwan and Japan. MEG-East – fuel oil 80,000t
Double hull refers to double hull and double bottomed vessels with
segregated ballast tanks. MEG is Mideast Gulf and refers to all ports in the Arab Gulf/Persian
Vessels chartered for 260,000t of oil. Gulf up to Quoin Island (Straits of Hormuz).
Rates are based on fixtures and market discussion for positions East refers to Singapore, China (including Hong Kong), South Ko-
30-40 days ahead. Argus takes into account liquidity outside this rea, Taiwan and Japan.
period and market structure. Flat rates based on LR2 freight (80,000t), with an average freight
using a two port loading of Bahrain/Mina al-Ahmadi to Quoin Island
MEG-East (single hull) 260,000t to Singapore.
Vessels chartered for 80,000t of fuel oil.
MEG is Mideast Gulf and refers to all ports in the Arab Gulf/Persian Rates are based on fixtures and market discussion for positions
Gulf up to Quoin Island (Straits of Hormuz). 15-30 days ahead. Argus takes into account liquidity outside this
East refers to Singapore, China (including Hong Kong), South Ko- period and market structure.
rea, Taiwan and Japan.
Single hull refers to single hull vessels. Indonesia-Japan 80,000t
Vessels chartered for 260,000t of oil.
Rates are based on fixtures and market discussion for positions Vessels chartered for 80,000t of oil.
30-40 days ahead. Argus takes into account liquidity outside this Rates are based on fixtures and market discussion for positions
period and market structure. 15-30 days ahead. Argus takes into account liquidity outside this
period and market structure.
MEG-UKC/Med 260,000t
Northern Europe
MEG is Mideast Gulf and refers to all ports in the Arab Gulf/Persian
Gulf up to Quoin Island (Straits of Hormuz). UKC-US Gulf 260,000t
UKC is northwest Europe from Le Havre to Hamburg, centred on

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19 January 2005
Methodology and specifications guide July 2011

UKC is northwest Europe from Le Havre to Hamburg, centred on Rates are based on fixtures and market discussion for positions 7-
ARA (Amsterdam-Rotterdam-Antwerp), and the North Sea ports. 10 days ahead. Argus takes into account liquidity outside this period
US Gulf is the Gulf of Mexico centred on the Loop crude discharge and market structure.
terminal.
Vessels are double hull and double bottomed vessels with segre- Primorsk-UKC 100,000t
gated ballast tanks.
Vessels chartered for 260,000t of oil. UKC is northwest Europe from Le Havre to Hamburg, centred on
Rates are based on fixtures and market discussion for positions ARA (Amsterdam-Rotterdam-Antwerp), and the North Sea ports.
30-40 days ahead. Argus takes into account liquidity outside this Vessels are double hull and double bottomed vessels with segre-
period and market structure. gated ballast tanks.
Vessels chartered for 100,000t of oil.
Cross UKC 135,000t Rates are based on fixtures and market discussion for positions
10-20 days ahead. Argus takes into account liquidity outside this
Cross UKC is from one port to another port in northwest Europe period and market structure.
from Le Havre to Hamburg, centred on ARA (Amsterdam-Rotter-
dam-Antwerp), and the North Sea ports. UKC-US Gulf 55,000t fuel oil
Vessels are double hull and double bottomed vessels with segre-
gated ballast tanks. UKC is northwest Europe from Le Havre to Hamburg, centred on
Vessels chartered for 135,000t of oil. ARA (Amsterdam-Rotterdam-Antwerp), and the North Sea ports.
Rates are based on fixtures and market discussion for positions 7- US Gulf is the Gulf of Mexico centred on the Loop crude discharge
10 days ahead. Argus takes into account liquidity outside this period terminal.
and market structure. Vessels are double hull and double bottomed vessels with segre-
gated ballast tanks.
UKC-US Gulf 135,000t Vessels chartered for 55,000t of fuel oil.
Rates are based on fixtures and market discussion for positions 7-
UKC is northwest Europe from Le Havre to Hamburg, centred on 10 days ahead. Argus takes into account liquidity outside this period
ARA (Amsterdam-Rotterdam-Antwerp), and the North Sea ports. and market structure.
US Gulf is the Gulf of Mexico centred on the Loop crude discharge
terminal. Baltic-UKC 30,000t fuel oil
Vessels are double hull and double bottomed vessels with segre-
gated ballast tanks. Baltic refers to ports in Finland, Baltic Russia, Estonia, Latvia,
Vessels chartered for 135,000t of oil. Lithuania, Poland, Baltic Germany and Baltic Sweden.
Rates are based on fixtures and market discussion for positions 7- UKC is northwest Europe from Le Havre to Hamburg, centred on
10 days ahead. Argus takes into account liquidity outside this period ARA (Amsterdam-Rotterdam-Antwerp), and the North Sea ports.
and market structure. Vessels are double hull and double bottomed vessels with segre-
gated ballast tanks.
Cross UKC 80,000t Vessels chartered for 30,000t of fuel oil.
Rates are based on fixtures and market discussion for positions 7-
Cross UKC is from one port to another port in northwest Europe 10 days ahead. Argus takes into account liquidity outside this period
from Le Havre to Hamburg, centred on ARA (Amsterdam-Rotter- and market structure.
dam-Antwerp), and the North Sea ports.
Vessels are double hull and double bottomed vessels with segre- Baltic-Med 30,000t fuel oil
gated ballast tanks.
Vessels chartered for 80,000t of oil. Baltic refers to ports in Finland, Baltic Russia, Estonia, Latvia,
Rates are based on fixtures and market discussion for positions 7- Lithuania, Poland, Baltic Germany and Baltic Sweden.
10 days ahead. Argus takes into account liquidity outside this period Mediterranean is Gibraltar to Canakkale/Dardanelles.
and market structure. Vessels are double hull and double bottomed vessels with segre-
gated ballast tanks.
UKC-USAC 80,000t Vessels chartered for 30,000t of fuel oil.
Rates are based on fixtures and market discussion for positions 7-
UKC is northwest Europe from Le Havre to Hamburg, centred on 10 days ahead. Argus takes into account liquidity outside this period
ARA (Amsterdam-Rotterdam-Antwerp), and the North Sea ports. and market structure.
USAC is US Atlantic coast north of Cape Hatteras to Portland, Maine
centred on Philadelphia, New York and Boston. West Africa
Vessels are double hull and double bottomed vessels with segre-
gated ballast tanks. West Africa-US Gulf 260,000t
Vessels chartered for 80,000t of oil.

