Global Bunker Fuels

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Specifications Guide

Global Bunker Fuels


Latest update: October 2023

Definitions of the trading locations for which Platts


publishes daily indexes or assessments.................. . . . . 2
Asia and the Middle East.......................................... . . . . 6
Europe and Africa.. . . . . . . ........................................... . . . 12
Americas assessments.. ........................................... . . . 17
Platts Europe and Asia Bunkers Daily price
by Calorific Value .. . . . . . . . ........................................... . . . 19
Platts global bio-bunkers assessments....................... . . . 19
Bunkerworld ports.. . . . . . . ........................................... . . . 20
Bunkerworld average price indications........................ . . . 35
Bunkerworld indices.. . . . ........................................... . . . 36

Revision history.. . . . . . . . ........................................... . . 37

www.spglobal.com/commodityinsights
Specifications Guide Global Bunker Fuels: October 2023

Definitions of the trading locations for which Platts publishes daily indexes or assessments

The following specifications guide contains the primary specifications and methodologies for S&P Global Platts bunker fuel assessments and indexes around the world. All the assessments listed here
employ Platts Assessments Methodology, as published at https://www.spglobal.com/platts/plattscontent/_assets/_files/en/our-methodology/methodology-specifications/platts-assessments-
methodology-guide.pdf.

These guides are designed to give Platts subscribers as much information as possible about a wide range of methodology and specification questions.

This guide is current at the time of publication. Platts may issue further updates and enhancements to this guide and will announce these to subscribers through its usual publications of record. Such
updates will be included in the next version of this guide. Platts editorial staff and managers are available to provide guidance when assessment issues require clarification.

Bunker Fuel Specifications


Globally, Platts assesses several grades of marine fuel: Marine Fuel 0.5% bunker, intermediate fuel oil (IFO) 380 centistoke (CST), IFO 500 CST, marine diesel (MDO) and marine gasoil (MGO), as well as low
sulfur grades. Platts reflects bunker fuel specifications set out by the International Convention for the Prevention of Pollution from Ships (MARPOL) in global bunker fuel assessments.

The IMO-compliant Marine Fuel 0.5% bunker assessments reflect specifications for RMG fuels as defined by the International Organization for Standardization in document ISO 8217:2010 Petroleum
products — Fuels (class F) — Specifications of marine fuels, but with a maximum sulfur limit of 0.5% and a minimum viscosity of 30 CST at 50 degrees Celsius.

High sulfur bunker fuel assessments globally reflect maximum sulfur content of 3.5%. The worldwide market generally follows similar specifications for these grades in all locations. All Platts bunker
assessments published globally conform to specifications as defined by the International Organization for Standardization in document ISO 8217:2010 Petroleum products - Fuels (class F) - Specifications
of marine fuels. Bunker fuel reflected in Platts assessments shall not contain Used Lubricating Oil (ULO). Fuel is deemed to contain used lubricants when either a) Calcium exceeds a 30 mg/kg maximum
and Zinc exceeds a 15 mg/kg maximum; or b) Calcium exceeds a 30 mg/kg maximum and Phosphorus exceeds a 15 mg/kg maximum. Product reflected in Platts fuel oil assessments shall not contain
petrochemical wastes, residues from acid-catalyzed refining process, spent chemicals, waste lubricants, tar bottoms or hazardous waste. Furthermore, product containing any material proven to cause
ship engine damage at certain reported levels is considered unmerchantable. For instance, Platts understands that fatty acid methyl esters, or FAME, is commonly found in fuel oil in trace amounts, and
are not deemed harmful to ship engines at those levels. Platts is also aware that heavy fatty acids are not deemed harmful to ship engines when registering at trace levels.

The ISO 8217:2010 standard includes the Micro Carbon Residue (MCR) standard for measuring material’s coke-forming tendencies. Platts therefore no longer specifies the Conradson Carbon Residue
(CCR) measurement used in some of Platt’s fuel oil assessments in order to remain consistent with the ISO 8217:2010 standard. The two measuring bases express the results of two different, but
considered broadly equivalent, tests measuring coke-forming tendencies in tested substances. In both the cases of MCR and CCR, the results of the two relevant tests are expressed in the same manner
of mass of carbon in the material being tested (% m/m).

Unless otherwise specified, Platts bunker fuel assessments for all ports reflect the following standards:

Marine Fuel 0.5% bunker: Specifications generally conform with ISO 8217:2010 standards for RMG fuels but the additional requirement of a minimum viscosity of 30 CST at 50 degrees Celsius. These
include: Calculated Carbon Aromaticity Index: 870 maximum; Sulfur: maximum 0.5%; Flash point: minimum 60 degrees Celsius; Hydrogen sulfide: 2 mg/kg maximum; Acidity: 2.5 mg KOH/g maximum; Pour
point (upper) winter quality: 30 degrees Celsius maximum, summer quality: same; Water: 0.5% maximum; Ash: 0.10% maximum; Vanadium: maximum 350 mg/kg; Sodium: maximum 100 mg/kg; Aluminum
plus Silicon: 60 mg/kg maximum.

© 2023 by S&P Global Inc. All rights reserved. 2


Specifications Guide Global Bunker Fuels: October 2023

While the ISO standards do not specify maximum limits for chemical content in marine fuels, based on extensive market engagement Platts understands that unusually high levels of chemicals
including styrene, indene, and phenol, either individually or in total, may render the fuel non-merchantable in the bunker market. If chemical compounds, including styrene, indene, and phenol are
present in product sold in the Marine Fuel 0.5%S MOC process, the levels of each chemical compound and their combined levels must be reasonable and reflective of standard market practice. Buyers
participating in the Marine Fuel 0.5% Platts Market on Close assessment process have the right to request GCMS testing from the seller at their own expense. The seller should not unreasonably reject
this request.

IFO 500 CST: Platts IFO 500 CST assessments reflect specifications for RMK 500 CST, ISO 8217: 2010. These include: Approximate Kinematic Viscosity: maximum 500 CST at 50 degrees Celsius; Sulfur:
maximum 3.5%; Flash point: minimum 60 degrees Celsius; Pour point (upper) winter quality: maximum 30 degrees Celsius, summer quality: same; Water: maximum 0.5%; Ash: maximum 0.15%; Vanadium:
maximum 450 mg/kg; Aluminum plus silicon: maximum 60 mg/kg.

IFO 380 CST: Specifications generally conform with that of RMG 380 CST, ISO 8217:2010. These include: Approximate Kinematic Viscosity: maximum 380 CST at 50 degrees Celsius; Calculated Carbon
Aromaticity Index: 870 maximum; Sulfur: maximum 3.5%; Flash point: minimum 60 degrees Celsius; Hydrogen sulfide: 2 mg/kg maximum; Acidity: 2.5 mg KOH/g maximum; Pour point (upper) winter quality:
30 degrees Celsius maximum, summer quality: same; Water: 0.5% maximum; Ash: 0.10% maximum; Vanadium: maximum 350 mg/kg; Sodium: maximum 100 mg/kg; Aluminum plus Silicon: 60 mg/kg
maximum.

Marine diesel oil 0.5%: Specifications generally conform with that of DMB, ISO 8217:2010, with a maximum sulfur content of 0.5%. These include: Kinematic viscosity at 40 degrees Celsius: maximum 11
CST and minimum 2 CST; Cetane index: minimum 35; Sulfur: maximum 0.5%; Flash point: minimum 60 degrees Celsius; Hydrogen sulfide: 2 mg/kg maximum; Acidity: 0.5 mg KOH/g maximum; Oxidation
stability: 25 g/m3; Pour point (upper) winter quality: 0 degrees Celsius maximum, summer quality: 6 degrees Celsius maximum; Water: 0.3% maximum; Ash: 0.01% maximum; Lubricity at 60 degrees
Celsius: 520 um.

Marine gasoil 0.5%: Specifications generally conform with that of DMA, ISO 8217:2010, with a maximum sulfur content of 0.5%. These include: Kinematic Viscosity at 40 degrees Celsius: maximum 6
CST and minimum 2 CST; Cetane index: minimum 40; Sulfur: maximum 0.5%; Flash point: minimum 60 degrees Celsius; Hydrogen sulfide: 2 mg/kg maximum; Acidity: 0.5 mg KOH/g maximum; Oxidation
stability: 25 g/m3; Pour point (upper) winter quality: - 6 degrees Celsius maximum, summer quality 0 degrees Celsius maximum; Ash: 0.01% maximum; Lubricity at 60 degrees Celsius: 520 um.

Marine gasoil 0.1%: Specifications generally conform with that of DMA, ISO 8217:2010, with a 0.1% sulfur maximum limit.

Marine diesel oil 0.1%: Platts assess prices of low sulfur marine diesel oil that generally conform with that of DMB ISO 8217:2010 with a maximum sulfur content of 0.1%.

Ultra low sulfur bunker fuel: Platts assess 0.1% sulfur bunker fuel. Specifications in Europe conform with an RMD 80 specification.

© 2023 by S&P Global Inc. All rights reserved. 3


Specifications Guide Global Bunker Fuels: October 2023

Asia and the Middle East


Assessment Code Mavg Pavg Wavg Contract basis Location Delivery period Min size Max size Currency UOM Conv
Marine Fuel 0.5% bunker Dlvd Singapore MFSPD00 MFSPD03 - - Delivered Singapore 5-10 days 500 1,500 US$ Metric Tons 6.35
Marine Fuel 0.5% bunker Dlvd Fujairah MFFJD00 MFFJD03 - - Delivered UAE 5-10 days 500 1,500 US$ Metric Tons 6.35
Marine Fuel 0.5% bunker Dlvd Japan MFJPD00 MFJPD03 - - Delivered Japan 5-10 days 500 1,500 US$ Metric Tons 6.35
Marine Fuel 0.5% bunker Dlvd South Korea MFSKD00 MFSKD03 - - Delivered South Korea 5-10 days 500 1,500 US$ Metric Tons 6.35
Marine Fuel 0.5% bunker Dlvd South Korea (West) WKMFA00 WKMFA03 Delivered South Korea (West) 5-10 days 500 1,500 US$ Metric Tons 6.35
Marine Fuel 0.5% bunker Dlvd Hong Kong MFHKD00 MFHKD03 - - Delivered Hong Kong 5-10 days 500 1,500 US$ Metric Tons 6.35
Marine Fuel 0.5% bunker Dlvd Shanghai MFSHD00 MFSHD03 - - Delivered China 5-10 days 500 1,500 US$ Metric Tons 6.35
Marine Fuel 0.5% bunker Dlvd Zhoushan MFZSD00 MFZSD03 - - Delivered China 5-10 days 500 1,500 US$ Metric Tons 6.35
Marine Fuel 0.5% bunker Dlvd Sydney MFDSY00 MFDSY03 - - Delivered Australia 5-10 days 500 1,500 US$ Metric Tons 6.35
Marine Fuel 0.5% bunker Dlvd Melbourne MFDMB00 MFDMB03 - - Delivered Australia 5-10 days 500 1,500 US$ Metric Tons 6.35
Marine Fuel 0.5% bunker Dlvd Mumbai MFDMM00 MFDMM03 - - Delivered India 5-10 days 500 1,500 US$ Metric Tons 6.35
Marine Fuel 0.5% bunker Dlvd Colombo MFDCL00 MFDCL03 - - Delivered Sri Lanka 5-10 days 500 1,500 US$ Metric Tons 6.35
Marine Fuel 0.5% bunker Dlvd Kuwait MFDKW00 MFDKW03 - - Delivered Kuwait 5-10 days 500 1,500 US$ Metric Tons 6.35
Marine Fuel 0.5% bunker Dlvd Khor Fakkan MFDKF00 MFDKF03 - - Delivered UAE 5-10 days 500 1,500 US$ Metric Tons 6.35
Marine Fuel 0.5% bunker Ex-Wharf Singapore MFSPE00 MFSPE03 - - Ex-Wharf Singapore 3-15 days 1,000 6,000 US$ Metric Tons 6.35
Marine Fuel 0.5% Bunker Ex-Wharf Zhoushan MFZHN00 MFZHN03 - - Ex-Wharf China 3-15 days 1,000 6,000 US$ Metric Tons 6.35
Marine Fuel 0.5% bunker Ex-Wharf Fujairah MFFJE00 MFFJE03 - - Ex-Wharf UAE 5-15 days 2,000 7,000 US$ Metric Tons 6.35
Bunker FO 380 CST Dlvd Fujairah PUAXP00 PUAXP03 - - Delivered UAE 5-10 days 500 1,500 US$ Metric Tons 6.35
Bunker FO 380 CST Ex-Wharf Fujairah AAYBF00 AAYBF03 - - Ex-Wharf UAE 5-15 days 2,000 7,000 US$ Metric Tons 6.35
Bunker FO 380 CST Dlvd Hong Kong PUAER00 PUAER03 - - Delivered Hong Kong 5-10 days 500 1,500 US$ Metric Tons 6.35
Bunker FO 380 CST Dlvd Japan PUAEV00 PUAEV03 - - Delivered Japan 5-10 days 500 1,500 US$ Metric Tons 6.35
Bunker FO 380 CST Dlvd Shanghai AARKD00 AARKD03 - - Delivered China 5-10 days 500 1,500 US$ Metric Tons 6.35
Bunker FO 380 CST Dlvd Singapore PUAFT00 PUAFT03 - - Delivered Singapore 5-10 days 500 1,500 US$ Metric Tons 6.35
Bunker FO 380 CST Ex-Wharf Singapore AAFER00 AAFES00 - - Ex-Wharf Singapore 3-15 days 1,000 6,000 US$ Metric Tons 6.35
Bunker FO 380 CST Dlvd South Korea PUAFR00 PUAFR03 - - Delivered South Korea 5-10 days 500 1,500 US$ Metric Tons 6.35
Bunker FO 380 CST Dlvd Busan PUAGQ00 PUAGQ03 - - Delivered South Korea 5-10 days 500 1,500 US$ Metric Tons 6.35
Bunker FO 380 CST Dlvd West Japan AARJZ00 AARJZ03 - - Delivered Japan 5-10 days 500 1,500 US$ Metric Tons 6.35
Bunker FO 380 CST Dlvd Zhoushan BFDZA00 BFDZA03 - - Delivered China 5-10 days 500 1,500 US$ Metric Tons 6.35
Bunker FO 500 CST Dlvd Singapore AAVUO00 AAVUO03 - - Delivered Singapore 5-10 days 500 1,500 US$ Metric Tons 6.23
Bunker FO 500 CST Ex-Wharf Singapore AAVUP00 AAVUP03 - - Ex-Wharf Singapore 3-15 days 1,000 6,000 US$ Metric Tons 6.23
Marine Fuel 0.5% bunker Dlvd Singapore $/MMBtu FOLNB00 FOLNB03 - - Delivered Singapore 5-10 days 500 1,500 US$ MMBtu 38.643
Bunker FO 380 CST Dlvd Singapore $/MMBtu FOLNA00 FOLNA03 - - Delivered Singapore 5-10 days 500 1,500 US$ MMBtu 37.742
Marine Diesel 0.5% Dlvd Japan POACI00 POACI03 - - Delivered Japan 5-10 days 50 - US$ Metric Tons 7.45
Marine Diesel 0.5% Dlvd West Japan AARKA00 AARKA03 - - Delivered Japan 5-10 days 50 - US$ Metric Tons 7.45
Marine Gasoil 0.5% Dlvd Fujairah AARKH00 AARKH03 - - Delivered UAE 5-10 days 50 - US$ Metric Tons 7.45
Marine Gasoil 0.5% Dlvd Khor Fakkan AARKI00 AARKI03 - - Delivered UAE 5-10 days 50 - US$ Metric Tons 7.45
Marine Gasoil 0.5% Dlvd Kuwait AAXCV00 AAXCV03 - - Delivered Kuwait 5-10 days 50 - US$ Metric Tons 7.45