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Methodology and specifications guide July 2011

West Africa refers to the Gulf of Guinea, centred on the crude load- 30-40 days ahead. Argus takes into account liquidity outside this
ing terminals located in the Bight of Bonny and Bight of Benin. period and market structure.
US Gulf is the Gulf of Mexico centred on the Loop crude discharge
terminal. Black Sea-Med 135,000t
Vessels are double hull and double bottomed vessels with segre-
gated ballast tanks. Black Sea refers to Black Sea ports north and east of the Bosporus.
Vessels chartered for 260,000t of oil. Mediterranean is Gibraltar to Canakkale/Dardanelles.
Rates are based on fixtures and market discussion for positions Vessels are double hull and double bottomed vessels with segre-
30-40 days ahead. Argus takes into account liquidity outside this gated ballast tanks.
period and market structure. Vessels chartered for 135,000t of oil.
Rates are based on fixtures and market discussion for positions
West Africa-China 260,000t 15-20 days ahead. Argus takes into account liquidity outside this
period and market structure.
West Africa refers to the Gulf of Guinea, centred on the crude load-
ing terminals located in the Bight of Bonny and Bight of Benin. Cross Med 135,000t
Vessels are double hull and double bottomed vessels with segre-
gated ballast tanks. Cross Med is from one port to another port in the Mediterranean
Vessels chartered for 260,000t of oil. from Gibraltar to Canakkale/Dardanelles.
Rates are based on fixtures and market discussion for positions Vessels are double hull and double bottomed vessels with segre-
30-40 days ahead. Argus takes into account liquidity outside this gated ballast tanks.
period and market structure. Vessels chartered for 135,000t of oil.
Rates are based on fixtures and market discussion for positions
West Africa-US Gulf 130,000t 10-14 days ahead. Argus takes into account liquidity outside this
period and market structure.
West Africa refers to the Gulf of Guinea, centred on the crude load-
ing terminals located in the Bight of Bonny and Bight of Benin. Med/Black Sea-US Gulf 135,000t
US Gulf is the Gulf of Mexico centred on the Loop crude discharge
terminal. Mediterranean is Gibraltar to Canakkale/Dardanelles.
Vessels are double hull and double bottomed vessels with segre- Black Sea refers to Black Sea ports north and east of the Bosporus.
gated ballast tanks. US Gulf is the Gulf of Mexico centred on the Loop crude discharge
Vessels chartered for 130,000t of oil. terminal.
Rates are based on fixtures and market discussion for positions Vessels are double hull and double bottomed vessels with segre-
15-30 days ahead. Argus takes into account liquidity outside this gated ballast tanks.
period and market structure. Vessels chartered for 135,000t of oil.
Rates are based on fixtures and market discussion for positions
Black Sea/Mediterranean 10-14 days ahead. Argus takes into account liquidity outside this
period and market structure.
Med-US Gulf 260,000t
Cross Med 80,000t
Mediterranean is Gibraltar to Canakkale/Dardanelles.
US Gulf is the Gulf of Mexico centred on the Loop crude discharge Cross Med is from one port to another port in the Mediterranean
terminal. from Gibraltar to Canakkale/Dardanelles.
Vessels are double hull and double bottomed vessels with segre- Vessels are double hull and double bottomed vessels with segre-
gated ballast tanks. gated ballast tanks.
Vessels chartered for 260,000t of oil. Vessels chartered for 80,000t of oil.
Rates are based on fixtures and market discussion for positions Rates are based on fixtures and market discussion for positions
30-40 days ahead. Argus takes into account liquidity outside this 10-14 days ahead. Argus takes into account liquidity outside this
period and market structure. period and market structure.

Med-UKC 260,000t Black Sea-Med 80,000t

Mediterranean is Gibraltar to Canakkale/Dardanelles. Black Sea refers to Black Sea ports north and east of the Bosporus.
UKC is northwest Europe from Le Havre to Hamburg, centred on Mediterranean is Gibraltar to Canakkale/Dardanelles.
ARA (Amsterdam-Rotterdam-Antwerp), and the North Sea ports. Vessels are double hull and double bottomed vessels with segre-
Vessels are double hull and double bottomed vessels with segre- gated ballast tanks.
gated ballast tanks. Vessels chartered for 80,000t of oil.
Vessels chartered for 260,000t of oil. Rates are based on fixtures and market discussion for positions
Rates are based on fixtures and market discussion for positions 15-20 days ahead. Argus takes into account liquidity outside this

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Methodology and specifications guide July 2011

period and market structure. B.Sea-Med Aframax demurrage $/day

Med/Black Sea-US Gulf 80,000t Black Sea refers to Black Sea ports north and east of the Bosporus.
Mediterranean is Gibraltar to Canakkale/Dardanelles.
Mediterranean is Gibraltar to Canakkale/Dardanelles. Aframax are assumed to be 70,000t to 80,000t.
Black Sea refers to Black Sea ports north and east of the Bosporus.
US Gulf is the Gulf of Mexico centred on the Loop crude discharge Days delay at Turkish straits – southbound
terminal.
Vessels are double hull and double bottomed vessels with segre- The Turkish straits are the Bosporus and Dardanelles. The number
gated ballast tanks. of days delay includes the days on the owner’s account.
Vessels chartered for 80,000t of oil.
Rates are based on fixtures and market discussion for positions Days delay at Turkish straits - northbound
10-20 days ahead. Argus takes into account liquidity outside this
period and market structure. The Turkish straits are the Bosporus and Dardanelles. The number
of days delay includes the days on the owner’s account.
Med-US Gulf 55,000t fuel oil
Caribbean/Latin America
Mediterranean is Gibraltar to Canakkale/Dardanelles.
US Gulf is the Gulf of Mexico centred on the Loop crude discharge Caribbean-US Gulf 70,000t
terminal.
Vessels are double hull and double bottomed vessels with segre- The Caribbean is centred on the export in and around northern
gated ballast tanks. Venezuela.
Vessels chartered for 55,000t of fuel oil. US Gulf is the Gulf of Mexico centred on the Loop crude discharge
Rates are based on fixtures and market discussion for positions terminal.
10-14 days ahead. Argus takes into account liquidity outside this Vessels are double hull and double bottomed vessels with segre-
period and market structure. gated ballast tanks.
Vessels chartered for 70,000t of oil.
Cross Med 30,000t fuel oil Rates are based on fixtures and market discussion for positions 7-
10 days ahead. Argus takes into account liquidity outside this period
Cross Med is from one port to another port in the Mediterranean and market structure.
from Gibraltar to Canakkale/Dardanelles.
Vessels are double hull and double bottomed vessels with segre- Caribbean-US Gulf 50,000t
gated ballast tanks.
Vessels chartered for 30,000t of fuel oil. The Caribbean is centred on the export in and around northern
Rates are based on fixtures and market discussion for positions Venezuela.
10-14 days ahead. Argus takes into account liquidity outside this US Gulf is the Gulf of Mexico centred on the Loop crude discharge
period and market structure. terminal.
Vessels are double hull and double bottomed vessels with segre-
Black Sea-Med 30,000t fuel oil gated ballast tanks.
Vessels chartered for 50,000t of oil.
Black Sea refers to Black Sea ports north and east of the Bosporus. Rates are based on fixtures and market discussion for positions 7-
Mediterranean is Gibraltar to Canakkale/Dardanelles. 10 days ahead. Argus takes into account liquidity outside this period
Vessels are double hull and double bottomed vessels with segre- and market structure.
gated ballast tanks.
Vessels chartered for 30,000t of fuel oil. Ecuador-US west coast 50,000t
Rates are based on fixtures and market discussion for positions
15-20 days ahead. Argus takes into account liquidity outside this Vessels are double hull and double bottomed vessels with segre-
period and market structure. gated ballast tanks.
Vessels chartered for 50,000t of oil.
B.Sea-Med Suezmax demurrage $/day Rates are based on fixtures and market discussion for positions 7-
10 days ahead. Argus takes into account liquidity outside this period
Black Sea refers to Black Sea ports north and east of the Bosporus. and market structure.
Mediterranean is Gibraltar to Canakkale/Dardanelles.
Suezmax are assumed to be 130,000t to 135,000t.
Rates are based on fixtures and market discussion for positions Clean
15-20 days ahead. Argus takes into account liquidity outside this
period and market structure. Black Sea/Mediterranean

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19 January 2005
Methodology and specifications guide July 2011

Cross Med 30,000t Med 30,000t mogas premium

Cross Med is from one port to another port in the Mediterranean Mediterranean is Gibraltar to Canakkale/Dardanelles.
from Gibraltar to Canakkale/Dardanelles. The mogas premium is the premium that is currently available in
Vessels are double hull and double bottomed vessels with segre- the market for motor gasoline expressed in Worldscale spot rates
gated ballast tanks. points.
Vessels chartered for 30,000t of oil. Vessels chartered for 30,000t of oil.
Rates are based on fixtures and market discussion for positions Rates are based on fixtures and market discussion for positions
10-14 days ahead. Argus takes into account liquidity outside this 10-14 days ahead. Argus takes into account liquidity outside this
period and market structure. period and market structure.