© 2023 by S&P Global Inc. All rights reserved. 4


Specifications Guide Global Bunker Fuels: October 2023

Asia and the Middle East


Assessment Code Mavg Pavg Wavg Contract basis Location Delivery period Min size Max size Currency UOM Conv
Marine Gasoil 0.5% Dlvd Melbourne AARKG00 AARKG03 - - Delivered Australia 5-10 days 50 - US$ Metric Tons 7.45
Marine Gasoil 0.5% Dlvd Mumbai AASSI00 AASSI03 - - Delivered India 5-10 days 50 - US$ Metric Tons 7.45
Marine Gasoil 0.5% Dlvd Shanghai AARKE00 AARKE03 - - Delivered China 5-10 days 50 - US$ Metric Tons 7.45
Marine Gasoil 0.5% Dlvd Singapore AALMZ00 AALNA00 - - Delivered Singapore 5-10 days 50 - US$ Metric Tons 7.45
Marine Gasoil 0.5% Dlvd South Korea AAVBN00 AAVBN03 - - Delivered South Korea 5-10 days 50 - US$ Metric Tons 7.45
Marine Gasoil 0.5% Dlvd Busan AARKJ00 AARKJ03 - - Delivered South Korea 5-10 days 50 - US$ Metric Tons 7.45
Marine Gasoil 0.5% Dlvd Sydney AARKF00 AARKF03 - - Delivered Australia 5-10 days 50 - US$ Metric Tons 7.45
Marine Gasoil 0.5% Dlvd Colombo AARKK00 AARKK03 - - Delivered Sri Lanka 5-10 days 50 - US$ Metric Tons 7.45
Marine Gasoil 0.1% Dlvd Fujairah AAXYP00 AAXYP03 - - Delivered UAE 5-10 days 50 - US$ Metric Tons 7.45
Marine Gasoil 0.1% Dlvd Hong Kong AAXYQ00 AAXYQ03 - - Delivered Hong Kong 5-10 days 50 - US$ Metric Tons 7.45
Marine Gasoil 0.1% Dlvd Shanghai AAXYR00 AAXYR03 - - Delivered China 5-10 days 50 - US$ Metric Tons 7.45
Marine Gasoil 0.1% Dlvd Singapore AAXYO00 AAXYO03 - - Delivered Singapore 5-10 days 50 - US$ Metric Tons 7.45
Marine Gasoil 0.1% Dlvd South Korea AAXYS00 AAXYS03 - - Delivered South Korea 5-10 days 50 - US$ Metric Tons 7.45
Marine Gasoil 0.1% Dlvd Zhoushan MGZSD00 MGZSD03 - - Delivered China 5-10 days 50 - US$ Metric Tons 7.45
Marine Gasoil 0.1% Dlvd Sydney MGDSY00 MGDSY03 - - Delivered Australia 5-10 days 50 - US$ Metric Tons 7.45
Marine Gasoil 0.1% Dlvd Melbourne MGDMB00 MGDMB03 - - Delivered Australia 5-10 days 50 - US$ Metric Tons 7.45
Marine Gasoil 0.1% Dlvd Mumbai MGDMM00 MGDMM03 - - Delivered India 5-10 days 50 - US$ Metric Tons 7.45
Marine Gasoil 0.1% Dlvd Colombo MGDCL00 MGDCL03 - - Delivered Sri Lanka 5-10 days 50 - US$ Metric Tons 7.45
Marine Gasoil 0.1% Dlvd Kuwait MGDKW00 MGDKW03 - - Delivered Kuwait 5-10 days 50 - US$ Metric Tons 7.45
Marine Gasoil 0.1% Dlvd Khor Fakkan MGDKF00 MGDKF03 - - Delivered UAE 5-10 days 50 - US$ Metric Tons 7.45
Marine Diesel Oil 0.1% Dlvd Japan AAXYT00 AAXYT03 - - Delivered Japan 5-10 days 50 - US$ Metric Tons 7.45
Marine Diesel Oil 0.1% Dlvd West Japan AAXYU00 AAXYU03 - - Delivered Japan 5-10 days 50 - US$ Metric Tons 7.45
MFO-180 0.5% Hualien/Suao Dlvd Spot CPC Taiwan CB1AU00 - - - Delivered Taiwan - - - US$ Metric Tons -
MFO-180 0.5% Kaohsiung Dlvd Spot CPC Taiwan CB1AR00 - - - Delivered Taiwan - - - US$ Metric Tons -
MFO-180 0.5% Keelung Dlvd Spot CPC Taiwan CB1AT00 - - - Delivered Taiwan - - - US$ Metric Tons -
MFO-180 0.5% Taichung Dlvd Spot CPC Taiwan CB1AS00 - - - Delivered Taiwan - - - US$ Metric Tons -
MFO-380 Kaohsiung Dlvd Spot CPC Taiwan CB3AN00 - - - Delivered Taiwan - - - US$ Metric Tons -
Marine Gasoil Hualien/Suao Dlvd Spot CPC Taiwan CBGAM00 - - - Delivered Taiwan - - - US$ Metric Tons -
Marine Gasoil Kaohsiung Dlvd Spot CPC Taiwan CBGAP00 - - - Delivered Taiwan - - - US$ Metric Tons -
Marine Gasoil Keelung Dlvd Spot CPC Taiwan CBGAN00 - - - Delivered Taiwan - - - US$ Metric Tons -
Marine Gasoil Taichung Dlvd Spot CPC Taiwan CBGAQ00 - - - Delivered Taiwan - - - US$ Metric Tons -
Bio-Bunkers B24 Singapore ABUNA00 ABUNA03 - ABUNA04 Delivered Singapore - - - US$ Metric Tons -

Platts Asia Bunkers Daily Cost Comparison by Calorific Value


LNG Bunker Singapore Calorific Value CVLNS00 - - - Delivered Singapore - - - US$ GJ -
Marine Fuel 0.5% Dlvd Singapore Calorific Value CVMFS00 - - - Delivered Singapore - - - US$ GJ -
Marine Gasoil 0.1% Dlvd Singapore Calorific Value CVMGS00 - - - Delivered Singapore - - - US$ GJ -
Methanol Bunker Singapore Calorific Value CVMLS00 - - - Delivered Singapore - - - US$ GJ -

© 2023 by S&P Global Inc. All rights reserved. 5


Specifications Guide Global Bunker Fuels: October 2023

Asia and the Middle East

Delivered bunker fuel


30 N
Platts assesses 380 CSTdelivered bunker fuel prices reflecting Kuwait
KUWAIT
500-1,500 mt parcels for delivery 5-10 days forward from the
date of publication at Singapore, Japan, South Korea, Fujairah,
MFDKW00
Shanghai, Zhoushan and Hong Kong, and 500 CST delivered
AAXCV00 IRAN
bunker fuel prices at Singapore. Kuwait is assessed ex-pipe.
MGDKW00

50 E
Delivered MGO and MDO assessments reflect volumes of 50 mt
and above. Platts also assesses Marine Fuel 0.5% bunker fuel
on a delivered basis in Singapore, Fujairah, Japan (Tokyo Bay),
South Korea (Western and Southern ports), Hong Kong, Shanghai,
Zhoushan, Sydney, Melbourne, Mumbai, Colombo, Kuwait and
Khor Fakkan. Bids and offers are published in a 100 mt range for
parcels under 1,000 mt, and in a 200 mt range for parcels above
1,000 mt. Buyers and sellers may submit bids and offers for the
Strait of
following volume range: 500-600 mt, 600-700 mt, 700-800 mt, Hormuz
800-900 mt, 900-1,000 mt, 1,000-1,200 mt, 1,100-1,300 mt, 1,200-
BAHRAIN Persian Gulf
1,400 mt and 1,300-1,500 mt. Buyers in the Platts Market on Close
OMAN
assessment process for delivered bunkers must declare the exact MFDKF00
volume to the seller within one working day after the trade has AARKI00 Khor Fakkan
been concluded. Buyers/sellers must specify a loading laycan of SAUDI ARABIA
MGDKF00 Gulf of Oman
three days at the time of submitting bids or offers for publication QATAR PUAXP00 25 N
in the assessment process. Buyers must also provide to the seller Fujairah MFFJD00
a written notice of arrival of the nominated vessel at the place of AARKH00
delivery at least 48 hours prior to the day of delivery. Sellers are AAXYP00

expected to deliver bunker fuel that is merchantable, within port AAYBF00


MFFJE00
limits to the buyer’s nominated vessel in a timely manner.

Prices assessed for these markets reflect activity reported to Contract Basis
UNITED ARAB EMIRATES
Platts throughout the day, and values for all reported trades are Grade Delivered Ex-Wharf
always normalized to reflect the prevailing value of the market IFO 380
OMAN
at 5:30 pm in Singapore. Prices are assessed in $/mt. They do Marine fuel 0.5%

not represent an average of the day’s trades. Confirmed trades, Marine gasoil (MGO)
0 50 mi
bids and offers reported throughout the day are included Low sulfur marine gasoil
0 50 km
in the assessment process, with values normalized towards
Source: S&P Global Commodity Insights
representative values for the close of the market as needed.

© 2023 by S&P Global Inc. All rights reserved. 6


Specifications Guide Global Bunker Fuels: October 2023

In addition to such information, activities on the physical and

150 E

180
RUSSIA
derivative Singapore fuel oil markets are also taken into account

E
during assessment.
KAZAKHSTAN
MONGOLIA
In Japan, bunker fuel assessments reflect activity in the Tokyo/ AARJZ00
WKMFA00
Yokohama Bay area. The West Japan assessment reflects UZB. ASI A AARKA00 (MDO)

deliveries in Setouchi (includes Mizushima and Fukuyama ports), TURKM. Ulsan AAXYU00 (LSMDO)
AARKD00 and JAPAN
Kyushu (Oita port) and Hanshin areas (Kobe and Osaka ports). MFSHD00 Busan
Incheon Tokyo Bay
CHINA AARKE00
Activity in other ports is normalized to Setouchi after taking into IRAN AFG. PUAEV00
AAXYR00
Shanghai
account barging costs. S. KOREA Setouchi MFJPD00 30 N
PAK. MFZSD00
NEPAL POACI00 (MDO)
MGZSD00 Zhoushan PUAFR00 AAXYT00
In South Korea, assessments reflect delivered bunker market PUAGQ00 (LSMDO)
MFZHN00
activity at Busan and Ulsan for the southern ports, and at INDIA
PUAER00 Taiwan MFSKD00
Incheon, Pyeongtaek, Daesan and Dangjin for the western ports. MYAN.
AARKJ00
MFHKD00 Hong
MFDMM00 Mumbai CB3AN00
AAXYQ00 Kong AAVBN00
AASSI00 CB1AU00
The delivered MGO 0.1% assessments in Singapore, Fujairah, THAI.
AAXYS00
MGDMM00 CB1AR00 PACIFIC
Hong Kong, Shanghai, Zhoushan, South Korea, Sydney, CAMB. VIET. OCEAN
CB1AT00
Melbourne, Mumbai, Colombo, Kuwait and Khor Fakkan and
SRI LANKA CB1AS00
MDO 0.1% assessments in Tokyo Bay and West Japan reflect fuel CBGAM00
Colombo
with maximum sulfur content of 0.10% m/m. MALAYSIA CBGAP00
MFDCL00 Singapore
CBGAN00
AARKK00 INDO. CBGAQ00
0
Ex-wharf bunker fuel MGDCL00
INDO.
AAVUO00
INDO.
Platts assesses Marine Fuel 0.5% bunker fuel ex-wharf PUAFT00 Jav
a S ea
INDIAN P.N.G.
prices for Singapore, Zhoushan and Fujairah. In Singapore, MFSPD00
OCEAN
AALMZ00
Platts ex-wharf assessments reflect 1,000-6,000 mt parcels ea
AAXYO00 or S
for loading 3-15 days forward from the date of publication. Tim
AAVUP00
Buyers/sellers must specify a loading laycan of three days AAFER00
at the time of submitting bids or offers for publication in the MFSPE00
assessment process. Zhoushan ex-wharf assessment reflects
1,000-6,000 mt parcels for loading 3-15 days forward from Contract Basis
the date of publication. Buyers/sellers must specify a loading Grade Delivered Ex-Wharf AUSTRAL IA
laycan of three days at the time of submitting bids or offers IFO 500
30 S
for publication in the assessment process. Fujairah ex-wharf IFO 380 Sydney
assessments reflect 2,000-7,000 mt parcels loading 5-15 Marine fuel 0.5%
Marine gasoil (MGO) Melbourne
days forward. Singapore ex-wharf 380 CST and Marine Fuel NEW
MFDMB00 MFDSY00 ZEALAND
0.5% sulfur bunker fuel assessments also reflect offers from Low sulfur marine gasoil
AARKG00 AARKF00
Platts-approved floating storage units in its Market on Close MGDSY00
MGDMB00
assessment process.

Source: S&P Global Commodity Insights

© 2023 by S&P Global Inc. All rights reserved. 7


Specifications Guide Global Bunker Fuels: October 2023

Parcel to be supplied on an ex-wharf basis one safe terminal, Tolerance: Industry standards allow for an operational tolerance to the base rate or 2% per month whichever is higher, until and
offshore delivery but within the port limits of Singapore, level on quantity of plus/minus 5%. including the date settlement is made. Payment of the interest
Zhoushan or Fujairah to buyer’s nominated vessel/barge. Inter/ shall be made on the same day of the overdue payment made
in Tank Transfer (ITT) is also acceptable. The buyer should Title and Risk: Title and risk of product shall pass to buyer when by the buyer.
nominate the barge/vessel between two and five working days oil passes buyer’s vessel/barge permanent flange connection at
in advance of the load date as per current industry practices loading terminal or mother vessel in the event of barge-to-barge Typical industry contracts add that the following paragraph shall
at the various load terminals. The seller should notify the buyer loading. not be construed by the buyer as an indication of the seller’s
of barge acceptance promptly and within a reasonable time. willingness to provide extended credit.
The acceptance is subject to terminal availability. Seller should Payment: Payment should be made in US dollars in accordance
supply material that is merchantable. to previously established payment practices. These payment Credit terms: Buyer shall open an irrevocable standby letter of
practices include full invoice value by telegraphic transfer, credit or banker’s guarantee from a first class international bank
In the event of the buyer being unable to load the purchased cheque, and by collection within 30 days from the date of located in Singapore in form and substance acceptable to seller
parcel within the contractual loading date range, a surcharge loading (i.e. Date of certificate of quantity from loading terminal). and valid for a minimum duration of 60 days from the date of
will be applied. The surcharge is in the amount of US$0.60/mt Date of loading to count as day one. Payment shall be made loading. Buyer shall open letter of credit or banker’s guarantee
per seven calendar days. The surcharge shall be imposed on any without withholding, deduction, discount, counter claim or no later than 10 working days from the loading date. The letter of
unlifted quantity after the last day of the contractual loading offset of any kind against presentation of seller’s invoice. All credit or banker’s guarantee shall be open for an amount of at
date range (last day of the contractual loading date range shall bank charges at the buyer’s bank will be borne by the buyer’s least 105% of the estimated purchase value.
count as day zero). account. All bank charges at the seller’s bank will be borne
by the seller’s account. If payment falls due on a Sunday or Law and arbitration: Any dispute arising in connection with
Mooring/Wharfage/Piloting: Any cost associated with the barge Monday Singapore banking holiday, payment shall be made on this agreement, including any questions regarding its existing,
transportation shall be borne by the buyer. the immediate following banking day. Payment falling due on a validity or termination shall be referred to and resolved by
Saturday or non-Monday banking holiday in Singapore shall be arbitration in Singapore in accordance with the arbitration
Quantity and quality should be based on certificate of quantity made on the previous banking day. rules of Singapore International Arbitration Centre (‘SIAC
and quality issued by seller’s loading terminal. In the event Rules’) for the time being in force which rules are deemed to
of a dispute, seller and buyer to jointly appoint a mutually In the event that payment was not settled against invoice on be incorporated by agreement of the parties and there are
acceptable independent inspector to determine quality and the due date, then without prejudice to the application of any no oral promises, representations or warranties affecting it.
quantity based on loading samples and figures. If an issue provisions hereof and/or to any other remedy available to buyer The language of the arbitration shall be English. The validity,
arises over the surveyor, either party has the right to appoint an herein or otherwise, buyer shall pay interest on the overdue construction and performance of the agreement shall be
additional surveyor. Cost of appointing mutual inspector shall be amount at the prime lending rate assessed. Typically a US governed by the law of Singapore.
equally shared between buyer and seller. dollar interest rate reflecting the average of four major banks in
Singapore or a major bank is used. In addition, seller adds 2%
Demurrage: Not applicable, but seller is to supply cargo within
reasonable time.

© 2023 by S&P Global Inc. All rights reserved. 8


Specifications Guide Global Bunker Fuels: October 2023

Europe and Africa


Assessment Code Mavg Pavg Wavg Contract basis Location Delivery period Typical min size Typical max size Currency UOM Conv
Marine Fuel 0.5% Bunker Algeciras MFAGD00 MFAGD03 - - Dlvd Algeciras (Med) 1-8 days forward 300 1,000 US $ MT 6.35
Marine Fuel 0.5% Bunker Durban MFDBD00 MFDBD03 - - Dlvd Durban (Africa) 1-8 days forward 300 1,000 US $ MT 6.35
Marine Fuel 0.5% Bunker Gibraltar MFGBD00 MFGBD03 - - Dlvd Gibraltar (Med) 1-8 days forward 300 1,000 US $ MT 6.35
Marine Fuel 0.5% Bunker Malta MFMLD00 MFMLD03 - - Dlvd Malta (Med) 1-8 days forward 300 1,000 US $ MT 6.35
Marine Fuel 0.5% Bunker Piraeus MFPRD00 MFPRD03 - - Dlvd Piraeus (Med) 1-8 days forward 300 1,000 US $ MT 6.35
Marine Fuel 0.5% Bunker Rotterdam MFRDD00 MFRDD03 - - Dlvd Rotterdam (NWE) 1-8 days forward 300 1,000 US $ MT 6.35
Marine Fuel 0.5% Bunker Antwerp MFDAN00 MFDAN03 - - Dlvd Antwerp (NWE) 1-8 days forward 300 1,000 US$ MT 6.35
Marine Fuel 0.5% Bunker Hamburg MFDHB00 MFDHB03 - - Dlvd Hamburg (NWE) 1-8 days forward 300 1,000 US$ MT 6.35
Marine Fuel 0.5% Bunker St. Petersburg MFDPT00 MFDPT03 - - Dlvd St. Petersburg (NWE) 1-8 days forward 300 1,000 US$ MT 6.35
Marine Fuel 0.5% Bunker Gothenburg MFDGT00 MFDGT03 - - Dlvd Gothenburg (NWE) 1-8 days forward 300 1,000 US$ MT 6.35
Marine Fuel 0.5% Bunker Las Palmas/Tenerife MFDLP00 MFDLP03 - - Dlvd Las Palmas (Med) 1-8 days forward 300 1,000 US$ MT 6.35
Marine Fuel 0.5% Bunker Novorossiisk MFDNV00 MFDNV03 - - Dlvd Novorossiisk (Med) 1-8 days forward 300 1,000 US$ MT 6.35
Marine Fuel 0.5% Bunker Istanbul MFDIS00 MFDIS03 - - Dlvd Istanbul (Med) 1-8 days forward 300 1,000 US$ MT 6.35
Marine Fuel 0.5% Bunker Algoa Bay MFALG00 MFALG03 - - Dlvd Algoa Bay (Africa) 1-8 days forward 300 1,000 US$ MT 6.35
Marine Fuel 0.5% Bunker Lisbon MFLIS00 MFLIS03 - - Dlvd Lisbon (Med) 1-8 days forward 300 1,000 US$ MT 6.35
Marine Fuel 0.5% Bunker Lome MFLOM00 MFLOM03 - - Dlvd Lome (Africa) 1-8 days forward 300 1,000 US$ MT 6.35
Marine Fuel 0.5% Bunker Augusta MFAUG00 MFAUG03 - - Ex-Wharf Augusta (Med) 1-8 days forward 300 1,000 US$ MT 6.35
Marine Fuel 0.5% Bunker Genoa MFGEN00 MFGEN03 - - Ex-Wharf Genoa (Med) 1-8 days forward 300 1,000 US$ MT 6.35
Bunker FO 500 CST 3.5% Rotterdam AAXRM00 AAXRM03 - - Dlvd Rotterdam (NWE) 1-8 days forward 300 1,000 US $ MT 6.23
Bunker FO 380 CST 1.0% Genoa AARSR00 AARSR03 - - Ex-Wharf Genoa (Med) 1-8 days forward 300 1,000 US $ MT 6.35
Bunker FO 380 CST 3.5% Augusta PUAED00 PUAED03 - - Ex-Wharf Augusta (Med) 1-8 days forward 300 1,000 US $ MT 6.35
Bunker FO 380 CST 3.5% Dunkirk PUAEL00 PUAEL03 - - Dlvd Dunkirk (NWE) 1-8 days forward 300 1,000 US $ MT 6.35
Bunker FO 380 CST 3.5% FrenchMed PUAEO00 PUAEO03 - - Ex-Wharf French Med (Med) 1-8 days forward 300 1,000 US $ MT 6.35
Bunker FO 380 CST 3.5% Genoa PUAFD00 PUAFD03 - - Ex-Wharf Genoa (Med) 1-8 days forward 300 1,000 US $ MT 6.35
Bunker FO 380 CST 3.5% Algeciras PUAFA00 PUAFA03 - - Dlvd Algeciras (Med) 1-8 days forward 300 1,000 US $ MT 6.35
Bunker FO 380 CST 3.5% Antwerp PUAEE00 PUAEE03 - - Dlvd Antwerp (NWE) 1-8 days forward 300 1,000 US $ MT 6.35
Bunker FO 380 CST 3.5% Ceuta PUAEG00 PUAEG03 - - Ex-Wharf Ceuta (Med) 1-8 days forward 300 1,000 US $ MT 6.35
Bunker FO 380 CST 3.5% Gothenburg AAVVX00 AAVVX03 - - Dlvd Gothenburg (NWE) 1-8 days forward 300 1,000 US $ MT 6.35
Bunker FO 380 CST 3.5% Hamburg PUAEQ00 PUAEQ03 - - Dlvd Hamburg (NWE) 1-8 days forward 300 1,000 US $ MT 6.35
Bunker FO 380 CST 3.5% Istanbul PUAET00 PUAET03 - - Dlvd Istanbul (Med) 1-8 days forward 300 1,000 US $ MT 6.35
Bunker FO 380 CST 3.5% Las Palmas/Tenerife PUAFB00 PUAFB03 - - Dlvd Las Palmas/Tenerife (Med) 1-8 days forward 300 1,000 US $ MT 6.35
Bunker FO 380 CST 3.5% Malta PUBFH00 PUBFH03 - - Dlvd Malta (Med) 1-8 days forward 300 1,000 US $ MT 6.35
Bunker FO 380 CST 3.5% Novorosiisk AASHF00 AASHF03 - - Dlvd Novorosiisk (Med) 1-8 days forward 300 1,000 US $ MT 6.35
Bunker FO 380 CST 3.5% Piraeus PUAFL00 PUAFL03 - - Dlvd Piraeus (Med) 1-8 days forward 300 1,000 US $ MT 6.35
Bunker FO 380 CST 3.5% Rotterdam PUAFN00 PUAFN03 - - Dlvd Rotterdam (NWE) 1-8 days forward 300 1,000 US $ MT 6.35
Bunker FO 380 CST 3.5% St Petersburg AAHSU00 AAHSV00 - - Dlvd St Petersburg (NWE) 1-8 days forward 300 1,000 US $ MT 6.35
Bunker FO 380 CST 3.5% Gibraltar AAKAB00 AAKAC00 - - Dlvd Gibraltar (Med) 1-8 days forward 300 1,000 US $ MT 6.35
Bunker FO 380 CST 3.5% Offshore Nigeria PUAGU00 PUAGU03 - - Dlvd Offshore Nigeria (Africa) 1-8 days forward 300 1,000 US $ MT 6.35