Black Sea-Med 30,000t Med 30,000t jet premium

Black Sea refers to Black Sea ports north and east of the Bosporus. Mediterranean is Gibraltar to Canakkale/Dardanelles.
Mediterranean is Gibraltar to Canakkale/Dardanelles. The jet premium is the premium that is currently available in the
Vessels are double hull and double bottomed vessels with segre- market for jet expressed in Worldscale spot rates points.
gated ballast tanks. Vessels chartered for 30,000t of oil.
Vessels chartered for 30,000t of oil. Rates are based on fixtures and market discussion for positions
Rates are based on fixtures and market discussion for positions 10-14 days ahead. Argus takes into account liquidity outside this
10-20 days ahead. Argus takes into account liquidity outside this period and market structure.
period and market structure.
Cross Med 30,000t naphtha
Med-UKC 30,000t
Cross Med is from one port to another port in the Mediterranean
Mediterranean is Gibraltar to Canakkale/Dardanelles. from Gibraltar to Canakkale/Dardanelles.
UKC is northwest Europe from Le Havre to Hamburg, centred on Vessels are double hull and double bottomed vessels with segre-
ARA (Amsterdam-Rotterdam-Antwerp), and the North Sea ports. gated ballast tanks.
Vessels are double hull and double bottomed vessels with segre- Vessels chartered for 30,000t of naphtha (incorporating the naphtha
gated ballast tanks. premium).
Vessels chartered for 30,000t of oil. Rates are based on fixtures and market discussion for positions
Rates are based on fixtures and market discussion for positions 10-14 days ahead. Argus takes into account liquidity outside this
10-14 days ahead. Argus takes into account liquidity outside this period and market structure.
period and market structure.
Cross Med 30,000t mogas
Med-US Atlantic coast 37,000t
Cross Med is from one port to another port in the Mediterranean
Mediterranean is Gibraltar to Canakkale/Dardanelles. from Gibraltar to Canakkale/Dardanelles.
USAC is US Atlantic coast north of Cape Hatteras to Portland, Maine Vessels are double hull and double bottomed vessels with segre-
centred on Philadelphia, New York and Boston. gated ballast tanks.
Vessels are double hull and double bottomed vessels with segre- Vessels chartered for 30,000t of mogas (incorporating the mogas
gated ballast tanks. premium).
Vessels chartered for 37,000t of oil. Rates are based on fixtures and market discussion for positions
Rates are based on fixtures and market discussion for positions 10-14 days ahead. Argus takes into account liquidity outside this
10-14 days ahead. Argus takes into account liquidity outside this period and market structure.
period and market structure.
Cross Med 30,000 jet
Med 30,000t naphtha premium
Cross Med is from one port to another port in the Mediterranean
Mediterranean is Gibraltar to Canakkale/Dardanelles. from Gibraltar to Canakkale/Dardanelles.
The naphtha premium is the premium that is currently available in Vessels are double hull and double bottomed vessels with segre-
the market for naphtha expressed in Worldscale spot rates points. gated ballast tanks.
Vessels chartered for 30,000t of oil. Vessels chartered for 30,000t of jet (incorporating the jet premium).
Rates are based on fixtures and market discussion for positions Rates are based on fixtures and market discussion for positions
10-14 days ahead. Argus takes into account liquidity outside this 10-14 days ahead. Argus takes into account liquidity outside this
period and market structure. period and market structure.

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19 January 2005
Methodology and specifications guide July 2011

Med-UKC 30,000t naphtha Double hull refers to double hull and double bottomed vessels with
segregated ballast tanks.
Mediterranean is Gibraltar to Canakkale/Dardanelles. Flat rates assume a LR1 netback is calculated from the Argus Japan
UKC is northwest Europe from Le Havre to Hamburg, centred on c+f naphtha quotation using LR1 freight (55,000t), with an average
ARA (Amsterdam-Rotterdam-Antwerp), and the North Sea ports. freight using a two port loading of Jubail/Ruwais to Quoin island and
Vessels are double hull and double bottomed vessels with segre- Mina al-Ahmadi/Ras Tanura to Quoin island and using a two port
gated ballast tanks. discharge of Chiba/Mizushima.
Vessels chartered for 30,000t of naphtha. Vessels chartered for 55,000t of oil.
Rates are based on fixtures and market discussion for positions Rates are based on fixtures and market discussion for positions
10-14 days ahead. Argus takes into account liquidity outside this 15-30 days ahead. Argus takes into account liquidity outside this
period and market structure. period and market structure.

Med-UKC 30,000t mogas MEG-Singapore 55,000t gasoil

Mediterranean is Gibraltar to Canakkale/Dardanelles. MEG is Mideast Gulf and refers to all ports in the Arab Gulf/Persian
UKC is northwest Europe from Le Havre to Hamburg, centred on Gulf up to Quoin Island (Straits of Hormuz).
ARA (Amsterdam-Rotterdam-Antwerp), and the North Sea ports. Double hull refers to double hull and double bottomed vessels with
Vessels are double hull and double bottomed vessels with segre- segregated ballast tanks.
gated ballast tanks. Vessels chartered for 55,000t of gasoil.
Vessels chartered for 30,000t of mogas. Rates are based on fixtures and market discussion for positions
Rates are based on fixtures and market discussion for positions 15-30 days ahead. Argus takes into account liquidity outside this
10-14 days ahead. Argus takes into account liquidity outside this period and market structure.
period and market structure.
MEG-East 35,000t
Med-UKC 30,000t jet
MEG is Mideast Gulf and refers to all ports in the Arab Gulf/Persian
Mediterranean is Gibraltar to Canakkale/Dardanelles. Gulf up to Quoin Island (Straits of Hormuz).
UKC is northwest Europe from Le Havre to Hamburg, centred on East refers to Singapore, China (including Hong Kong), South Ko-
ARA (Amsterdam-Rotterdam-Antwerp), and the North Sea ports. rea, Taiwan and Japan.
Vessels are double hull and double bottomed vessels with segre- Vessels chartered for 35,000t of oil.
gated ballast tanks. Rates are based on fixtures and market discussion for positions
Vessels chartered for 30,000t of jet. 15-30 days ahead. Argus takes into account liquidity outside this
Rates are based on fixtures and market discussion for positions period and market structure.
10-14 days ahead. Argus takes into account liquidity outside this
period and market structure. MEG-East Africa 35,000t

Middle East/East MEG is Mideast Gulf and refers to all ports in the Arab Gulf/Persian
Gulf up to Quoin Island (Straits of Hormuz).
MEG-Japan 75,000t East Africa refers to a range of ports from Dar Es Salaam to Cape
Town
MEG is Mideast Gulf and refers to all ports in the Arab Gulf/Persian Vessels chartered for 35,000t of oil.
Gulf up to Quoin Island (Straits of Hormuz). Rates are based on fixtures and market discussion for positions
Double hull refers to double hull and double bottomed vessels with 5-15 days ahead. Argus takes into account liquidity outside this
segregated ballast tanks. period and market structure.
Flat rates assume a LR2 freight (75,000t), with an average freight
using a two port loading of Jubail/Ruwais to Quoin island and
Mina al-Ahmadi/Ras Tanura to Quoin island and using a two port Singapore-Japan 30,000t
discharge of Chiba/Mizushima.
Vessels chartered for 75,000t of oil. Double hull refers to double hull and double bottomed vessels with
Rates are based on fixtures and market discussion for positions segregated ballast tanks.
15-30 days ahead. Argus takes into account liquidity outside this Vessels chartered for 30,000t of oil.
period and market structure. Rates are based on fixtures and market discussion for positions
15-30 days ahead. Argus takes into account liquidity outside this
MEG-Japan 55,000t period and market structure.

MEG is Mideast Gulf and refers to all ports in the Arab Gulf/Persian
Gulf up to Quoin Island (Straits of Hormuz).

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19 January 2005
Methodology and specifications guide July 2011

Northern Europe Vessels chartered for 30,000t of oil.


Rates are based on fixtures and market discussion for positions 7-
UKC-US Atlantic coast 37,000t 10 days ahead. Argus takes into account liquidity outside this period
and market structure.
UKC is northwest Europe from Le Havre to Hamburg, centred on
ARA (Amsterdam-Rotterdam-Antwerp), and the North Sea ports.
USAC is US Atlantic coast north of Cape Hatteras to Portland, Maine Caribbean
centred on Philadelphia, New York and Boston.
Vessels are double hull and double bottomed vessels with segre- Caribbean-USAC 38,000t
gated ballast tanks.
Vessels chartered for 37,000t of oil. The Caribbean is centred on the export ports in and around northern
Rates are based on fixtures and market discussion for positions 7- Venezuela.
10 days ahead. Argus takes into account liquidity outside this period USAC is US Atlantic coast north of Cape Hatteras to Portland, Maine
and market structure. centred on Philadelphia, New York and Boston.
Vessels are double hull and double bottomed vessels with segre-
UKC-west Africa 33,000t gated ballast tanks.
Vessels chartered for 38,000t of oil.
UKC is northwest Europe from Le Havre to Hamburg, centred on Rates are based on fixtures and market discussion for positions 7-
ARA (Amsterdam-Rotterdam-Antwerp), and the North Sea ports. 10 days ahead. Argus takes into account liquidity outside this period
West Africa refers to a range of ports centered on Bonny and Lagos. and market structure.
Vessels chartered for 33,000t of oil.
Rates are based on fixtures and market discussion for positions 5- ARA to Walvis Bay
15 days ahead. Argus takes into account liquidity outside this period
and market structure. ARA to Walvis Bay is calculated from multiplying the percentage of
the UKC to west Africa 33,000t daily Worldscale spot rate assess-
Cross UKC 22,000t ments to a basket of typical Worldscale flat rates for ARA ports to
Walvis Bay. ARA refers to the Antwerp/Rotterdam/Amsterdam range
Cross UKC is from one port to another port in northwest Europe of ports. Assessments are made in $/t.
from Le Havre to Hamburg, centred on ARA (Amsterdam-Rotter-
dam-Antwerp), and the North Sea ports. ARA to Durban
Vessels are double hull and double bottomed vessels with segre-
gated ballast tanks. ARA to Durban is calculated from multiplying the percentage of the
Vessels chartered for 22,000t of oil. UKC to west Africa 33,000t daily Worldscale spot rate assessments
Rates are based on fixtures and market discussion for positions 7- to a basket of typical Worldscale flat rates for ARA ports to Durban.
10 days ahead. Argus takes into account liquidity outside this period ARA refers to the Antwerp/Rotterdam/Amsterdam range of ports.
and market structure. Assessments are made in $/t.

Cross UKC 30,000t Mideast Gulf to Walvis Bay

Cross UKC is from one port to another port in northwest Europe Mideast Gulf to Walvis Bay is calculated from multiplying the per-
from Le Havre to Hamburg, centred on ARA (Amsterdam-Rotter- centage of the Mideast Gulf to east Africa 35,000t daily Worldscale
dam-Antwerp), and the North Sea ports. spot rate assessments to a basket of typical Worldscale flat rates
Vessels are double hull and double bottomed vessels with segre- for Mideast Gulf ports to Walvis Bay. Mideast Gulf refers to all ports
gated ballast tanks. in the Arab Gulf/Persian Gulf up to Quoin Island (Straits of Hormuz).
Vessels chartered for 30,000t of oil. Assessments are made in $/t.
Rates are based on fixtures and market discussion for positions 7-
10 days ahead. Argus takes into account liquidity outside this period Mideast Gulf to Durban
and market structure.
Mideast Gulf to Durban is calculated from multiplying the percent-
Baltic-UKC 30,000t age of the Mideast Gulf to east Africa 35,000t daily Worldscale spot
rate assessments to a basket of typical Worldscale flat rates for
Baltic refers to ports in Finland, Baltic Russia, Estonia, Latvia, Mideast Gulf ports to Durban. Mideast Gulf refers to all ports in the
Lithuania, Poland, Baltic Germany and Baltic Sweden. Arab Gulf/Persian Gulf up to Quoin Island (Straits of Hormuz). As-
UKC is northwest Europe from Le Havre to Hamburg, centred on sessments are made in $/t.
ARA (Amsterdam-Rotterdam-Antwerp), and the North Sea ports.
Vessels are double hull and double bottomed vessels with segre-
gated ballast tanks.