© 2023 by S&P Global Inc. All rights reserved. 9


Specifications Guide Global Bunker Fuels: October 2023

Europe and Africa


Assessment Code Mavg Pavg Wavg Contract basis Location Delivery period Typical min size Typical max size Currency UOM Conv
Bunker FO 380 CST 3.5% Lome AAYJJ00 AAYJJ03 - - Dlvd Lome (Africa) 1-8 days forward 300 1,000 US $ MT 6.35
Bunker FO 380 CST 3.5% Canary Islands AARKM00 AARKM03 - - Dlvd Canary Islands (Africa) 1-8 days forward 300 1,000 US $ MT 6.35
Bunker FO 380 CST Piraeus LS 1% AARTF00 AARTF03 - - Dlvd Piraeus (Med) 1-8 days forward 300 1,000 US $ MT 6.35
Bunker FO LS 0.1% Rotterdam AARBF00 AARBF03 - - Dlvd Rotterdam (NWE) 1-8 days forward 300 1000 US $ MT 6.35
Bunker FO LS 0.1% St. Petersburg ALMPA00 ALMPA03 - - Dlvd St Petersburg (NWE) 1-8 days forward - - US $ MT 6.35
Bunker FO 180 CST 3.5% Durban PUAGX00 PUAGX03 - - Dlvd Durban (Africa) 1-8 days forward 300 1,000 US $ MT 6.35
FO 380 CST Rdam PUAYW00 PUAYW03 AAUHE00 AAUHE03 Dlvd Rotterdam (NWE) 1-8 days forward 300 1,000 US $ MT 6.35
Marine Fuel 0.5% Bunker Dlvd Rotterdam Eur/MWh FOLND00 FOLND03 - - Dlvd Rotterdam (NWE) 1-8 days forward 300 1,000 Eur MWh 11.322
Bunker Fuel Low Sulfur 0.1%S Dlvd Rotterdam Eur/MWh FOLNE00 FOLNE03 - - Dlvd Rotterdam (NWE) 1-8 days forward 300 1000 Eur MWh 11.322
Bunker FO 380 CST 3.5% Dlvd Rotterdam Eur/MWh FOLNC00 FOLNC03 - - Dlvd Rotterdam (NWE) 1-8 days forward 300 1,000 Eur MWh 11.058
Marine Gasoil Istanbul POACF00 POACF03 - - Dlvd Istanbul (Med) 1-8 days forward 300 1,000 US $ MT 7.45
Marine Gasoil Piraeus POADG00 POADG03 - - Dlvd Piraeus (Med) 1-8 days forward 300 1,000 US $ MT 7.45
Marine Gasoil Algeciras AARSH00 AARSH03 - - Dlvd Algeciras (Med) 1-8 days forward 300 1,000 US $ MT 7.45
Marine Gasoil Antwerp AARSI00 AARSI03 - - Dlvd Antwerp (NWE) 1-8 days forward 300 1,000 US $ MT 7.45
Marine Gasoil Ceuta AARSK00 AARSK03 - - Ex-Wharf Ceuta (Med) 1-8 days forward 300 1,000 US $ MT 7.45
Marine Gasoil Gdansk AARSP00 AARSP03 - - Dlvd Gdansk (NWE) 1-8 days forward 300 1,000 US $ MT 7.45
Marine Gasoil Gibraltar AARSU00 AARSU03 - - Dlvd Gibraltar (Med) 1-8 days forward 300 1,000 US $ MT 7.45
Marine Gasoil Gothenburg AAVWC00 AAVWC03 - - Dlvd Gothenburg (NWE) 1-8 days forward 300 1,000 US $ MT 7.45
Marine Gasoil Hamburg AARSZ00 AARSZ03 - - Dlvd Hamburg (NWE) 1-8 days forward 300 1,000 US $ MT 7.45
Marine Gasoil Las Palmas/Tenerife AARTB00 AARTB03 - - Dlvd Las Palmas/Tenerife (Med) 1-8 days forward 300 1,000 US $ MT 7.45
Marine Gasoil Lisbon MGLBO00 MGLBO03 - - Dlvd Lisbon (Med) 1-8 days forward 300 1,000 US $ MT 7.45
Marine Gasoil Malta PBADH00 PBADH03 - - Dlvd Malta (Med) 1-8 days forward 300 1,000 US $ MT 7.45
Marine Gasoil Novorosiisk AASHG00 AASHG03 - - Dlvd Novorosiisk (Med) 1-8 days forward 300 1,000 US $ MT 7.45
Marine Gasoil Rotterdam AARTG00 AARTG03 - - Dlvd Rotterdam (NWE) 1-8 days forward 300 1,000 US $ MT 7.45
Marine Gasoil St Petersburg AARTJ00 AARTJ03 - - Dlvd St Petersburg (NWE) 1-8 days forward 300 1,000 US $ MT 7.45
Marine Gasoil Augusta PBABJ00 PBABJ03 - - Ex-Wharf Augusta (Med) 1-8 days forward 300 1,000 US $ MT 7.45
Marine Gasoil Dakar POABP00 POABP03 - - Ex-Wharf Dakar (West Africa) 1-8 days forward 300 1,000 US $ MT 7.45
Marine Gasoil Dunkirk POABT00 POABT03 - - Dlvd Dunkirk (NWE) 1-8 days forward 300 1,000 US $ MT 7.45
Marine Gasoil French Med POABX00 POABX03 - - Ex-Wharf French Med (Med) 1-8 days forward 300 1,000 US $ MT 7.45
Marine Gasoil Genoa PBABK00 PBABK03 - - Ex-Wharf Genoa (Med) 1-8 days forward 300 1,000 US $ MT 7.45
Marine Gasoil Durban PUAGY00 PUAGY03 - - Dlvd Durban (Africa) 1-8 days forward 300 1,000 US $ MT 7.45
Marine Gasoil Lome AAYJL00 AAYJL03 - - Dlvd Lome (Africa) 1-8 days forward 300 1,000 US $ MT 7.45
Marine Gasoil Canary Islands PUAGW00 PUAGW03 - - Dlvd Canary Islands (Africa) 1-8 days forward 300 1,000 US $ MT 7.45
Marine Gasoil Offshore Nigeria AARKL00 AARKL03 - - Dlvd Offshore Nigeria (Africa) 1-8 days forward 300 1,000 US $ MT 7.45
Marine Gasoil Algoa Bay AMGAA00 AMGAA03 - - Dlvd Algoa Bay (Africa) 1-8 days forward 300 1,000 US $ MT 7.45
Bio-Bunkers B30 Rotterdam FAME 0 ABKRB00 ABKRB03 - - Dlvd Rotterdam (NWE) - - - US $ MT -
Bio-Bunkers B30 Rotterdam UCOME ABKRA00 ABKRA03   - - Dlvd Rotterdam (NWE) - - - US $ MT -

© 2023 by S&P Global Inc. All rights reserved. 10


Specifications Guide Global Bunker Fuels: October 2023

Europe and Africa


Assessment Code Mavg Pavg Wavg Contract basis Location Delivery period Typical min size Typical max size Currency UOM Conv

Platts Asia Bunkers Daily Cost Comparison by Calorific Value


LNG Bunker Rotterdam Calorific Value CVLNR00 - - Dlvd Rotterdam (NWE) US $ GJ
Marine Fuel 0.5% Dlvd Rotterdam Calorific Value CVMFR00 - - Dlvd Rotterdam (NWE) US $ GJ
Marine Gasoil 0.1% Dlvd Rotterdam Calorific Value CVMGR00 - - Dlvd Rotterdam (NWE) US $ GJ
Methanol Bunker Rotterdam Calorific Value CVMLR00 - - Dlvd Rotterdam (NWE) US $ GJ

© 2023 by S&P Global Inc. All rights reserved. 11


Specifications Guide Global Bunker Fuels: October 2023

10 E
0
Europe and Africa Contract Basis
Grade Delivered
Timing: Platts bunker assessments in Europe reflect the market
IFO 500
value at 16:30 London time, for bunker fuel supplied one to FINLAND
IFO 380
eight days forward from the date of publication. They do not Marine fuel 0.5%
represent an average of the day’s trades. Confirmed trades, Marine gasoil (MGO)
St. Petersburg
bids and offers reported throughout the day will be included Ultra low sulfur fuel
NORWAY
in the assessment process, with values normalized towards
AAHSU00
representative values for the close of the market as needed. 60 N
MFDPT00
In addition to such information, activity on the physical and EUROPE AARTJ00
derivative European fuel oil markets may also be taken into ALMPA00
ESTONIA
account during assessment. SWEDEN
Baltic Sea
RUSSIA
Typical Parcel Size: Typical sizes vary from port to port, but are
generally between 300 to 1,000 mt. Sizes defined for specific North Sea
Gothenburg
LATVIA
assessments are typical, not minimums and maximums.
However, trades reported for volumes outside typical ranges AAVVX00
may be considered atypical when assessing standard tradable MFDGT00

volumes. AAVWC00
DENMARK LITHUANIA

Delivery: Bunkers are assessed on either an ex-wharf or


RUSSIA
delivered basis which includes all barging costs. The following Gdansk
ports are assessed ex-wharf: Ceuta, French Med (Fos), Augusta, AAXRM00 BELARUS
PUAFN00
Genoa and Dakar. AAHTA00
PUAYW00 Hamburg MFGDA00
MFRDD00 AARSP00
The following ports are assessed delivered: Rotterdam, AARTG00 NETH.
Antwerp, Hamburg, Gdansk, St Petersburg, Gibraltar, Algeciras, PUAEQ00
UNITED AARBF00
KINGDOM MFDHB00
Dunkirk, Las Palmas, Lisbon, Tenerife, Malta, Istanbul, POLAND
AARSZ00
EU R OPE
Rotterdam
Novorossiisk, Piraeus, Durban and Algoa Bay.
Antwerp
Dunkirk
Loading range: Assessments reflect product supplied 1-8 days BELGIUM
GERMANY
PUAEE00 UKRAINE
forward from the date of publication. PUAEL00
MFDAN00
POABT00
AARSI00
LUXEMBOURG
Marine Gasoil: Assessments for Europe reflect Marine Gasoil CZECH REP.

0.1% sulfur, while African assessments reflect 0.1%-1.5% sulfur.


FRANCE SLOVAKIA
0 100 mi
0 100 km AUSTRIA HUNGARY
ROMANIA

Source: S&P Global Commodity Insights


SWITZERLAND

© 2023 by S&P Global Inc. All rights reserved. 12


Specifications Guide Global Bunker Fuels: October 2023

GERMANY
UKRAINE
AUSTRIA HUNGARY RUSSIA
FRANCE
ROMANIA Novorosiisk IFO 180 CST: Platts assesses Durban IFO 180 on a delivered
Genoa
French Med basis. Specifications generally conform with that of RME 180
ITALY CST, ISO 8217:2010. These include: Approximate Kinematic
AARSR00 AASHF00
BULGARIA
Istanbul MFDNV00 Viscosity: maximum 180 CST at 50 degrees Celsius; Calculated
PUAEO00 PUAFD00
PORTUGAL MFGEN00
PUAET00 AASHG00 Carbon Aromaticity Index: 860 maximum; Sulfur: maximum 3.5%;
SPAIN POABX00
Lisbon PBABK00 GREECE MFDIS00 Flash point: minimum 60 degrees Celsius; Hydrogen sulfide: 2
Piraeus POACF00 TURKEY
MFLIS00 Augusta mg/kg maximum; Acidity: 2.5 mg KOH/g maximum; Pour point
PUAED00 (upper) winter quality: 30 degrees Celsius maximum, summer
MALTA PUAFL00
Malta
MFAUG00 quality: same; Water: 0.5% maximum; Ash: 0.070% maximum;
Ceuta Algeciras Gibraltar PBABJ00 AARFT00 SYRIA
Vanadium: maximum 150 mg/kg; Sodium: maximum 50 mg/kg;
PUAEG00 PUAFA00 AAKAB00 MFPRD00
TUN. IRAQ Aluminum plus Silicon: 50 mg/kg maximum.
AARSK00 MFAGD00 MFGBD00 POADG00
PUBFH00
AARSH00 AARSU00
MFMLD00
MOROCCO
Las Palmas/Tenerife PBADH00
PUAFB00 ALGERIA
Canary Islands
MFDLP00 LIBYA
AARKM00 EGYPT
AARTB00 SAUDI ARABIA
PUAGW00

MAURITANIA
A F R I C A
MALI
NIGER
Dakar SUDAN
CHAD YEMEN
POABP00
SENEGAL
BURKINA
FASO TOGO
GUINEA
ATLANTIC
OCEAN NIGERIA
COTE GHANA ETHIOPIA
D'IVOIRE Lomé S.REP.
SUDAN
CENTRAL AFRICAN
Offshore Nigeria BOTSWANA
AAYJJ00 CAMEROON NAMIBIA
Contract Basis PUAGX00 SOMALIA
Grade Delivered Ex-Wharf MFLOM00 PUAGU00 MFDBD00
AAYJL00 AARKL00 SOUTH
EQUATOR IFO 380 PUAGY00
CONGO AFRICA
IFO 180 GABON
MFALG00
Marine fuel 0.5% DEM. REP. CONGO
AMGAA00 Durban
Marine gasoil (MGO)
Algoa Bay
0 300 mi TANZANIA

0 300 km
0

ANGOLA
ZAMBIA
Source: S&P Global Commodity Insights

© 2023 by S&P Global Inc. All rights reserved. 13


Specifications Guide Global Bunker Fuels: October 2023

Americas
Assessment Code Mavg Contract basis Location Delivery period Min size Max size Typical size Currency UOM Conv
Marine Fuel 0.5% Bunker Delivered Houston MFHOD00 MFHOD03 Delivered Houston 3-7 Days Forward 500 750 - US$ MT 6.35
Marine Fuel 0.5% Bunker Ex-Wharf Houston MFHOE00 MFHOE03 Ex-wharf Houston 3-7 Days Forward 500 750 - US$ MT 6.35
Marine Fuel 0.5% Bunker Delivered New York MFNYD00 MFNYD03 Delivered New York 3-7 Days Forward 500 1000 - US$ MT 6.35
Marine Fuel 0.5% Bunker Ex-Wharf New York MFNYE00 MFNYE03 Ex-wharf New York 3-7 Days Forward 500 1000 - US$ MT 6.35
Marine Fuel 0.5% Bunker Delivered Los Angeles MFLAD00 MFLAD03 Delivered Los Angeles 3-10 Days Forward 250 750 - US$ MT 6.35
Marine Fuel 0.5% Bunker Ex-Wharf Balboa MFBAE00 MFBAE03 Ex-wharf Balboa, Panama 3-10 Days Forward 500 1000 - US$ MT 6.35
Marine Fuel 0.5% Bunker Ex-Wharf Cristobal ACBAL00 ACBAL03 Ex-wharf Cristobal, Panama 3-10 Days Forward 500 1000 - US$ MT 6.35
Marine Fuel 0.5% Bunker Ex-Wharf Panama Canal APNMA00 APNMA03 Ex-wharf Panama Canal 3-10 Days Forward 500 1000 - US$ MT 6.35
Marine Fuel 0.5% Bunker Delivered New Orleans MFNOD00 MFNOD03 Delivered New Orleans 3-7 Days Forward 500 750 - US$ MT 6.35
Marine Fuel 0.5% Bunker Ex-Wharf New Orleans MFNOE00 MFNOE03 Ex-wharf New Orleans 3-7 Days Forward 500 750 - US$ MT 6.35
Marine Fuel 0.5% Bunker Delivered Philadelphia MFPAD00 MFPAD03 Delivered Philadelphia 3-7 Days Forward 500 1000 - US$ MT 6.35
Marine Fuel 0.5% Bunker Ex-Wharf Philadelphia MFPAE00 MFPAE03 Ex-wharf Philadelphia 3-7 Days Forward 500 1000 - US$ MT 6.35
Marine Fuel 0.5% Bunker Delivered Seattle MFSED00 MFSED03 Delivered Seattle 3-10 Days Forward 250 750 - US$ MT 6.35
Marine Fuel 0.5% Bunker Ex-Wharf Seattle MFSEE00 MFSEE03 Ex-wharf Seattle 3-10 Days Forward 500 1500 - US$ MT 6.35
Marine Fuel 0.5% Bunker Delivered Vancouver MFVAD00 MFVAD03 Delivered Vancouver 3-10 Days Forward 250 750 - US$ MT 6.35
Marine Fuel 0.5% Bunker Ex-Wharf Vancouver MFVAE00 MFVAE03 Ex-wharf Vancouver 3-10 Days Forward 500 1500 - US$ MT 6.35
Marine Fuel 0.5% Bunkers Delivered Montreal AMFMO00 AMFMO03 Delivered Montreal 3-10 Days Forward 100 600 - US$ MT 6.35
Marine Fuel 0.5% Bunkers Ex-Wharf Montreal AMFMN00 AMFMN03 Ex-wharf Montreal 3-10 Days Forward 100 600 - US$ MT 6.35
Marine Fuel 0.5% Bunkers Delivered San Francisco AMFSF00 AMFSF03 Delivered San Francisco 3-10 Days Forward 250 750 - US$ MT 6.35
Marine Fuel 0.5% Bunkers Ex-Wharf San Francisco AMFSN00 AMFSN03 Ex-wharf San Francisco 3-10 Days Forward 500 1500 - US$ MT 6.35
Marine Fuel 0.5% Bunker Delivered Buenos Aires MFBAD00 MFBAD03 Delivered Buenos Aires, Argentina 3-7 Days Forward 250 1500 - US$ MT 6.35
Marine Fuel 0.5% Bunker Delivered Cartagena MFCRD00 MFCRD03 Delivered Cartagena, Colombia 3-7 Days Forward 250 1500 - US$ MT 6.35
Marine Fuel 0.5% Bunker Delivered Santos MFSAD00 MFSAD03 Delivered Santos, Brazil 3-7 Days Forward 250 1500 - US$ MT 6.35
Marine Fuel 0.5% Bunker Delivered Valparaiso AMFVA00 AMFVA03 Delivered Valparaiso, Chile 3-7 Days Forward 250 1500 - US$ MT 6.35
Marine Fuel 0.5% Bunkers Delivered El Callao AMFCA00 AMFCA03 Delivered El Callao, Peru 3-7 Days Forward 250 1500 - US$ MT 6.35
Marine Fuel 0.5% Bunkers Delivered Guayaquil AMFGY00 AMFGY03 Delivered Guayaquil, Ecuador 3-7 Days Forward 250 1500 - US$ MT 6.35
Marine Fuel 0.5% Bunkers Delivered La Libertad AMFLB00 AMFLB03 Delivered La Libertad, Ecuador 3-7 Days Forward 250 1500 - US$ MT 6.35
Marine Fuel 0.5% Bunkers Delivered Montevideo AMFMT00 AMFMT03 Delivered Montevideo, Uruguay 3-7 Days Forward 250 1500 - US$ MT 6.35
Bunker FO 380 CST 3.5% Ex-Wharf Balboa PUBAD00 PUBAD03 Ex-wharf Balboa, Panama 3-10 Days Forward 500 1,000 - US$ MT 6.35
Bunker FO 380 CST 3.5% Delivered Cartagena AAJOA00 AAJOB00 Delivered Cartagena, Colombia 3-7 Days Forward 250 1,500 - US$ MT 6.35
Bunker FO 380 CST 3.5% Delivered Charleston AAMNV00 AAMNW00 Delivered Charleston, SC 3-7 Days Forward 500 1000 - US$ MT 6.35
Bunker FO 380 CST 3.5% Ex-Wharf Charleston AAMOE00 AAMOF00 Ex-wharf Charleston, SC 3-7 Days Forward 500 1000 - US$ MT 6.35
Bunker FO 380 CST 3.5% Ex-Wharf Cristobal PUAEF00 PUAEF03 Ex-wharf Cristobal, Panama 3-10 Days Forward 500 1,000 - US$ MT 6.35
Bunker FO 380 CST 3.5% Delivered Guayaquil AAJOC00 AAJOD00 Delivered Guayaquil, Ecuador 3-7 Days Forward 250 1,500 - US$ MT 6.35
Bunker FO 380 CST 3.5% Delivered Houston AAGPD00 AAGPE00 Delivered Houston 3-7 Days Forward 500 750 - US$ MT 6.35
Bunker FO 380 CST 3.5% Ex-Wharf Houston PUAES00 AAGPF00 Ex-wharf Houston 3-7 Days Forward 500 750 - US$ MT 6.35
Bunker FO 380 CST 3.5% Delivered La Libertad PUAYT00 PUAYT03 Delivered La Libertad, Ecuador 3-7 Days Forward 250 1,500 - US$ MT 6.35
Bunker FO 380 CST 3.5% Delivered Los Angeles AAGPM00 AAGPN00 Delivered Los Angeles 3-10 Days Forward 250 750 - US$ MT 6.35
Bunker FO 380 CST 3.5% Ex-Wharf Los Angeles PBAAP00 AAGPO00 Ex-wharf Los Angeles 3-10 Days Forward 500 1,500 - US$ MT 6.35
Bunker FO 380 CST 3.5% Delivered Montreal AARUP00 AARUP03 Delivered Montreal 3-7 Days Forward 100 600 - US$ MT 6.35
Bunker FO 380 CST 3.5% Ex-Wharf Montreal PUAFE00 AAGPX00 Ex-wharf Montreal 3-7 Days Forward 100 600 - US$ MT 6.35
Bunker FO 380 CST 3.5% Delivered New Orleans AAGQE00 AAGQF00 Delivered New Orleans 3-7 Days Forward 500 750 - US$ MT 6.35
Bunker FO 380 CST 3.5% Ex-Wharf New Orleans PUAFH00 AAGQG00 Ex-wharf New Orleans 3-7 Days Forward 500 750 - US$ MT 6.35

© 2023 by S&P Global Inc. All rights reserved. 14


Specifications Guide Global Bunker Fuels: October 2023

Americas
Assessment Code Mavg Contract basis Location Delivery period Min size Max size Typical size Currency UOM Conv
Bunker FO 380 CST 3.5% Delivered New York AAGQN00 AAGQO00 Delivered New York 3-7 Days Forward 500 1000 - US$ MT 6.35
Bunker FO 380 CST 3.5% Ex-Wharf New York PUAFI00 AAGQP00 Ex-wharf New York 3-7 Days Forward 500 1000 - US$ MT 6.35
Bunker FO 500 CST 3.5% Delivered New York AACNY00 AACNY03 Delivered New York 3-7 Days Forward 500 1000 - US$ MT 6.23
Bunker FO 500 CST 3.5% Ex-wharf New York AABNY00 AABNY03 Ex-wharf New York 3-7 Days Forward 500 1000 - US$ MT 6.23
Bunker FO 380 CST 3.5% Delivered Norfolk AAGQW00 AAGQX00 Delivered Norfolk 3-7 Days Forward 500 1000 - US$ MT 6.35
Bunker FO 380 CST 3.5% Ex-Wharf Norfolk PUAFG00 AAGQY00 Ex-wharf Norfolk 3-7 Days Forward 500 1000 - US$ MT 6.35
Bunker FO 380 CST 3.5% Ex-Wharf Panama Canal AAXWG00 AAXWG03 Ex-wharf Panama Canal 3-10 Days Forward 500 1,000 - US$ MT 6.35
Bunker FO 380 CST 3.5% Delivered Philadelphia AAGRF00 AAGRG00 Delivered Philadelphia 3-7 Days Forward 500 1000 - US$ MT 6.35
Bunker FO 380 CST 3.5% Ex-Wharf Philadelphia PUAFJ00 AAGRH00 Ex-wharf Philadelphia 3-7 Days Forward 500 1000 - US$ MT 6.35
Bunker FO 380 CST 3.5% Delivered San Francisco AAGRX00 AAGRY00 Delivered San Francisco 3-10 Days Forward 250 750 - US$ MT 6.35
Bunker FO 380 CST 3.5% Ex-Wharf San Francisco PBADF00 AAGRZ00 Ex-wharf San Francisco 3-10 Days Forward 500 1,500 - US$ MT 6.35
Bunker FO 380 CST 3.5% Ex-Wharf Savannah AAXJR00 AAXJR03 Ex-wharf Savannah 3-7 Days Forward 500 1000 - US$ MT 6.35
Bunker FO 380 CST 3.5% Delivered Seattle AAGSG00 AAGSH00 Delivered Seattle 3-10 Days Forward 250 750 - US$ MT 6.35
Bunker FO 380 CST 3.5% Ex-Wharf Seattle PBABB00 AAGSI00 Ex-wharf Seattle 3-10 Days Forward 500 1,500 - US$ MT 6.35
Bunker FO 380 CST 3.5% Delivered Valparaiso PUAYR00 PUBDK03 Delivered Valparaiso, Chile 3-7 Days Forward 250 1,500 - US$ MT 6.35
Bunker FO 380 CST 3.5% Delivered Vancouver AAJKU00 AAJKV00 Delivered Vancouver 3-10 Days Forward 250 750 - US$ MT 6.35
Bunker FO 380 CST 3.5% Ex-Wharf Vancouver AAIAT00 AAIAU00 Ex-wharf Vancouver 3-10 Days Forward 500 1,500 - US$ MT 6.35
Marine Gasoil Ex-Wharf Balboa PBACU00 PBACU03 Ex-wharf Balboa, Panama 3-10 Days Forward 75 225 - US$ MT 7.45
Marine Gasoil Delivered Buenos Aires PBABR00 PBABR03 Delivered Buenos Aires, Argentina 3-7 Days Forward - - 75 US$ MT 7.45
Marine Gasoil Delivered Cartagena PBACW00 PBACW03 Delivered Cartagena, Colombia 3-7 Days Forward - - 75 US$ MT 7.45
Marine Gasoil Delivered Charleston AAWWV00 AAWWV03 Delivered Charleston, SC 3-7 Days Forward 100 400 75 US$ MT 7.45
Marine Gasoil Ex-Wharf Charleston AAWYP00 AAWYP03 Ex-wharf Charleston, SC 3-7 Days Forward 100 400 150 US$ MT 7.45
Marine Gasoil Ex-Wharf Cristobal POABJ00 POABJ03 Ex-wharf Cristobal, Panama 3-10 Days Forward 75 225 - US$ MT 7.45
Marine Gasoil Delivered El Callao PBABW00 PBABW03 Delivered El Callao, Peru 3-7 Days Forward - - 75 US$ MT 7.45
Marine Gasoil Delivered Guayaquil AAJOG00 AAJOH00 Delivered Guayaquil, Ecuador 3-7 Days Forward - - 75 US$ MT 7.45
Marine Gasoil Delivered Houston AAWWX00 AAWWX03 Delivered Houston 3-7 Days Forward 75 225 - US$ MT 7.45
Marine Gasoil Ex-Wharf Houston AAWYQ00 AAWYQ03 Ex-wharf Houston 3-7 Days Forward 75 225 - US$ MT 7.45
Marine Gasoil Delivered La Libertad PBABY00 PBABY03 Delivered La Libertad, Ecuador 3-7 Days Forward - - 75 US$ MT 7.45
Marine Gasoil Delivered Los Angeles AAWWY00 AAWWY03 Delivered Los Angeles 3-10 Days Forward - - 75 US$ MT 7.45
Marine Gasoil Ex-Wharf Los Angeles AAWYR00 AAWYR03 Ex-wharf Los Angeles 3-10 Days Forward - - 150 US$ MT 7.45
Marine Gasoil Delivered Montevideo PBADA00 PBADA03 Delivered Montevideo, Uruguay 3-7 Days Forward - - 75 US$ MT 7.45
Marine Gasoil Delivered Montreal AAWWZ00 AAWWZ03 Delivered Montreal 3-7 Days Forward 100 600 75 US$ MT 7.45
Marine Gasoil Ex-Wharf Montreal AAWYS00 AAWYS03 Ex-wharf Montreal 3-7 Days Forward 100 600 150 US$ MT 7.45
Marine Gasoil Delivered New Orleans AAWYA00 AAWYA03 Delivered New Orleans 3-7 Days Forward 75 225 - US$ MT 7.45
Marine Gasoil Ex-Wharf New Orleans AAWYT00 AAWYT03 Ex-wharf New Orleans 3-7 Days Forward 75 225 - US$ MT 7.45
Marine Gasoil Delivered New York AAWYB00 AAWYB03 Delivered New York 3-7 Days Forward 100 400 75 US$ MT 7.45
Marine Gasoil Ex-Wharf New York AAWYU00 AAWYU03 Ex-wharf New York 3-7 Days Forward 100 400 150 US$ MT 7.45
Marine Gasoil Delivered Norfolk AAWYC00 AAWYC03 Delivered Norfolk 3-7 Days Forward 100 400 75 US$ MT 7.45
Marine Gasoil Ex-Wharf Norfolk AAWYV00 AAWYV03 Ex-wharf Norfolk 3-7 Days Forward 100 400 150 US$ MT 7.45
Marine Gasoil Ex-Wharf Panama Canal AAXWI00 AAXWI03 Ex-wharf Panama Canal 3-10 Days Forward 75 225 - US$ MT 7.45
Marine Gasoil Delivered Philadelphia AAWYD00 AAWYD03 Delivered Philadelphia 3-7 Days Forward 100 400 75 US$ MT 7.45
Marine Gasoil Ex-Wharf Philadelphia AAWYW00 AAWYW03 Ex-wharf Philadelphia 3-7 Days Forward 100 400 150 US$ MT 7.45
Marine Gasoil Delivered San Francisco AAWYF00 AAWYF03 Delivered San Francisco 3-10 Days Forward - - 75 US$ MT 7.45

© 2023 by S&P Global Inc. All rights reserved. 15


Specifications Guide Global Bunker Fuels: October 2023

Americas
Assessment Code Mavg Contract basis Location Delivery period Min size Max size Typical size Currency UOM Conv
Marine Gasoil Ex-Wharf San Francisco AAWZE00 AAWZE03 Ex-wharf San Francisco 3-10 Days Forward - - 150 US$ MT 7.45
Marine Gasoil Delivered Santos AAXWO00 AAXWO03 Delivered Santos, Brazil 3-7 Days Forward - - 75 US$ MT 7.45
Marine Gasoil Ex-Wharf Savannah AAWZF00 AAWZF03 Ex-wharf Savannah 3-7 Days Forward 100 400 150 US$ MT 7.45
Marine Gasoil Delivered Seattle AAWYL00 AAWYL03 Delivered Seattle 3-10 Days Forward - - 75 US$ MT 7.45
Marine Gasoil Ex-Wharf Seattle AAWZG00 AAWZG03 Ex-wharf Seattle 3-10 Days Forward - - 150 US$ MT 7.45
Marine Gasoil Delivered Valparaiso PBABX00 PBABX03 Delivered Valparaiso, Chile 3-7 Days Forward - - 75 US$ MT 7.45
Marine Gasoil Delivered Vancouver AAWYM00 AAWYM03 Delivered Vancouver 3-10 Days Forward - - 75 US$ MT 7.45
Marine Gasoil Ex-Wharf Vancouver AAWZH00 AAWZH03 Ex-wharf Vancouver 3-10 Days Forward - - 150 US$ MT 7.45
Bunker barging rate Charleston AARUD00 AARUD03 - Charleston, SC - - - - US$ MT -
Bunker barging rate Houston AARUF00 AARUF03 - Houston - - - - US$ MT -
Bunker barging rate Los Angeles AARUH00 AARUH03 - Los Angeles - - - - US$ MT -
Bunker trucking rate Montreal AARUC00 AARUC03 - Montreal - - - - US$ MT -
Bunker barging rate New Orleans AARUG00 AARUG03 - New Orleans - - - - US$ MT -
Bunker barging rate New York AARUA00 AARUA03 - New York - - - - US$ MT -
Bunker barging rate Norfolk AARUE00 AARUE03 - Norfolk - - - - US$ MT -
Bunker barging rate Philadelphia AARUB00 AARUB03 - Philadelphia - - - - US$ MT -
Bunker barging rate San Francisco AARUI00 AARUI03 - San Francisco - - - - US$ MT -
Bunker barging rate Seattle AARUJ00 AARUJ03 - Seattle - - - - US$ MT -
Bunker barging rate Vancouver AARUL00 AARUL03 - Vancouver - - - - US$ MT -

Posted Price
Petrobras Bunker VLSFO 0.5% Dlvd Paranagua* PUAVA00 - Paranagua, Brazil - US$ MT -
Petrobras Bunker VLSFO 0.5% Dlvd Rio de Janeiro* PUAVB00 - Rio de Janeiro, Brazil - 200 - - US$ MT -
Petrobras Bunker VLSFO 0.5% Dlvd Santos* PUAVD00 - Santos, Brazil - 200 - - US$ MT -
Marine Gasoil Delivered Paranagua* PBABS00 - Paranagua, Brazil - 200 - - US$ MT -
Marine Gasoil Delivered Rio de Janeiro* PBABU00 - Rio de Janeiro, Brazil - - - - US$ MT -
Marine Gasoil Delivered Santos* PBABT00 - Santos, Brazil - - - - US$ MT -
*These posted prices are provided by Petrobras and are not assessed by Platts