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19 January 2005
Methodology and specifications guide July 2011

Coal freight rates route, for 70,000t Capesize vessels, contracted on day of publica-
tion for timing over the next 90 days. Prices in US dollars/tonne.
Argus Coal Daily International shows freight rates for the main
trading routes for Cape and Panamax vessels to Rotterdam and to Rizhao-Rotterdam 150,000t Capesize
certain locations in east Asia.
These freight rates are assessed as a result of communication with Charter on the Rizhao (China) - Rotterdam (Netherlands) route, for
leading shipping brokers and international traders of coal. The fol- 150,000t Capesize vessels, contracted on day of publication for tim-
lowing routes are covered. ing over the next 90 days. Prices in US dollars/tonne.

Richards Bay-Rotterdam 150,000t Capesize Rizhao-Rotterdam 70,000t Panamax

Charter on the Richards Bay (South Africa) - Rotterdam (Nether- Charter on the Rizhao (China) - Rotterdam (Netherlands) route, for
lands) route, for 150,000t Capesize vessels, contracted on day of 70,000t Panamax vessels, contracted on day of publication for tim-
publication for timing over the next 90 days. Prices in US dollars/ ing over the next 90 days. Prices in US dollars/tonne.
tonne.
Gdansk-Rotterdam 70,000t Panamax
Richards Bay-Rotterdam 70,000t Panamax
Charter on the Gdansk (Poland) - Rotterdam (Netherlands) route,
Charter on the Richards Bay (South Africa) - Rotterdam (Nether- for 70,000t Panamax vessels, contracted on day of publication for
lands) route, for 70,000t Panamax vessels, contracted on day of timing over the next 90 days. Prices in US dollars/tonne.
publication for timing over the next 90 days. Prices in US dollars/
tonne. Australia-Japan 60,000t Panamax

Puerto Bolivar-Rotterdam 150,000t Capesize Charter on the Australia - Japan route, for 60,000t Panamax vessels,
contracted on day of publication for timing over the next 90 days.
Charter on the Puerto Bolivar (Colombia) – Rotterdam (Netherlands) Prices in US dollars/tonne.
route, for 150,000t Capesize vessels, contracted on day of publica-
tion for timing over the next 90 days. Prices in US dollars/tonne. China-Japan 60,000t Panamax

Puerto Bolivar-Rotterdam 70,000t Panamax Charter on the China - Japan route, for 60,000t Panamax vessels,
contracted on day of publication for timing over the next 90 days.
Charter on the Puerto Bolivar (Colombia) – Rotterdam (Netherlands) Prices in US dollars/tonne.
route, for 70,000t Panamax vessels, contracted on day of publica-
tion for timing over the next 90 days. Prices in US dollars/tonne. China-South Korea 60,000t Panamax

Hay Point-Rotterdam 150,000t Capesize Charter on the China - South Korea route, for 60,000t Panamax
vessels, contracted on day of publication for timing over the next 90
Charter on the Hay Point (Australia) - Rotterdam (Netherlands) days. Prices in US dollars/tonne.
route, for 150,000t Capesize vessels, contracted on day of publica-
tion for timing over the next 90 days. Prices in US dollars/tonne. Indonesia-Japan 60,000t Panamax

Dalrymple-Rotterdam 70,000t Panamax Charter on the Indonesia - Japan route, for 60,000t Panamax ves-
sels, contracted on day of publication for timing over the next 90
Charter on the Dalrymple (Australia) - Rotterdam (Netherlands) days. Prices in US dollars/tonne.
route, for 70,000t Panamax vessels, contracted on day of publica-
tion for timing over the next 90 days. Prices in US dollars/tonne. Indonesia-South Korea 60,000t Panamax
Charter on the Indonesia - South Korea route, for 60,000t Panamax
Banjarmarsin-Rotterdam 150,000t Capesize vessels, contracted on day of publication for timing over the next 90
days. Prices in US dollars/tonne.
Charter on the Banjarmarsin (Indonesia) - Rotterdam (Netherlands)
route, for 150,000t Capesize vessels, contracted on day of publica- LPG freight rates
tion for timing over the next 90 days. Prices in US dollars/tonne.
VLGC MEG-Japan
Banjarmarsin-Rotterdam 70,000t Panamax
Prices are in US dollars/tonne. Spot freight assessments provided dai-
Charter on the Banjarmarsin (Indonesia) - Rotterdam (Netherlands) ly for 40,000t to 44,000t refrigerated Very Large Gas Carriers (VLGC)

10 www.argusmedia.com
19 January 2005
Methodology and specifications guide July 2011