© 2023 by S&P Global Inc. All rights reserved. 16


Specifications Guide Global Bunker Fuels: October 2023

Montreal
Americas assessments Vancouver AARUP00
AAJKU00 AMFMO00
Timing: Platts bunker fuel assessments in the Americas reflect MFVAD00 AAWWZ00
deliveries three to seven days after the date of publication for AAWYM00 PUAFE00
ports in the US Gulf Coast, the US Atlantic Coast, and Latin AAIAT00 AMFMN00
America, excluding Panama. For ports on the US West Coast and MFVAE00 AAWYS00
in Panama the range is three to 10 days, due to differences in AAWZH00
BC CANADA
market operations there.
QC
New York
Size: Bunker fuel volumes vary by region, product and delivery Seattle WA NO RTH AACNY00
AAGSG00
basis. For IFO 380 CST, IFO 500 CST and Marine Fuel 0.5% AAGQN00
MFSED00 AMERICA MFNYD00
bunker fuel, volumes are defined in a minimum-maximum
AAWYL00 AAWYB00
range. For example, the minimum size for ex-wharf IFO 380 CST
PBABB00 NY AABNY00
bunker fuel in US Gulf Coast ports is 500 mt while the maximum MFSEE00 PUAFI00
size is 750 mt. Most Marine Gasoil assessments reflect typical AAWZG00 PA
volumes, while others have specific minimum-maximum ranges.
UNITED STATES MFNYE00
AAWYU00
Trades reported for volumes outside of typical volumes may be CA
VA Norfolk
considered atypical when assessing standard tradable volumes.
San Francisco AAGQW00 Philadelphia
AAGRX00 AAWYC00 AAGRF00
Delivery: Bunker fuel is assessed on either an ex-wharf or SC
PUAFG00 MFPAD00
AMFSF00
delivered basis. The following ports are assessed ex-wharf: GA
AAWYF00 Los Angeles AAWYV00 AAWYD00
Balboa, Charleston, Cristobal, Houston, Los Angeles, Montreal, PBADF00 AAGPM00
TX LA ATLANTIC PUAFJ00
New Orleans, New York, Norfolk, Panama Canal, Philadelphia, AMFSN00 MFLAD00 OCEAN MFPAE00
San Francisco, Savannah, Seattle and Vancouver. AAWZE00 AAWWY00 AAWYW00
Houston New Orleans Charleston
PBAAP00 AAMNV00
AAGPD00 AAGQE00
The following ports are assessed delivered: Buenos Aires, AAWYR00
MFHOD00 MFNOD00 AAWWV00
Cartagena, Charleston, El Callao, Guayaquil, Houston, La AAWWX00 AAWYA00 AAMOE00
MEXICO
Libertad, Los Angeles, Montevideo, Montreal, New Orleans, PACIFIC PUAES00 PUAFH00 AAWYP00
OCEAN
New York, Norfolk, Philadelphia, San Francisco, Santos, Seattle, MFHOE00 MFNOE00
Valparaiso and Vancouver. Delivered assessments include port- AAWYQ00 AAWYT00 Savannah
specific barge costs. AAXJR00

Contract Basis AAWZF00

Barge Rates: Barge rates are assessed based on a regular Grade Delivered Ex-Wharf
survey of the market. The barge rates reflect the lump-sum cost IFO 500

of delivering bunker fuel adjusted to a per metric ton basis by IFO 380

dividing the lump-sum value by typical volumes delivered of IFO Marine fuel 0.5%
Marine gasoil (MGO) 0 250 mi
380 CST, Marine Fuel 0.5% bunker fuel and Marine Gasoil.
0 250 km

Source: S&P Global Commodity Insights

© 2023 by S&P Global Inc. All rights reserved. 17


Specifications Guide Global Bunker Fuels: October 2023

90 W

60 W

30 W
Marine Gasoil: All assessments for the Americas reflect Marine
MEXICO Balboa Gasoil 0.1% sulfur.
Cristobal Cartagena
Panama Canal AAJOA00
VENEZUELA Panama Canal: Platts assesses IFO 380 CST, Marine Fuel 0.5%
MFCRD00 bunker fuel and Marine Gasoil 0.1% on an ex-wharf basis in the
GUY.
PANAMA PBACW00
AAXWG00 SUR. FR. Panamanian ports of Balboa and Cristobal and basis Panama
PUBAD00 PUAYT00 COLOMBIA Canal. Platts also assesses Marine Fuel 0.5% bunkers on an
PUAEF00 AMFLB00 ex-wharf basis in Balboa. Typically, the values for these products
MFBAE00 PBABY00 in Balboa and Cristobal on either side of the canal are the same.
PBACU00 La ECU.
S O U T H On occasions when one port is valued differently than the other
AAXWI00 Libertad Guayaquil
ATOR port, the Panama Canal assessment would reflect the lower
EQU
POABJ00 AAJOC00 A M ER I C A
value for that particular product.
AMFGY00
AAJOG00
BRAZIL Posted Prices: Platts publishes Brazilian bunker fuel posted
PERU
prices daily for VLSFO and Marine Gasoil on a delivered basis
El Callao
into Paranagua, Rio de Janeiro and Santos, using the most
AMFCA00
ATLANTIC recent posted prices Platts receives from Brazil’s Petrobras.
PBABW00 BOLIVIA OCEAN Since posted prices are third-party data, the database codes
will only update on days when Platts receives new posted prices
from Petrobras.

PARA. Santos
PACIFIC
OCEAN CHILE

MFSAD00
ARGENTINA AAXWO00

Valparaiso URY.
Buenos Aires Montevideo

PUAYR00
30 S
AMFVA00 MFBAD00 AMFMT00
PBABX00 PBABR00 PBADA00
Contract Basis
Grade Delivered Ex-Wharf
IFO 380
Marine fuel 0.5%
Marine gasoil (MGO)

0 300 mi
0 300 km

Source: S&P Global Commodity Insights

© 2023 by S&P Global Inc. All rights reserved. 18


Specifications Guide Global Bunker Fuels: October 2023

Marine Fuel oil 0.5% $/GJ = [Marine fuel oil]* 0.991/40.631 Platts Bio-Bunkers B30 Rotterdam
Platts Europe and Asia Bunkers Daily price by Calorific
The delivered-Rotterdam B30 bio-bunkers calculated
Value
Marine Gasoil 0.1% $/GJ = [ Marine gasoil]* 0.94/42 assessments will reflect a ratio of 70% very-low-sulfur fuel
Platts Europe and Asia Bunkers Daily price by Calorific Value oil (VLSFO) based on Platts FOB Rotterdam Marine Fuel 0.5%
(CV) calculations are published daily in $/GJ. The daily price Methanol Bunker $/GJ = [Methanol bunker fuel]* 0.792/17.028 Barge $/mt assessment (PUMFD00) and 30% based on Platts
comparisons for bunker fuels and alternative marine fuels, FAME 0 FOB ARA RED $/mt assessment (AAWGI00) plus
reflecting the calorific value of methanol bunker fuel, LNG barging costs, and 70% VLSFO based on Platts FOB Rotterdam
Platts global bio-bunkers assessments
bunker fuel, marine fuel oil and marine gasoil. The calculations Marine Fuel 0.5% Barge $/mt assessment (PUMFD00) and
use the following conversion factors: Platts Bio-Bunkers B24 Singapore 30% Platts UCOME FOB ARA RED /mt assessment (AUMEB00)
The blended B24 bio-bunkers price is a cost-based assessment converted to $/mt, plus barging costs.Further details on the
Methanol: 17.028 GJ/m3 and 0.792 mt/m3 published on a delivered Singapore basis and is comprised of specifications of the biofuel components can be found Platts
a number of existing Platts assessments and other fixed costs. specification guide for Global Biofuels. More details on the
LNG: 1.055056 GJ/MMBtu It reflects a ratio of 76% fuel oil based on Platts benchmark Platts FOB Rotterdam Marine Fuel 0.5% Barge assessment
Marine Fuel 0.5% Bunker Dlvd Spore $/mt assessment can be found in the Platts specification guide for Europe and
Marine fuel oil: 40.631 GJ/m3 and 0.991 mt/m3 (MFSPD00) and 24% Used Cooking Oil Methyl Esther (UCOME) Africa Refined Oil Products.
based on the Platts UCOME FOB Straits $/mt assessment
Marine gasoil: 42 GJ/m3 and 0.94 mt/m3 (UCFCB00). Other inputs include storage and barging costs.
More details can be found in the Platts specification guide for
The CV spot formulas are as follows: Global Biofuels.

LNG Bunkers $/GJ = [LNG bunker fuel in $MMBtu] /1.055056

© 2023 by S&P Global Inc. All rights reserved. 19


Specifications Guide Global Bunker Fuels: October 2023

Bunkerworld ports Bunkerworld ports


Port Name Grade Basis CODE Mavg Country Region Name Source Port Name Grade Basis CODE Mavg Country Region Name Source
Abidjan MGO Ex-Wharf LGI1200 LGI1203 Ivory Coast Africa API Archangel Marine Fuel Deliverd MFACH00 MFACH03 Russia North & West Europe API
Abidjan Marine Fuel Ex-Wharf BFABJ04 BFABJ03 Ivory Coast Africa API 0.5%
0.5% Archangel ULSFO Deliverd BUACH00 BUACH03 Russia North & West Europe API
Accra MGO Delivered MGACC00 MGACC03 Ghana Africa API Arzew LSMGO Ex-Wharf LGAZW00 LGAZW03 Algeria Mediterranean & Black Sea API
Accra Marine Fuel Deliverd MFACR00 MFACR03 Ghana Arzew MGO Ex-Wharf MGAZW00 MGAZW03 Algeria Mediterranean & Black Sea API
0.5% Arzew Marine Fuel Ex-Wharf MFARZ00 MFARZ03 Algeria Mediterranean & Black Sea API
Aktau MGO Delivered MG42700 MG42703 Mediterranean & Black Sea API 0.5%
Algeciras IFO380 Ex-Wharf PUAFA00 PUAFA03 Spain Mediterranean & Black Sea Assessment Aruba IFO380 Deliverd B3AUA00 B3AUA03 Aruba US Gulf & Caribbean API
Algeciras LSMGO Ex-Wharf AARSH00 AARSH03 Mediterranean & Black Sea Assessment Aruba LSMGO Deliverd LGAUA00 LGAUA03 Aruba US Gulf & Caribbean API
Algeciras Marine Fuel Ex-Wharf MFAGD00 MFAGD03 Spain Mediterranean & Black Sea Assessment Aruba Marine Fuel Deliverd MFARU00 MFARU03 Aruba US Gulf & Caribbean API
0.5% 0.5%
Algiers LSMGO Ex-Wharf LGZAL00 LGZAL03 Algeria Mediterranean & Black Sea API Astrakhan MGO Delivered MGASF00 MGASF03 Russia Mediterranean & Black Sea API
Algiers MGO Ex-Wharf MGZAL00 MGZAL03 Algeria Mediterranean & Black Sea API Astrakhan Marine Fuel Delivered MFAST00 MFAST03 Russia Mediterranean & Black Sea API
Algiers Marine Fuel Ex-Warf MFALR00 MFALR03 Algeria Mediterranean & Black Sea API 0.5%
0.5% Auckland IFO380 Delivered B3AKL00 B3AKL03 New Zealand Pacific API
Alpha Zone MGO Delivered MG01500 MG01503 Uruguay South America Atlantic API Auckland LSMGO Delivered LGAKL00 LGAKL03 New Zealand Pacific API
Amsterdam IFO380 Delivered B3AMS00 B3AMS03 Netherlands North & West Europe API Auckland MGO Delivered MGAKL00 MGAKL03 New Zealand Pacific API
Amsterdam LSMGO Delivered LGAMS00 LGAMS03 Netherlands North & West Europe API Auckland Marine Fuel Deliverd BFAKL04 BFAKL03 New Zealand Pacific API
Amsterdam MGO Delivered MGAMS00 MGAMS03 Netherlands North & West Europe API 0.5%
Amsterdam ULSFO Delivered UFAMS00 UFAMS03 Netherlands North & West Europe API Augusta IFO380 Ex-Wharf PUAED00 PUAED03 Italy Mediterranean & Black Sea Assessment
Amsterdam Marine Fuel Delivered MFAMS00 MFAMS03 Netherlands North & West Europe API Augusta LSMGO Ex-Wharf PBABJ00 PBABJ03 Italy Mediterranean & Black Sea Assessment
0.5% Augusta Marine Fuel Ex-Wharf MFAUG00 MFAUG03 Italy Mediterranean & Black Sea Assessment
Amuay Bay IFO380 Deliverd B3AMY00 B3AMY03 Venezuela US Gulf & Caribbean API 0.5%
Amuay Bay MGO Deliverd MGAMY00 MGAMY03 Venezuela US Gulf & Caribbean API Bahia Blanca LSMGO Delivered LGBHI00 LGBHI03 Argentina South America Atlantic API
Angra dos Reis MGO Delivered MGADR00 MGADR03 Brazil South America Atlantic API Bahia Blanca MGO Delivered MGBHI00 MGBHI03 Argentina South America Atlantic API
Angra dos Reis Marine Fuel Delivered MFADR00 MFADR03 Brazil South America Atlantic API Bahia Blanca Marine Fuel Delivered MFBHB00 MFBHB03 Argentina South America Atlantic API
0.5% 0.5%
Annaba LSMGO Delivered LGAAE00 LGAAE03 Algeria Mediterranean & Black Sea API Baku MGO Delivered MGBAK00 MGBAK03 Azerbaijan Mediterranean & Black Sea API
Annaba MGO Delivered MGAAE00 MGAAE03 Algeria Mediterranean & Black Sea API Baku Marine Fuel Delivered MFBKU00 MFBKU03 Azerbaijan Mediterranean & Black Sea API
Antofagasta LSMGO Delivered LGANF00 LGANF03 Chile South America Pacific API 0.5%
Antwerp IFO380 Delivered PUAEE00 PUAEE03 Belgium North & West Europe Assessment Balboa IFO380 Ex-Wharf PUBAD00 PUBAD03 Panama US Gulf & Caribbean Assessment
Antwerp LSMGO Delivered AARSI00 AARSI03 Belgium North & West Europe Assessment Balboa LSMGO Ex-Wharf PBACU00 PBACU03 Panama US Gulf & Caribbean Assessment
Antwerp Marine Fuel Delivered MFDAN00 MFDAN03 Belgium North Assessment Balboa Marine Fuel Ex-Wharf MFBAE00 MFBAE03 Panama US Gulf & Caribbean Assessment
0.5% 0.5%
Arica LSMGO Delivered LGARI00 LGARI03 Chile South America Pacific API Balikpapan LSMGO B35 Delivered AMFHF00 AMFHF03 Indonesia South East Asia API
Archangel MGO Deliverd MGARH00 MGARH03 Russia North & West Europe API 0.05%
Archangel LSMGO Deliverd LGACH00 LGACH03 Russia North & West Europe API Baltchik LSMGO Deliverd LGBAL00 LGBAL03 Bulgaria Mediterranean & Black Sea API

© 2023 by S&P Global Inc. All rights reserved. 20


Specifications Guide Global Bunker Fuels: October 2023

Bunkerworld ports Bunkerworld ports


Port Name Grade Basis CODE Mavg Country Region Name Source Port Name Grade Basis CODE Mavg Country Region Name Source
Baltchik Marine Fuel Deliverd MFBLT00 MFBLT03 Bulgaria Mediterranean & Black Sea API Bourgas LSMGO Ex-Wharf LGBOJ00 LGBOJ03 Bulgaria Mediterranean & Black Sea API
0.5% Bourgas Marine Fuel Ex-Wharf MFBRG00 MFBRG03 Bulgaria Mediterranean & Black Sea API
Bangkok IFO380 Delivered B3BKK00 B3BKK03 Thailand South East Asia API 0.5%
Bangkok MGO Delivered MGBKK00 MGBKK03 Thailand South East Asia API Bremen IFO380 Delivered B3BRE00 B3BRE03 Germany North & West Europe API
Bangkok Marine Fuel Delivered MFBNK00 MFBNK03 Thailand South East Asia Bremen LSMGO Delivered LGBRE00 LGBRE03 Germany North & West Europe API
0.5% Bremen MGO Delivered MGBRE00 MGBRE03 Germany North & West Europe API
Barcelona IFO380 Ex-Wharf B3BCN00 B3BCN03 Spain Mediterranean & Black Sea API Bremen Marine Fuel Delivered MFBRM00 MFBRM03 Germany North & West Europe API
Barcelona LSMGO Ex-Wharf LGBCN00 LGBCN03 Spain Mediterranean & Black Sea API 0.5%
Barcelona MGO Ex-Wharf MGBCN00 MGBCN03 Spain Mediterranean & Black Sea API Bremerhaven IFO380 Delivered B3BRV00 B3BRV03 Germany North & West Europe API
Barcelona Marine Fuel Ex-Wharf MFBCL04 MFBCL03 Spain Mediterranean & Black Sea API Bremerhaven LSMGO Delivered LGBRV00 LGBRV03 Germany North & West Europe API
0.5% Bremerhaven MGO Delivered MGBRV00 MGBRV03 Germany North & West Europe API
Bayuquan LSMGO Deliverd AMFAO00 AMFAO03 China East Asia API Bremerhaven Marine Fuel Delivered MFBMH00 MFBMH03 Germany North & West Europe API
Bayuquan Marine Fuel Deliverd AMFAK00 AMFAK03 China East Asia API 0.5%
0.5% Brisbane IFO380 Delivered B3BNE00 B3BNE03 Australia Pacific API
Basrah IFO380 Deliverd B3BSR00 B3BSR03 Iraq Middle East API Brisbane LSMGO Delivered LGBNE00 LGBNE03 Australia Pacific API
Basrah LSMGO Deliverd LGBSR00 LGBSR03 Iraq Middle East API Brisbane MGO Delivered B3BNE00 B3BNE03 Australia Pacific API
Basrah Marine Fuel Deliverd MFBSR00 MFBSR03 Iraq Middle East API Brisbane Marine Fuel Delivered MFBSB00 MFBSB03 Australia Pacific API
0.5% 0.5%
Batumi LSMGO Delivered LGBUS00 LGBUS03 Georgia Mediterranean & Black Sea API Buenos Aires IFO380 Delivered B3BUE00 B3BUE03 Argentina South America Atlantic API
Beilun IFO380 Deliverd AMFAY00 AMFAY03 China East Asia API Buenos Aires LSMGO Delivered PBABR00 PBABR03 Argentina South America Atlantic Assessment
Beilun Marine Fuel Deliverd AMFBQ00 AMFBQ03 China East Asia API Buenos Aires Marine Fuel Delivered MFBAD00 MFBAD03 Argentina South America Atlantic Assessment
0.5% 0.5%
Beilun LSMGO Deliverd AMFDN00 AMFDN03 China East Asia API Busan IFO380 Delivered PUAGQ00 PUAGQ03 Korea (South) East Asia Assessment
Bejaia LSMGO Delivered LGBJA00 LGBJA03 Algeria Mediterranean & Black Sea API Busan MGO Delivered AAVBN00 AAVBN03 Korea (South) East Asia Assessment
Bejaia MGO Delivered MGBJA00 MGBJA03 Algeria Mediterranean & Black Sea API Busan LSMGO Delivered AAXYS00 AAXYS03 Korea (South) East Asia Assessment
Belem MGO Delivered MGRBE00 MGRBE03 Brazil South America Atlantic API Busan MDO Delivered MDPUS00 MDPUS03 Korea (South) East Asia Assessment
Belem Marine Fuel Delivered MFBLM00 MFBLM03 Brazil South America Atlantic API Busan Marine Fuel Delivered MFSKD00 MFSKD03 Korea (South) East Asia Assessment
0.5% 0.5%
Benoa LSMGO B35 Delivered AMFFF00 AMFFF03 Indonesia South East Asia API Callao LSMGO Delivered PBABW00 PBABW03 Peru South America Pacific Assessment
0.05% Callao Marine Fuel Delivered AMFCA00 AMFCA03 Peru South America Pacific Assessment
Bergen LSMGO Ex-Wharf LGBGO00 LGBGO03 Norway North & West Europe API 0.5%
Bergen MGO Ex-Wharf MGBGO00 MGBGO03 Norway North & West Europe API Campana LSMGO Delivered BGCPA00 BGCPA03 Argentina South America Atlantic API
Botany Bay AMFBQ00 Delivered B3BTB00 B3BTB03 Australia Pacific API Campana Marine Fuel Delivered MFCMP00 MFCMP03 Argentina South America Atlantic API
Botany Bay LSMGO Delivered LGBTB00 LGBTB03 Australia Pacific API 0.5%
Botany Bay MGO Delivered MGBTB00 MGBTB03 Australia Pacific API Canary Islands IFO380 Delivered PUAGW00 PUAGW03 Spain Africa Assessment
Botany Bay Marine Fuel Delivered MFBTN04 MFBTN03 Australia Pacific API Canary Islands MGO Delivered AARKM00 AARKM03 Spain Africa Assessment
0.5% Cape Town LMGO Ex-Wharf LGCPT00 LGCPT03 South Africa Africa API

© 2023 by S&P Global Inc. All rights reserved. 21


Specifications Guide Global Bunker Fuels: October 2023

Bunkerworld ports Bunkerworld ports


Port Name Grade Basis CODE Mavg Country Region Name Source Port Name Grade Basis CODE Mavg Country Region Name Source
Cape Town Marine Fuel Ex-Wharf MFCPT00 MFCPT03 South Africa Africa API Coronel LSMGO Delivered LGCNL00 LGCNL03 Chile South America Pacific API
0.5% Coronel Marine Fuel Delivered MFCNL00 MFCNL03 Chile South America Pacific API
Cartagena IFO380 Delivered AAJOA00 AAJOB00 Colombia US Gulf & Caribbean Assessment 0.5%
Cartagena LSMGO Delivered PBACW00 PBACW03 Colombia US Gulf & Caribbean Assessment Curaçao IFO380 Delivered B3CUR00 B3CUR03 Netherlands US Gulf & Caribbean API
Cartagena Marine Fuel Delivered MFCRD00 MFCRD03 Colombia US Gulf & Caribbean Assessment Antilles
0.5% Curaçao LSMGO Delivered LGCUR00 LGCUR03 Netherlands US Gulf & Caribbean API
Caofeidian Marine Fuel Delivered AMFAL00 AMFAL03 China East Asia API Antilles
0.5% Curaçao Marine Fuel Delivered MFCRC00 MFCRC03 Netherlands US Gulf & Caribbean API
Caofeidian LSMGO Delivered AMFAP00 AMFAP03 China East Asia API 0.5% Antilles
Ceuta IFO380 Delivered PUAEG00 PUAEG03 Spain Mediterranean & Black Sea Assessment Da Nang MGO Delivered MGDAD00 MGDAD03 Vietnam South East Asia API
Ceuta LSMGO Ex-Wharf AARSK00 AARSK03 Spain Mediterranean & Black Sea Assessment Da Nang LSMGO Delivered LGDAD00 LGDAD03 Vietnam South East Asia API
Changshu IFO380 Deliverd AMFAZ00 AMFAZ03 China East Asia API Dakar MGO Ex-Wharf POABP00 POABP03 Senegal Africa API
Changshu Marine Fuel Deliverd AMFBR00 AMFBR03 China East Asia API Dalian IFO380 Ex-Wharf B3DLC00 B3DLC03 China East Asia API
0.5% Dalian MGO Ex-Wharf MGDLC00 MGDLC03 China East Asia API
Changshu LSMGO Deliverd AMFDO00 AMFDO03 China East Asia API Dalian Marine Fuel Delivered MFDLN00 MFDLN03 China East Asia API
Charleston IFO380 Ex-Wharf AAMOE00 AAMOF00 USA North America Atlantic Assessment 0.5%
Charleston LSMGO Ex-Wharf AAWYP00 AAWYP03 USA North America Atlantic Assessment Dammam IFO380 Delivered B3DMN00 B3DMN03 Saudi Arabia Middle East API
Chittagong IFO380 Delivered B3CGP00 B3CGP03 Bangladesh South Asia API Dammam MGO Delivered MGDMN00 MGDMN03 Saudi Arabia Middle East API
Chittagong MGO Delivered MGCGP00 MGCGP03 Bangladesh South Asia API Dammam Marine Fuel Delivered BFDMM00 BFDMM03 Saudi Arabia Middle East API
Chittagong Marine Fuel Delivered MFCHT00 MFCHT03 Bangladesh South Asia API 0.5%
0.5% Dampier MGO Delivered AMFAW00 AMFAW03 Australia Pacific API
Chiwan LSMGO Delivered AMFAS00 AMFAS03 China East Asia API Darwin LSMGO Delivered LGDRW00 LGDRW03 Australia Pacific API
Chiwan Marine Fuel Delivered AMFBB00 AMFBB03 China East Asia API Djibouti IFO380 Delivered B3JIB00 B3JIB03 Djibouti Africa API
0.5% Djibouti LSMGO Delivered LGJIB00 LGJIB03 Djibouti Africa API
Chennai Marine Fuel Delivered AMFAG00 AMFAG03 India South Asia API Djibouti Marine Fuel Delivered MFDJB00 MFDJB03 Djibouti Africa API
0.5% 0.5%
Chennai MGO Delivered AMFAC00 AMFAC03 India South Asia API Delfzijl MGO Delivered MGDZL00 MGDZL03 Netherlands North & West Europe API
Colombo IFO380 Delivered B3CMB00 B3CMB03 Sri Lanka South Asia API Delfzijl LSMGO Delivered LGDZL00 LGDZL03 Netherlands North & West Europe API
Colombo MGO Delivered AARKK00 AARKK03 Sri Lanka South Asia Assessment Dongjiakou IFO380 Deliverd AMFDX00 AMFDX03 China East Asia
Colombo LSMGO Delivered MGDCL00 MGDCL03 Sri Lanka South Asia Assessment Dongjiakou Marine Fuel Deliverd AMFBV00 AMFBV03 China East Asia
Colombo Marine Fuel Delivered MFDCL00 MFDCL03 Sri Lanka South Asia API 0.5%
0.5% Dongjiakou LSMGO Deliverd AMFDS00 AMFDS03 China East Asia
Colonia MGO Deliverd MGCLN00 MGCLN03 Uruguay South America Atlantic API Dubai LSMGO Delivered LGDXB00 LGDXB03 UAE Middle East API
Constantza LSMGO Ex-Wharf LGCND00 LGCND03 Romania Mediterranean & Black Sea API Dubai Marine Fuel Delivered MFDXB00 MFDXB03 UAE Middle East API
Constantza Marine Fuel Ex-Wharf MFCON00 MFCON03 Romania Mediterranean & Black Sea API 0.5%
0.5% Dunkirk IFO380 Delivered PUAEL00 PUAEL03 France North & West Europe Assessment
Coronel IFO380 Delivered B3CNL00 B3CNL03 Chile South America Pacific API Dunkirk LSMGO Delivered POABT00 POABT03 France North & West Europe Assessment

© 2023 by S&P Global Inc. All rights reserved. 22


Specifications Guide Global Bunker Fuels: October 2023

Bunkerworld ports Bunkerworld ports


Port Name Grade Basis CODE Mavg Country Region Name Source Port Name Grade Basis CODE Mavg Country Region Name Source
Durban MGO Delivered PUAGY00 PUAGY03 South Africa Africa Assessment Fuglafjordur LSMGO Delivered LGFUG00 LGFUG03 Faroe Islands North & West Europe API
Durban Marine Fuel Delivered MFDBD00 MFDBD03 South Africa Africa Assessment Fuglafjordur Marine Fuel Delivered MFFUG04 MFFUG03 Faroe Islands North & West Europe API
0.5% 0.5%
Duqum LSMGO Delivered AMFDV00 AMFDV03 Oman Middle East API Fuzhou LSMGO Deliverd AMFAQ00 AMFAQ03 China East Asia
Eemshaven MGO Delivered MGEEM00 MGEEM03 Netherlands North & West Europe API Fuzhou Marine Fuel Deliverd AMFAM00 AMFAM03 China East Asia
Eemshaven LSMGO Delivered LGEEM00 LGEEM03 Netherlands North & West Europe API 0.5%
El Guamache IFO380 Delivered B3EGU00 B3EGU03 Venezuela US Gulf & Caribbean API Gdansk LSMGO Delivered AARSP00 AARSP03 Poland North & West Europe Assessment
El Guamache MGO Delivered MGEGU00 MGEGU03 Venezuela US Gulf & Caribbean API Gdynia LSMGO Delivered LGGDY00 LGGDY03 Poland North & West Europe API
Falmouth IFO380 Delivered B3FAL00 B3FAL03 UK North & West Europe API Gydnia Marine Fuel Delivered MFGDY00 MFGDY03 Poland North & West Europe API
Falmouth LSMGO Delivered LGFAL00 LGFAL03 UK North & West Europe API 0.5%
Falmouth MGO Delivered MGFAL00 MGFAL03 UK North & West Europe API Genoa IFO380 Ex-Wharf PUAFD00 PUAFD03 Italy Mediterranean & Black Sea Assessment
Falmouth Marine Fuel Delivered MFFLM04 MFFLM03 UK North & West Europe API Genoa LSMGO Ex-Wharf PBABK00 PBABK03 Italy Mediterranean & Black Sea Assessment
0.5% Genoa Marine Fuel Ex-Wharf MFGEN00 MFGEN03 Italy Mediterranean & Black Sea Assessment
Fangcheng LSMGO Delivered AMFDC00 AMFDC03 China East Asia API 0.5%
Fangcheng Marine Fuel Ex-Wharf AMFBG00 AMFBG03 China East Asia API Geraldton MGO Delivered AMFAU00 AMFAU03 Australia Pacific
0.5% Ghent IFO380 Delivered B3GNE00 B3GNE03 Belgium North & West Europe API
Flushing IFO380 Delivered B3VLI00 B3VLI03 Netherlands North & West Europe API Ghent LSMGO Delivered LGGNE00 LGGNE03 Belgium North & West Europe API
Flushing MGO Delivered MGVLI00 MGVLI03 Netherlands North & West Europe API Ghent Marine Fuel Delivered MFGNT00 MFGNT03 Belgium North & West Europe API
Flushing LSMGO Delivered LGVLI00 LGVLI03 Netherlands North & West Europe API 0.5%
Flushing Marine Fuel Delivered MFFLS00 MFFLS03 Netherlands North & West Europe API Gibraltar IFO380 Delivered AAKAB00 AAKAC00 Gibraltar Mediterranean & Black Sea Assessment
0.5% Gibraltar LSMGO Delivered AARSU00 AARSU03 Gibraltar Mediterranean & Black Sea Assessment
Fortaleza MGO Delivered MGFOR00 MGFOR03 Brazil South America Atlantic API Gibralter Marine Fuel Delivered MFGBD00 MFGBD03 Gibraltar Mediterranean & Black Sea Assessment
Fortaleza Marine Fuel Delivered MFFTZ00 MFFTZ03 Brazil South America Atlantic API 0.5%
0.5% Gladstone IFO380 Delivered B3GLT00 B3GLT03 Australia Pacific API
Fray Bentos MGO Delivered MGFZB00 MGFZB03 Uruguay South America Atlantic API Gladstone LSMGO Delivered LGGLT00 LGGLT03 Australia Pacific API
Fremantle IFO380 Ex-Wharf B3FRE00 B3FRE03 Australia Pacific API Gladstone MGO Delivered MGGLT00 MGGLT03 Australia Pacific API
Fremantle LSMGO Ex-Wharf LGFRE00 LGFRE03 Australia Pacific API Gladstone Marine Fuel Delivered MFGLD00 MFGLD03 Australia Pacific API
Fremantle MGO Ex-Wharf MGFRE00 MGFRE03 Australia Pacific API 0.5%
Fremantle Marine Fuel Ex-Wharf MFFRM00 MFFRM03 Australia Pacific API Gothenburg IFO380 Delivered AAVVX00 AAVVX03 Sweden North & West Europe Assessment
0.5% Gothenburg LSMGO Delivered AAVWC00 AAVWC03 Sweden North & West Europe Assessment
Frenchh Med IFO380 Delivered PUAEO00 PUAEO03 France North & West Europe Assessment Gothenburg Marine Fuel Delivered MFDGT00 MFDGT03 Sweden North & West Europe Assessment
Frenchh Med LSMGO Ex-Wharf POABX00 POABX03 France North & West Europe Assessment 0.5%
Fujairah IFO380 Delivered PUAXP00 PUAXP03 UAE Middle East Assessment Gothenburg ULSFO Delivered UFGOT00 UFGOT03 Sweden North & West Europe API
Fujairah MGO Delivered AARKH00 AARKH03 UAE Middle East Assessment Great Belt IFO380 Delivered B3GBT00 B3GBT03 Denmark North & West Europe API
Fujairah LSMGO Delivered AAXYP00 AAXYP03 UAE Middle East Assessment Great Belt MGO Delivered MGGBT00 MGGBT03 Denmark North & West Europe API
Fujairah Marine Fuel Delivered MFFJD00 MFFJD03 UAE Middle East Assessment Great Belt LSMGO Delivered LGGBT00 LGGBT03 Denmark North & West Europe API
0.5%