size cargoes loading Mideast Gulf (Ras Tanura) to Japan (Chiba). Fujairah 180cst
3,000t Tees-Lisbon
Bunkers 180cst delivered on board Fujairah.
Prices are in US dollars/tonne. Spot freight quotes provided daily Prices are in US dollars/tonne.
for 3,000t Tees (UK) to Sines (Portugal) for 3,000t pressurised LPG Prices reflect fixtures done and other trade information on a deliv-
carriers contracted on day of publication. ered basis 3-7 days forward from the date of assessment.
Assessments are standardised to reflect prices for 1,000t to 3,000t.
1,800t Tees-ARA Specification is a maximum sulphur content of 3.5pc, 0.5pc maxi-
Prices are in US dollars/tonne. Spot freight quotes provided daily for mum water by volume, maximum density of 0.991.
1,800t Tees (UK) to ARA (Amsterdam-Rotterdam-Antwerp) 1,800t The time stamp is 7pm Singapore time.
pressurised LPG carriers contracted on day of publication.
Fujairah 380cst
Bunker prices
Bunkers 380cst delivered on board Fujairah.
Singapore 180cst Prices are in US dollars/tonne.
Prices reflect fixtures done and other trade information on a deliv-
Bunkers 180cst delivered on board Singapore. ered basis 3-7 days forward from the date of assessment.
Prices are in US dollars/tonne. Assessments are standardised to reflect prices for 1,000t to 3,000t.
Prices reflect fixtures done and other trade information on a deliv- Specification is a maximum sulphur content of 4.2pc, 0.5pc maxi-
ered basis 3-7 days forward from the date of assessment. mum water by volume, maximum density of 0.991.
Assessments are standardised to reflect prices for 1,000t to 3,000t. The time stamp is 7pm Singapore time.
Specification is a maximum sulphur content of 3.5pc, 0.5pc maxi-
mum water by volume, maximum density of 0.991. Rotterdam DOB 1.5 % 180cst
The time stamp is 7pm Singapore time. Bunker fuel 180cst.
Prices are in US dollars/tonne.
Singapore 380cst The pricing period is for lifting 2-8 days forward.
The basis is delivered on board Rotterdam.
Bunkers 380cst delivered on board Singapore. Size is standardised to 1,000 to 2,000 tonnes.
Prices are in US dollars/tonne. The specifications are maximum 1.5pc sulphur, 180 cst, 0.991
Prices reflect fixtures done and other trade information on a deliv- specific gravity.
ered basis 3-7 days forward from the date of assessment. The assessment time is 8.30am to 5.30pm London time.
Assessments are standardised to reflect prices for 1,000t to 3,000t.
Specification is a maximum sulphur content of 4.2pc, 0.5pc maxi- Rotterdam DOB 1.5 % 380 cst
mum water by volume, maximum density of 0.991. Bunker fuel 380cst.
The time stamp is 7pm Singapore time. Prices are in US dollars/tonne.
The pricing period is for lifting 2-8 days forward.
S Korea 180cst The basis is delivered on board Rotterdam.
Size is standardised to 1,000 to 2,000 tonnes.
Bunkers 180cst delivered on board South Korea. The specifications are maximum 1.5pc sulphur, 380 cst, 0.991
Prices are in US dollars/tonne. specific gravity.
Prices reflect fixtures done and other trade information on a deliv- The assessment time is 8.30am to 5.30pm London time.
ered basis 3-7 days forward from the date of assessment.
Assessments are standardised to reflect prices for 500t to 1,000t. Rotterdam DOB 3.5 %180cst
Specification is a maximum sulphur content of 3.5pc, 0.5pc maxi-
mum water by volume, maximum density of 0.991. Bunker fuel 180cst.
The time stamp is 7pm Singapore time. Prices are in US dollars/tonne.
The pricing period is for lifting 2-8 days forward.
S Korea 380cst The basis is delivered on board Rotterdam.
Size is standardised to 1,000 to 2,000 tonnes.
Bunkers 380cst delivered on board South Korea. The specifications are maximum 3.5pc sulphur, 180cst, 0.991 spe-
Prices are in US dollars/tonne. cific gravity.
Prices reflect fixtures done and other trade information on a deliv- The assessment time is 8.30am to 5.30pm London time.
ered basis 3-7 days forward from the date of assessment.
Assessments are standardised to reflect prices for 500t to 1,000t. Rotterdam DOB 3.5 % 380cst
Specification is a maximum sulphur content of 4.2pc, 0.5pc maxi-
mum water by volume, maximum density of 0.991. Bunker fuel 380cst.
The time stamp is 7pm Singapore time. Prices are in US dollars/tonne.

11 www.argusmedia.com
19 January 2005
Methodology and specifications guide July 2011

The pricing period is for lifting 2-8 days forward. Singapore MGO
The basis is delivered on board Rotterdam.
Size is standardised to 1,000 to 2,000 tonnes. Bunker marine gasoil delivered on board Singapore.
The specifications are maximum 3.5pc sulphur, 380cst, 0.991 spe- Prices are in US dollars/tonne.
cific gravity. Prices reflect fixtures done and other trade information on a deliv-
The assessment time is 8.30am to 5.30pm London time. ered basis 3-7 days forward from the date of assessment.
Assessments are standardised to reflect prices for 50t to 100t.
Antwerp DOB 1.5 % 180cst Specification is ISO specification in its latest revision.
Bunker fuel 180cst. Prices are in US dollars/tonne. The time stamp is 7pm Singapore time.
The pricing period is for lifting 2-8 days forward.
The basis is delivered on board Antwerp. South Korea MDO
Size is standardised to 1,000 to 2,000 tonnes.
The specifications are maximum 1.5pc sulphur, 180 cst, 0.991 Bunker marine diesel oil delivered on board South Korea.
specific gravity. Prices are in US dollars/tonne.
The assessment time is 8.30am to 5.30pm London time. Prices reflect fixtures done and other trade information on a deliv-
ered basis 3-7 days forward from the date of assessment.
Antwerp DOB 1.5 % 380cst Assessments are standardised to reflect prices for 50t to 100t.
Bunker fuel 380cst. Specification is ISO specification in its latest revision.
Prices are in US dollars/tonne. The time stamp is 7pm Singapore time.
The pricing period is for lifting 2-8 days forward.
The basis is delivered on board Antwerp. Size is standardised to South Korea MGO
1,000 to 2,000 tonnes. The specifications are maximum 1.5pc sul-
phur, 380 cst, 0.991 specific gravity. Bunker marine gasoil delivered on board South Korea.
The assessment time is 8.30am to 5.30pm London time. Prices are in US dollars/tonne.
Prices reflect fixtures done and other trade information on a deliv-
Antwerp DOB 3.5 % 180cst ered basis 3-7 days forward from the date of assessment.
Assessments are standardised to reflect prices for 50t to 100t.
Bunker fuel 180cst. Specification is ISO specification in its latest revision.
Prices are in US dollars/tonne. The time stamp is 7pm Singapore time.
The pricing period is for lifting 2-8 days forward.
The basis is delivered on board Antwerp. Fujairah MDO
Size is standardised to 1,000 to 2,000 tonnes.
The specifications are maximum 3.5pc sulphur, 180cst, 0.991 spe- Bunker marine diesel oil delivered on board Fujairah.
cific gravity. Prices are in US dollars/tonne.
The assessment time is 8.30am to 5.30pm London time. Prices reflect fixtures done and other trade information on a deliv-
ered basis 3-7 days forward from the date of assessment.
Antwerp DOB 3.5 % 380cst Assessments are standardised to reflect prices for 50t to 100t.
Specification is ISO specification in its latest revision.
Bunker fuel 380cst. The time stamp is 7pm Singapore time.
Prices are in US dollars/tonne.
The pricing period is for lifting 2-8 days forward. Fujairah MGO
The basis is delivered on board Antwerp.
Size is standardised to 1,000 to 2,000 tonnes. Bunker marine gasoil delivered on board Fujairah.
The specifications are maximum 3.5pc sulphur, 380cst, 0.991 spe- Prices are in US dollars/tonne.
cific gravity. Prices reflect fixtures done and other trade information on a deliv-
The assessment time is 8.30am to 5.30pm London time. ered basis 3-7 days forward from the date of assessment.
Assessments are standardised to reflect prices for 50t to 100t.
Singapore MDO Specification is ISO specification in its latest revision.
The time stamp is 7pm Singapore time.
Bunker marine diesel oil delivered on board Singapore.
Prices are in US dollars/tonne. Los Angeles 180cst
Prices reflect fixtures done and other trade information on a deliv-
ered basis 3-7 days forward from the date of assessment. Bunker fuel 180cst.
Assessments are standardised to reflect prices for 50t to 100t. Prices are in US dollars/tonne.
Specification is ISO specification in its latest revision. The pricing period is for lifting 2-7 days forward.
The time stamp is 7pm Singapore time. The basis is delivered ex wharf Los Angeles.
Size is standardised to 500t minimum.
The specifications are maximum 3.5pc sulphur, 180cst, 10.6 API

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19 January 2005
Methodology and specifications guide July 2011

min, 200ppm vanadium max, 100ppm aluminum + silicon max. The basis is delivered ex wharf Port of Houston (Texas).
Size is standardised to 500t minimum.
Los Angeles 380cst The specifications are maximum 3.5pc sulphur, 180cst, 10.6 API
min, 200ppm vanadium max, 100ppm aluminum + silicon max.
Bunker fuel 180cst.
Prices are in US dollars/tonne. Houston 380cst
The pricing period is for lifting 2-7 days forward.
The basis is delivered ex wharf Los Angeles. Bunker fuel 180cst.
Size is standardised to 500t minimum. Prices are in US dollars/tonne.
The specifications are maximum 3.5pc sulphur, 180cst, 10.6 API The pricing period is for lifting 2-7 days forward.
min, 200ppm vanadium max, 100ppm aluminum + silicon max. The basis is delivered ex wharf Port of Houston (Texas).
Size is standardised to 500t minimum.
Portland 180cst The specifications are maximum 3.5pc sulphur, 180cst, 10.6 API
min, 200ppm vanadium max, 100ppm aluminum + silicon max.
Bunker fuel 180cst.
Prices are in US dollars/tonne. New York 180cst
The pricing period is for lifting 2-7 days forward.
The basis is delivered ex wharf Portland (Oregon). Bunker fuel 180cst.
Size is standardised to 500t minimum. Prices are in US dollars/tonne.
The specifications are maximum 3.5pc sulphur, 180cst, 10.6 API The pricing period is for lifting 2-7 days forward.
min, 200ppm vanadium max, 100ppm aluminum + silicon max. The basis is fob New York Harbor.
Size is standardised to 500t minimum.
Portland 380cst The specifications are maximum 3.5pc sulphur, 180cst, 10.6 API
min, 200ppm vanadium max, 100ppm aluminum + silicon max.
Bunker fuel 180cst.
Prices are in US dollars/tonne. New York 380cst
The pricing period is for lifting 2-7 days forward.
The basis is delivered ex wharf Portland (Oregon). Bunker fuel 180cst.
Size is standardised to 500t minimum. Prices are in US dollars/tonne.
The specifications are maximum 3.5pc sulphur, 180cst, 10.6 API The pricing period is for lifting 2-7 days forward.
min, 200ppm vanadium max, 100ppm aluminum + silicon max. The basis is fob New York Harbor.
Size is standardised to 500t minimum.
Seattle 180cst The specifications are maximum 3.5pc sulphur, 180cst, 10.6 API
min, 200ppm vanadium max, 100ppm aluminum + silicon max.
Bunker fuel 180cst.
Prices are in US dollars/tonne.
The pricing period is for lifting 2-7 days forward.
The basis is delivered ex wharf Seattle (Washington).
Size is standardised to 500t minimum.
The specifications are maximum 3.5pc sulphur, 180cst, 10.6 API
min, 200ppm vanadium max, 100ppm aluminum + silicon max.

Seattle 380cst

Bunker fuel 180cst.


Prices are in US dollars/tonne.
The pricing period is for lifting 2-7 days forward.
The basis is delivered ex wharf Seattle (Washington).
Size is standardised to 500t minimum.
The specifications are maximum 3.5pc sulphur, 180cst, 10.6 API
min, 200ppm vanadium max, 100ppm aluminum + silicon max.

Houston 180cst

Bunker fuel 180cst.


Prices are in US dollars/tonne.
The pricing period is for lifting 2-7 days forward.

13 www.argusmedia.com