© 2023 by S&P Global Inc. All rights reserved. 23


Specifications Guide Global Bunker Fuels: October 2023

Bunkerworld ports Bunkerworld ports


Port Name Grade Basis CODE Mavg Country Region Name Source Port Name Grade Basis CODE Mavg Country Region Name Source
Great Belt Marine Fuel Delivered MFGBT00 MFGBT03 Denmark North & West Europe API Ho Chi Minh MGO Delivered MGSGN00 MGSGN03 Vietnam South East Asia API
0.5% City
Guangzhou MGO Ex-Wharf MGCAN00 MGCAN03 China East Asia API Ho Chi Minh LSMGO Delivered LGSGN00 LGSGN03 Vietnam South East Asia API
Guangzhou LSMGO Ex-Wharf BGXSA00 BGXSA03 China East Asia API City
Guangzhou Marine Fuel Ex-Wharf MFGNZ00 MFGNZ03 China East Asia API Ho Chi Minh Marine Fuel Delivered MFHCM00 MFHCM03 Vietnam South East Asia API
0.5% City 0.5%
Guaranao Bay IFO380 Delivered B3GUB00 B3GUB03 Venezuela US Gulf & Caribbean API Hong Kong IFO380 Delivered PUAER00 PUAER03 China East Asia Assessment
Guaranao Bay MGO Delivered MGGUB00 MGGUB03 Venezuela US Gulf & Caribbean API Hong Kong LSMGO Delivered AAXYQ00 AAXYQ03 China East Asia Assessment
Guayaquil IFO380 Delivered AAJOC00 AAJOD00 Ecuador South America Pacific Assessment Hong Kong MDO Delivered MDHOK00 MDHOK03 China East Asia Assessment
Guayaquil LSMGO Delivered AAJOG00 AAJOH00 Ecuador South America Pacific Assessment Hong Kong Marine Fuel Delivered MFHKD00 MFHKD03 China East Asia Assessment
Guayaquil Marine Fuel Delivered AMFGY00 AMFGY03 Ecuador South America Pacific Assessment 0.5%
0.5% Houston IFO380 Ex-Wharf PUAES00 AAGPF00 USA US Gulf & Caribbean Assessment
Guiria IFO380 Delivered B3GUI00 B3GUI03 Venezuela US Gulf & Caribbean API Houston LSMGO Ex-Wharf AAWYQ00 AAWYQ03 USA US Gulf & Caribbean Assessment
Guiria MGO Delivered MGGUI00 MGGUI03 Venezuela US Gulf & Caribbean API Houston Marine Fuel Delivered MFHOD00 MFHOD03 USA US Gulf & Caribbean Assessment
Haldia Marine Fuel Delivered AMFAI00 AMFAI03 India South Asia API 0.5%
0.5% Houston Marine Fuel Ex-Wharf MFHOE00 MFHOE03 USA US Gulf & Caribbean Assessment
Haldia LSMGO Delivered AMFAB00 AMFAB03 India South Asia API 0.5%
Haiphong MGO Delivered MGHPH00 MGHPH03 Vietnam South East Asia API Hualien MGO Delivered CBGAM00 Taiwan East Asia API
Haiphong LSMGO Delivered LGHPH00 LGHPH03 Vietnam South East Asia API Hualien Marine Fuel Delivered CB1AU00 Taiwan East Asia API
Haiphong Marine Fuel Delivered MFHPG00 MFHPG03 Vietnam South East Asia API 0.5%
0.5% Huangpu MGO Ex-Wharf MGHUA00 MGHUA03 China East Asia API
Hambantota LSMGO Delivered BGHBA00 BGHBA03 Sri Lanka South East Asia API Huangpu LSMGO Ex-Wharf BGHUA00 BGHUA03 China East Asia API
Hambantota Marine Fuel Delivered BFHBA00 BFHBA03 Sri Lanka South East Asia API Huangpu Marine Fuel Ex-Wharf MFHNG00 MFHNG03 China East Asia API
0.5% 0.5%
Hamburg IFO380 Delivered PUAEQ00 PUAEQ03 Germany North & West Europe Assessment Huasco LSMGO Ex-Wharf LGHSO00 LGHSO03 Chile South America Pacific API
Hamburg LSMGO Delivered AARSZ00 AARSZ03 Germany North & West Europe Assessment Huanghua IFO380 Delivered AMFAD00 AMFAD03 China East Asia API
Hamburg Marine Fuel Delivered MFDHB00 MFDHB03 Germany North & West Europe Assessment Huanghua LSMGO Delivered AMFDM00 AMFDM03 China East Asia API
0.5% Ijmuiden IFO380 Delivered B3IJM00 B3IJM03 Netherlands North & West Europe API
Hammerfest LSMGO Delivered LGHFT00 LGHFT03 Norway North & West Europe API Ijmuiden MGO Delivered MGIJM00 MGIJM03 Netherlands North & West Europe API
Hammerfest MGO Delivered MGHFT00 MGHFT03 Norway North & West Europe API Ijmuiden LSMGO Delivered LGIJM00 LGIJM03 Netherlands North & West Europe API
Huanghua Marine Fuel Delivered AMFBP00 AMFBP03 China East Asia API Ijmuiden ULSFO Delivered UFIJM00 UFIJM03 Netherlands North & West Europe API
0.5% Ijmuiden Marine Fuel Delivered MFIJM00 MFIJM03 Netherlands North & West Europe API
Harlingen MGO Delivered MGHAR00 MGHAR03 Netherlands North & West Europe API 0.5%
Harlingen LSMGO Delivered LGHAR00 LGHAR03 Netherlands North & West Europe API Inchon IFO380 Delivered B3INC00 B3INC03 Korea (South) East Asia API
Helsinki LSMDO Delivered LDHEL00 LDHEL03 Finland North & West Europe API Inchon MGO Delivered MGINC00 MGINC03 Korea (South) East Asia API
Helsinki LSMGO Delivered LGHEL00 LGHEL03 Finland North & West Europe API Inchon Marine Fuel Delivered MFICH00 MFICH03 Korea (South) East Asia API
0.5%

© 2023 by S&P Global Inc. All rights reserved. 24


Specifications Guide Global Bunker Fuels: October 2023

Bunkerworld ports Bunkerworld ports


Port Name Grade Basis CODE Mavg Country Region Name Source Port Name Grade Basis CODE Mavg Country Region Name Source
Iquique LSMGO Delivered LGIQQ00 LGIQQ03 Chile South America Pacific API Kakinada Marine Fuel Delivered AMFBO00 AMFBO03 India South Asia API
Iskenderun LSMGO Delivered LGISK00 LGISK03 Turkey Mediterranean & Black Sea API 0.5%
Istanbul IFO380 Ex-Wharf PUAET00 PUAET03 Turkey Mediterranean & Black Sea Assessment Kakinada LSMGO Delivered AMFDL00 AMFDL03 India South Asia API
Istanbul LSMGO Ex-Wharf POACF00 POACF03 Turkey Mediterranean & Black Sea Assessment Kali Limenes LSMGO Delivered LGKLL00 LGKLL03 Greece Mediterranean & Black Sea API
Istanbul Marine Fuel Ex-Wharf MFDIS00 MFDIS03 Turkey Mediterranean & Black Sea Assessment Kali Limenes Marine Fuel Delivered MFLIM00 MFLIM03 Greece Mediterranean & Black Sea API
0.5% 0.5%
Itaqui MGO Delivered MGITQ00 MGITQ03 Brazil South America Atlantic API Kaliningrad LSMGO Delivered LGKGD00 LGKGD03 Russia North & West Europe API
Itaqui Marine Fuel Delivered MFITQ00 MFITQ03 Brazil South America Atlantic API Kaliningrad MGO Delivered MGKGD00 MGKGD03 Russia North & West Europe API
0.5% Kaliningrad Marine Fuel Delivered MFKLN00 MFKLN03 Russia North & West Europe API
Izmit IFO380 Ex-Wharf B3IZT00 B3IZT03 Turkey Mediterranean & Black Sea API 0.5%
Izmit LSMGO Ex-Wharf LGIZT00 LGIZT03 Turkey Mediterranean & Black Sea API Kaliningrad ULSFO Delivered UFKGD00 UFKGD03 Russia North & West Europe API
Izmit Marine Fuel Ex-Wharf MFIZM00 MFIZM03 Turkey Mediterranean & Black Sea API Kaohsiung MGO Delivered CBGAP00 Taiwan East Asia API
0.5% Kaohsiung IFO380 Delivered CB3AN00 Taiwan East Asia API
Jakarta MGO Delivered MGJKT00 MGJKT03 Indonesia South East Asia API Kaohsiung Marine Fuel Delivered CB1AR00 Taiwan East Asia API
Jakarta Marine Fuel Delivered MFJKT04 MFJKT03 Indonesia South East Asia API 0.5%
0.5% Kandla LSMGO Delivered BGIXY00 BGIXY03 India East Asia API
Jakarta LSMGO B35 Delivered AMFAF00 AMFAF03 Indonesia South East Asia API Kandla Marine Fuel Delivered BFIXY00 BFIXY03 India East Asia API
0.05% 0.5%
Jeddah IFO380 Delivered B3JED00 B3JED03 Saudi Arabia Middle East API Karachi LSMGO Ex-Wharf LGKHI00 LGKHI03 Pakistan South Asia API
Jeddah MGO Delivered MGJED00 MGJED03 Saudi Arabia Middle East API Karachi Marine Fuel Ex-Wharf MFKHI00 MFKHI03 Pakistan South Asia API
Jeddah Marine Fuel Delivered MFJDH00 MFJDH03 Saudi Arabia Middle East API 0.5%
0.5% Kashagan MGO Delivered MG42900 MG42903 Kazakhstan Mediterranean & Black Sea API
Jiangyin IFO380 Ex-Wharf B3JIA00 B3JIA03 China East Asia API Kavkaz IFO380 Delivered B3KZP00 B3KZP03 Russia Mediterranean & Black Sea API
Jiangyin MGO Ex-Wharf MGJIA00 MGJIA03 China East Asia API Kavkaz LSMGO Delivered LGKZP00 LGKZP03 Russia Mediterranean & Black Sea API
Jiangyin LSMGO Ex-Wharf LGJNG00 LGJNG03 China East Asia API Kavkaz Marine Fuel Delivered MFKVK00 MFKVK03 Russia Mediterranean & Black Sea API
Jiangyin Marine Fuel Ex-Wharf MFJNG00 MFJNG03 China Eea API 0.5%
0.5% Keelung MGO Delivered CBGAN00 Taiwan East Asia API
Jiantang MGO Delivered MGJTG00 MGJTG03 China Keelung Marine Fuel Delivered CB1AT00 Taiwan East Asia API
Jiantang LSMGO Delivered LGJTG00 LGJTG03 China 0.5%
Jiangtang Marine Fuel Delivered MFJTG00 MFJTG03 China Khor Fakkan IFO380 Delivered B3KLF00 B3KLF03 UAE Middle East API
0.5% Khor Fakkan MGO Delivered AARKI00 AARKI03 UAE Middle East Assessment
Jubail IFO380 Delivered B3JUB00 B3JUB03 Saudi Arabia Middle East API Khor Fakkan LSMGO Delivered MGDKF00 MGDKF03 UAE Middle East Assessment
Jubail MGO Delivered MGJUB00 MGJUB03 Saudi Arabia Middle East API Khor Fakkan Marine Fuel Delivered MFDKF00 MFDKF03 UAE Middle East Assessment
Jubail Marine Fuel Delivered MFJBL00 MFJBL03 Saudi Arabia Middle East API 0.5%
0.5% Khor Al Zubair IFO380 Delivered B3KAZ00 B3KAZ03 Iraq Middle East API
Khor Al Zubair LSMGO Delivered LGKAZ00 LGKAZ03 Iraq Middle East API

© 2023 by S&P Global Inc. All rights reserved. 25


Specifications Guide Global Bunker Fuels: October 2023

Bunkerworld ports Bunkerworld ports


Port Name Grade Basis CODE Mavg Country Region Name Source Port Name Grade Basis CODE Mavg Country Region Name Source
Khor Al Zubair Marine Fuel Delivered MFKAZ00 MFKAZ03 Iraq Middle East API Kuwait LSMGO Delivered MGDKW00 MGDKW03 Kuwait Middle East Assessment
0.5% Kuwait Marine Fuel Delivered MFDKW00 MFDKW03 Kuwait Middle East Assessment
Kingston IFO380 Delivered B3MKI00 B3MKI03 Jamaica US Gulf & Caribbean API 0.5%
Kingston LSMGO Delivered LGKIN00 LGKIN03 Jamaica US Gulf & Caribbean API Kwinana MGO Delivered MGUKW00 MGUKW03 Australia
Kingston Marine Fuel Delivered MFKNG00 MFKNG03 Jamaica US Gulf & Caribbean API Kwinana LSMGO Delivered LGUKW00 LGUKW03 Australia
0.5% Kwinana Marine Fuel Delivered MFKWN04 MFKWN03 Australia
Kirkenes MGO Delivered MGKKN00 MGKKN03 Norway North & West Europe API 0.5%
Kirkenes LSMGO Delivered LGKKN00 LGKKN03 Norway North & West Europe API La Guaira IFO380 Delivered B3LAG00 B3LAG03 Venezuela US Gulf & Caribbean API
Kobe IFO380 Delivered B3UKB00 B3UKB03 Japan East Asia API La Guaira MGO Delivered MGLAG00 MGLAG03 Venezuela US Gulf & Caribbean API
Kobe MDO Delivered MDUKB00 MDUKB03 Japan East Asia API La Libertad IFO380 Delivered PUAYT00 PUAYT03 Ecuador South America Pacific Assessment
Kobe Marine Fuel Delivered MDUKB00 MDUKB03 Japan East Asia API La Libertad LSMGO Delivered PBABY00 PBABY03 Ecuador South America Pacific Assessment
0.5% La Libertad Marine Fuel Delivered AMFLB00 AMFLB03 Ecuador South America Pacific Assessment
Koper MGO Delivered MGKOP00 MGKOP03 Slovenia Mediterranean & Black Sea API 0.5%
Koper LSMGO Delivered LGKOP00 LGKOP03 Slovenia Mediterranean & Black Sea API Lagos MGO Delivered MGLOS00 MGLOS03 Nigeria Africa API
Koper Marine Fuel Delivered MFKPR04 MFKPR03 Slovenia Mediterranean & Black Sea API Lanshan IFO380 Delivered B3LSN00 B3LSN03 China East Asia API
0.5% Lanshan MGO Delivered MGLSN00 MGLSN03 China East Asia API
Kochi IFO380 Ex-Wharf B3COK00 B3COK03 India South Asia API Lanshan LSMGO Delivered LGLSN00 LGLSN03 China East Asia API
Kochi LSMGO Ex-Wharf LGKCH00 LGKCH03 India South Asia API Lanshan Marine Fuel Delivered MFLSN00 MFLSN03 China East Asia API
Kochi Marine Fuel Ex-Wharf MFKCH00 MFKCH03 India South Asia API 0.5%
0.5% Lanqiao IFO380 Delivered AMFDY00 AMFDY03 China East Asia API
Kotka LSMDO Delivered LDKTK00 LDKTK03 Finland North & West Europe API Lanqiao LSMGO Delivered AMFDT00 AMFDT03 China East Asia API
Kotka MGO Delivered LGKTK00 LGKTK03 Finland North & West Europe API Lanqiao Marine Fuel Delivered AMFBW00 AMFBW03 China East Asia API
Ko Sichang MGO Delivered MGKSI00 MGKSI03 Bangkok South East Asia API 0.5%
Ko Sichang Marine Fuel Delivered MFSCH04 MFSCH03 Bangkok South East Asia API Las Palmas IFO380 Delivered PUAFB00 PUAFB03 Spain North & West Europe Assessment
0.5% Las Palmas Marine Fuel Delivered MFDLP00 MFDLP03 Spain North & West Europe Assessment
Kronshtadt LSMGO Delivered LGKDT00 LGKDT03 Russia North & West Europe API 0.5%
Kronshtadt ULSFO Delivered BUKRN00 BUKRN03 Russia North & West Europe API Liangyungang IFO380 Ex-Wharf B3LYG00 B3LYG03 China East Asia API
Kronshtadt Marine Fuel Delivered MFKRN00 MFKRN03 Russia North & West Europe API Liangyungang MGO Ex-Wharf MGLYG00 MGLYG03 China East Asia API
0.5% Liangyungang LSMGO Ex-Wharf LGLIU00 LGLIU03 China East Asia API
Kozmino IFO380 Delivered B344300 B344303 Russia East Asia API Liangyungang Marine Fuel Ex-Wharf MFLIU00 MFLIU03 China East Asia API
Kozmino MGO Delivered MG44300 MG44303 Russia East Asia API 0.5%
Kozmino Marine Fuel Delivered MFKOZ00 MFKOZ03 Russia East Asia API Lirquen IFO380 Delivered B3LQN00 B3LQN03 Chile South America Pacific API
0.5% Lirquen LSMGO Delivered LGLQN00 LGLQN03 Chile South America Pacific API
Kulevi LSMGO Delivered LG21600 LG21603 Georgia Mediterranean & Black Sea API Lirquen Marine Fuel Delivered MFLRQ00 MFLRQ03 Chile South America Pacific API
Kuwait IFO380 Delivered B3WKW00 B3WKW03 Kuwait Middle East API 0.5%
Kuwait MGO Delivered AAXCV00 AAXCV03 Kuwait Middle East Assessment Lisbon LSMGO Ex-Wharf LGLIS00 LGLIS03 Portugal North & West Europe API

© 2023 by S&P Global Inc. All rights reserved. 26


Specifications Guide Global Bunker Fuels: October 2023

Bunkerworld ports Bunkerworld ports


Port Name Grade Basis CODE Mavg Country Region Name Source Port Name Grade Basis CODE Mavg Country Region Name Source
Lisbon Marine Fuel Ex-Wharf MFLIS00 MFLIS03 Portugal North & West Europe API Mawei Marine Fuel Delivered AMFBI00 AMFBI03 China East Asia API
0.5% 0.5%
Lome IFO380 Delivered AAYJJ00 AAYJJ03 Togo Africa Assessment Mawei LSMGO Delivered AMFDE00 AMFDE03 China East Asia API
Lome MGO Delivered AAYJL00 AAYJL03 Togo Africa Assessment Mejillones LSMGO Delivered LGMJS00 LGMJS03 Chile South America Pacific API
Lome Marine Fuel Delivered MFLOM00 MFLOM03 Togo Africa Assessment Melbourne IFO380 Delivered B3MEL00 B3MEL03 Australia Pacific API
0.5% Melbourne MGO Delivered AARKG00 AARKG03 Australia Pacific Assessment
Long Beach IFO380 Delivered B3LGB00 B3LGB03 United States North America Pacific API Melbourne LSMGO Delivered MGDMB00 MGDMB03 Australia Pacific Assessment
Long Beach MGO Delivered MGLGB00 MGLGB03 United States North America Pacific API Melbourne Marine Fuel Delivered MFDMB00 MFDMB00 Australia Pacific Assessment
Long Beach Marine Fuel Delivered BFLGB00 BFLGB03 United States North America Pacific API 0.5%
0.5% Mersin LSMGO Delivered LGMER00 LGMER03 Turkey Mediterranean & Black Sea API
Los Angeles IFO380 Ex-Wharf PBAAP00 AAGPO00 USA North America Pacific Assessment Mindelo MGO Delivered MGMIN00 MGMIN03 Cape Verde Africa API
Los Angeles LSMGO Ex-Wharf AAWYR00 AAWYR03 USA North America Pacific Assessment Islands
Los Angeles Marine Fuel Delivered MFLAD00 MFLAD03 USA North America Pacific Assessment Mindelo Marine Fuel Delivered BFMIN04 BFMIN03 Cape Verde Africa API
0.5% 0.5% Islands
Maceio MGO Delivered MGMCZ00 MGMCZ03 Brazil South America Atlantic API Mombasa MGO Delivered MGMBA00 MGMBA03 Kenya Africa API
Machong Marine Fuel Delivered AMFBC00 AMFBC03 China East Asia API Mombasa IFO380 Delivered B3MBA00 B3MBA03 Kenya Africa API
0.5% Mombasa Marine Fuel Delivered MFMMB00 MFMMB03 Kenya Africa API
Machong LSMGO Delivered AMFBY00 AMFBY03 China East Asia API 0.5%
Madre de Deus MGO Ex-Wharf MGMDD00 MGMDD03 Brazil South America Atlantic API Montevideo LSMGO Delivered PBADA00 PBADA03 Uruguay South America Atlantic API
Madre de Deus Marine Fuel Delivered MFMDD00 MFMDD03 Brazil South America Atlantic API Montevideo Marine Fuel Delivered AMFMT00 AMFMT03 Uruguay South America Atlantic API
0.5% 0.5%
Manaus MGO Delivered MGMAO00 MGMAO03 Brazil South America Atlantic API Montreal IFO380 Ex-Wharf PUAFE00 AAGPX00 Canada North America Atlantic Assessment
Manaus Marine Fuel Delivered MFMNS00 MFMNS03 Brazil South America Atlantic API Montreal LSMGO Ex-Wharf AAWYS00 AAWYS03 Canada North America Atlantic Assessment
0.5% Montreal Marine Fuel Delivered AMFMO00 AMFMO03 Canada North America Atlantic Assessment
Manila IFO380 Delivered B3MNL00 B3MNL03 Philippines South East Asia API 0.5%
Manila MGO Delivered MGMNL00 MGMNL03 Philippines South East Asia API Muchke Bay IFO380 Delivered B346200 B346203 Russia East Asia API
Manila LSMGO Delivered LGMNL04 LGMNL03 Philippines South East Asia API Muchke Bay MGO Delivered MG46200 MG46203 Russia East Asia API
Manila Marine Fuel Delivered MFMNL04 MFMNL03 Philippines South East Asia API Muchke Bay Marine Fuel Delivered MFMCB00 MFMCB03 Russia East Asia API
0.5% 0.5%
Maracaibo IFO380 Ex-Wharf B3MAR00 B3MAR03 Venezuela US Gulf & Caribbean API Mumbai IFO380 Delivered B3BOM00 B3BOM03 India South Asia API
Maracaibo MGO Ex-Wharf MGEMA00 MGEMA03 Venezuela US Gulf & Caribbean API Mumbai MGO Delivered AASSI00 AASSI03 India South Asia Assessment
Marsden Point IFO380 Delivered B3MAP00 B3MAP03 New Zealand Pacific Assessment Mumbai LSMGO Delivered MGDMM00 MGDMM03 India South Asia Assessment
Marsden Point MGO Delivered MGMAP00 MGMAP03 New Zealand Pacific Assessment Mumbai Marine Fuel Delivered MFDMB00 MFDMM03 India South Asia API
Marsden Point LSMGO Delivered LGMAP00 LGMAP03 New Zealand Pacific Assessment 0.5%
Maputo MGO Delivered MGMPM00 MGMPM03 Mozambique Africa API Murmansk LSMGO Delivered LGMMK00 LGMMK03 Russia North & West Europe API
Murmansk MGO Delivered MGMMK00 MGMMK03 Russia North & West Europe API

© 2023 by S&P Global Inc. All rights reserved. 27


Specifications Guide Global Bunker Fuels: October 2023

Bunkerworld ports Bunkerworld ports


Port Name Grade Basis CODE Mavg Country Region Name Source Port Name Grade Basis CODE Mavg Country Region Name Source
Murmansk ULSFO Delivered UFMMK00 UFMMK03 Russia North & West Europe API New Orleans IFO380 Ex-Wharf PUAFH00 AAGQG00 USA US Gulf & Caribbean Assessment
Murmansk Marine Fuel Delivered MFMMK00 MFMMK03 Russia North & West Europe API New Orleans LSMGO Ex-Wharf AAWYT00 AAWYT03 USA US Gulf & Caribbean Assessment
0.5% New Orleans Marine Fuel Delivered MFNOD00 MFNOD03 USA US Gulf & Caribbean Assessment
Muscat MGO Delivered MGMCT00 MGMCT03 Oman Middle East API 0.5%
Mundra IFO380 Delivered B3MUN00 B3MUN03 India South Asia API New York IFO380 Ex-Wharf PUAFI00 PUAFI00 USA North America Atlantic Assessment
Mundra LSMGO Delivered LGMUN00 LGMUN03 India South Asia API New York IFO380 Delivered AAGQN00 AAGQO00 USA North America Atlantic Assessment
Mundra Marine Fuel Delivered MFMND00 MFMND03 India South Asia API New York LSMGO Ex-Wharf AAWYU00 AAWYU03 USA North America Atlantic Assessment
0.5% New York Marine Fuel Ex-Wharf MFNYE00 MFNYE00 USA North America Atlantic Assessment
Muuga IFO380 Delivered B3MUU00 B3MUU03 Estonia North & West Europe API 0.5%
Muuga LSMGO Delivered LGMUU00 LGMUU03 Estonia North & West Europe API New York Marine Fuel Delivered MFNYD00 MFNYD03 USA North America Atlantic Assessment
Muuga MGO Delivered MGMUU00 MGMUU03 Estonia North & West Europe API 0.5%
Muuga ULSFO Delivered UFMUU00 UFMUU03 Estonia North & West Europe API Nieuw Nickerie LSMGO Ex-Wharf LGICK00 LGICK03 Suriname South America Atlantic API
Muuga Marine Fuel Delivered MFMUU00 MFMUU03 Estonia North & West Europe API Nieuw Nickerie Marine Fuel Ex-Wharf MFNNK00 MFNNK03 Suriname South America Atlantic API
0.5% 0.5%
Nakhodka IFO380 Delivered B3NJK00 B3NJK03 Russia East Asia API Ningbo IFO380 Ex-Wharf B3NGB00 B3NGB03 China East Asia API
Nakhodka MGO Delivered MGNJK00 MGNJK03 Russia East Asia API Ningbo MGO Ex-Wharf MGNGB00 MGNGB03 China East Asia API
Nahodka Marine Fuel Delivered MFNKD00 MFNKD03 Russia East Asia API Ningbo LSMGO Ex-Wharf LGNGB00 LGNGB03 China East Asia API
0.5% Ningbo Marine Fuel Ex-Wharf MFNGB00 MFNGB03 China East Asia API
Nanjing IFO380 Ex-Wharf B3NKG00 B3NKG03 China East Asia API 0.5%
Nanjing MGO Ex-Wharf MGNKG00 MGNKG03 China East Asia API Ningde Marine Fuel Delivered AMFBJ00 AMFBJ03 China East Asia API
Nanjing LSMGO Ex-Wharf LGNNJ00 LGNNJ03 China East Asia API 0.5%
Nanjing Marine Fuel Ex-Wharf MFNNJ00 MFNNJ03 China East Asia API Ningde LSMGO Delivered AMFDG00 AMFDG03 China East Asia API
0.5% Niterói MGO Delivered MGNTR00 MGNTR03 Brazil South America Atlantic API
Nansha Marine Fuel Delivered AMFBA00 AMFBA03 China East Asia API Niterói Marine Fuel Delivered MFNTR00 MFNTR03 Brazil South America Atlantic API
0.5% 0.5%
Nansha LSMGO Delivered AMFAR00 AMFAR03 China East Asia API Norfolk VA IFO380 Ex-Wharf PUAFG00 PUAFG00 USA North America Atlantic Assessment
Nantong IFO380 Ex-Wharf B3NTG00 B3NTG03 China East Asia API Norfolk VA LSMGO Ex-Wharf AAWYV00 AAWYV03 USA North America Atlantic Assessment
Nantong MGO Ex-Wharf MGNTG00 MGNTG03 China East Asia API Nouadhibou MGO Delivered MGNDB00 MGNDB03 Mauritania Africa API
Nantong LSMGO Ex-Wharf LGNTG00 LGNTG03 China East Asia API Nouadhibou Marine Fuel Delivered MFNDH04 MFNDH03 Mauritania Africa API
Nantong Marine Fuel Ex-Wharf MFNTG00 MFNTG03 China East Asia API 0.5%
0.5% Novorossiysk IFO380 Delivered AASHF00 AASHF03 Russia Mediterranean & Black Sea Assessment
Nantong IFO380 Delivered AMFBF00 AMFBF03 China East Asia API Novorossiysk LSMGO Delivered AASHG00 AASHG03 Russia Mediterranean & Black Sea Assessment
Taicang Novorossiysk Marine Fuel Delivered MFDNV00 MFDNV03 Russia Mediterranean & Black Sea Assessment
Nantong Marine Fuel Delivered AMFBS00 AMFBS03 China East Asia API 0.5%
Taicang 0.5% Nueva Palmira MGO Delivered MGNVP00 MGNVP03 Uruguay South America Atlantic API
Nantong LSMGO Delivered AMFDP00 AMFDP03 China East Asia API Odessa LSMGO Delivered LGODS00 LGODS03 Ukraine Mediterranean & Black Sea API
Taicang

© 2023 by S&P Global Inc. All rights reserved. 28


Specifications Guide Global Bunker Fuels: October 2023

Bunkerworld ports Bunkerworld ports


Port Name Grade Basis CODE Mavg Country Region Name Source Port Name Grade Basis CODE Mavg Country Region Name Source
Odessa Marine Fuel Delivered BFODS04 BFODS03 Ukraine Mediterranean & Black Sea API Paranam LSMGO Ex-Wharf LGPRM00 LGPRM03 Suriname South America Atlantic API
0.5% Papeete MGO Delivered MGPPT00 MGPPT03 French Pacific
Off- Angola MGO Delivered MG11200 MG11203 Angola Africa API Polynesia
Off- Angola Marine Fuel Delivered MFANG00 MFANG03 Angola Africa API Papeete LSMGO Delivered LGPPT00 LGPPT03 French Pacific
0.5% Polynesia
Off- Congo, MGO Delivered MG26500 MG26503 Congo Africa API Paysandu MGO Delivered MGPSN00 MGPSN03 French Pacific API
D.R. of Polynesia
Off- Congo, Marine Fuel Delivered MFDRC00 MFDRC03 Congo Africa API Paranam Marine Fuel Ex-Wharf MFPRN00 MFPRN03 Suriname South America Atlantic API
D.R. of 0.5% 0.5%
Off- Ghana MGO Delivered MGH9900 MGH9903 Ghana Africa API Penang IFO380 Delivered B3PEN00 B3PEN03 Malaysia South East Asia API
Off- Ghana Marine Fuel Delivered MFGHN00 MFGHN03 Ghana Africa API Penang MGO Delivered MGPEN00 MGPEN03 Malaysia South East Asia API
0.5% Penang Marine Fuel Delivered MFPNG04 MFPNG03 Malaysia South East Asia API
Off- Malta IFO380 Delivered PUBFH00 PUBFH03 Malta Mediterranean & Black Sea Assessment 0.5%
Off- Malta LSMGO Delivered PBADH00 PBADH03 Malta Mediterranean & Black Sea Assessment Putian LSMGO Delivered AMFDH00 AMFDH03 China East Asia API
Off- Malta Marine Fuel Delivered MFMLD00 MFMLD03 Malta Mediterranean & Black Sea Assessment Putian Marine Fuel Delivered AMFBK00 AMFBK03 China East Asia API
0.5% 0.5%
Off- Nigeria IFO380 Delivered PUAGU00 PUAGU03 Nigeria Africa Assessment Mailiao MGO Delivered MGMAL00 MGMAL03 Taiwan East Asia API
Off- Nigeria MGO Delivered AARKL00 AARKL03 Nigeria Africa Assessment Mailiao Marine Fuel Delivered MFMLO04 MFMLO03 Taiwan East Asia API
Off-Abidjan MGO Delivered MGI1200 MGI1203 Ivory Coast Africa API 0.5%
Off-Abidjan Marine Fuel Delivered MFABD00 MFABD03 Ivory Coast Africa API Philadelphia IFO380 Ex-Wharf PUAFJ00 AAGRH00 USA North America Atlantic Assessment
0.5% Philadelphia LSMGO Ex-Wharf AAWYW00 AAWYW03 USA North America Atlantic Assessment
Oran LSMGO Ex-Wharf LGORN00 LGORN03 Algeria Mediterranean & Black Sea API Philadelphia Marine Fuel Delivered MFPAD00 MFPAD03 USA North America Atlantic Assessment
Oran MGO Ex-Wharf MGORN00 MGORN03 Algeria Mediterranean & Black Sea API 0.5%
Oran Marine Fuel Ex-Wharf MFORN00 MFORN03 Algeria Mediterranean & Black Sea API Piraeus IFO380 Ex-Wharf PUAFL00 PUAFL03 Greece Mediterranean & Black Sea Assessment
0.5% Piraeus LSMGO Ex-Wharf POADG00 POADG03 Greece Mediterranean & Black Sea Assessment
Panama Canal IFO380 Ex-Wharf AAXWG00 AAXWG03 Panama US Gulf & Caribbean Assessment Piraeus Marine Fuel Ex-Wharf MFPRD00 MFPRD03 Greece Mediterranean & Black Sea Assessment
Panama Canal LSMGO Ex-Wharf AAXWI00 AAXWI03 Panama US Gulf & Caribbean Assessment 0.5%
Panama Canal Marine Fuel Ex-Wharf MFBAE00 MFBAE03 Panama US Gulf & Caribbean Assessment Pointe Noire MGO Delivered MGPNR00 MGPNR03 Republic of Africa API
0.5% Congo
Paradip LMSGO Delivered AMFAN00 AMFAN03 India South East Asia API Pointe Noire Marine Fuel Delivered MFPTN04 MFPTN03 Republic of Africa API
Paramaribo LSMGO Ex-Wharf LGPBM00 LGPBM03 Suriname South America Atlantic API 0.5% Congo
Paramaribo Marine Fuel Ex-Wharf MFPRB00 MFPRB03 Suriname South America Atlantic API Port Elizabeth LSMGO Delivered LGPLZ00 LGPLZ03 South Africa Africa API
0.5% Port Elizabeth Marine Fuel Delivered MFPEZ00 MFPEZ03 South Africa Africa API
Paranagua MGO Delivered PBABS00 Brazil South America Atlantic Assessment 0.5%
Paranagua Marine Fuel Delivered PUAVA00 AMFAA03 Brazil South America Atlantic API Port Kembla IFO380 Delivered B3UPK00 B3UPK03 Australia Pacific API
0.5% Port Kembla LSMGO Delivered LGPKL00 LGPKL03 Australia Pacific API

© 2023 by S&P Global Inc. All rights reserved. 29


Specifications Guide Global Bunker Fuels: October 2023

Bunkerworld ports Bunkerworld ports


Port Name Grade Basis CODE Mavg Country Region Name Source Port Name Grade Basis CODE Mavg Country Region Name Source
Port Kembla MGO Delivered MGUPK00 MGUPK03 Australia Pacific API Primorsk LSMGO Delivered LGPRI00 LGPRI03 Russia North & West Europe API
Port Kembla Marine Fuel Delivered MFKMB04 MFKMB03 Australia Pacific API (Koivisto)
0.5% Primorsk MGO Delivered MGPRI00 MGPRI03 Russia North & West Europe API
Port Klang IFO380 Delivered B3YPK00 B3YPK03 Malaysia South East Asia API (Koivisto)
Port Klang MGO Delivered MGYPK00 MGYPK03 Malaysia South East Asia API Primorsk ULSFO Delivered UFPRI00 UFPRI03 Russia North & West Europe API
Port Klang Marine Fuel Delivered MFPKL04 MFPKL03 Malaysia South East Asia API (Koivisto)
0.5% Primorsk Marine Fuel Delivered MFPRM00 MFPRM03 Russia North & West Europe API
Port Louis LSMGO Ex-Wharf LGPLU00 LGPLU03 Mauritius Africa API (Koivisto) 0.5%
Port Louis Marine Fuel Ex-Wharf MFPTL00 MFPTL03 Mauritius Africa API Puerto Cabello IFO380 Ex-Wharf B3PBL00 B3PBL03 Venezuela US Gulf & Caribbean API
0.5% Puerto Cabello MGO Ex-Wharf MGPBL00 MGPBL03 Venezuela US Gulf & Caribbean API
Port Puerto la Cruz IFO380 Ex-Wharf B3PCZ00 B3PCZ03 Venezuela US Gulf & Caribbean API
Muhammed LSMGO Ex-Wharf LGBQM00 LGBQM03 Pakistan South Asia API Puerto la Cruz MGO Ex-Wharf MGPCZ00 MGPCZ03 Venezuela US Gulf & Caribbean API
Bin Qasim Punta Arenas LSMGO Delivered LGPUQ00 LGPUQ03 Chile South America Pacific API
Port Marine Fuel Rabigh IFO380 Delivered MFPTL00 MFPTL03 Saudi Arabia Middle East API
Muhammed 0.5% Ex-Wharf MFMBQ00 MFMBQ03 Pakistan South Asia API Rabigh MGO Delivered MGRAB00 MGRAB03 Saudi Arabia Middle East API
Bin Qasim Rabigh Marine Fuel Delivered MFRBG00 MFRBG03 Saudi Arabia Middle East API
Port Moresby MGO Delivered MGPOM00 MGPOM03 Papua New Asia API 0.5%
Guinea Suape Marine Fuel Delivered AMFAH00 AMFAH03 Brazil South America Atlantic
Port Moresby LSMGO Delivered LGPOM00 LGPOM03 Papua New Asia API 0.5%
Guinea Qingdao IFO380 Ex-Wharf B3TAO00 B3TAO03 China East Asia API
Port Victoria LSMGO Ex-Wharf LGPLU00 LGPLU03 Seychelles Africa API Qingdao MGO Ex-Wharf MGTAO00 MGTAO03 China East Asia API
Posyet IFO380 Delivered B328500 B328503 Russia API Qingdao LSMGO Ex-Wharf LGQGD00 LGQGD03 China East Asia API
Posyet MGO Delivered MG28500 MG28503 Russia Asia API Qingdao Marine Fuel Ex-Wharf MFQGD00 MFQGD03 China East Asia API
Posyet Marine Fuel Delivered MFPST00 MFPST03 Russia Asia API 0.5%
0.5% Qinhuangdao IFO380 Ex-Wharf B3SHP00 B3SHP03 China East Asia API
Poti LSMGO Delivered LGEPT00 LGEPT03 Georgia Mediterranean & Black Sea API Qinhuangdao MGO Ex-Wharf MGSHP00 MGSHP03 China East Asia API
Pori LSMDO Delivered LDPOR00 LDPOR03 Finland North & West Europe API Qinhuangdao LSMGO Ex-Wharf LGQHD00 LGQHD03 China East Asia API
Pori LSMGO Delivered LGPOR00 LGPOR03 Finland North & West Europe API Qinhuangdao Marine Fuel Ex-Wharf MFQHD00 MFQHD03 China East Asia API
Porvoo LSMGO Delivered LGPRV00 LGPRV03 Finland North & West Europe API 0.5%
Porvoo LSMDO Delivered BDPRV00 BDPRV03 Finland North & West Europe API Quintero IFO380 Delivered B3QTV00 B3QTV03 Chile South America Pacific API
Rauma LSDMO Delivered LDRAU00 LDRAU03 Finland North & West Europe API Quintero LSMGO Delivered LGQTV00 LGQTV03 Chile South America Pacific API
Rauma LSMGO Delivered LGRAU00 LGRAU03 Finland North & West Europe API Quintero Marine Fuel Delivered MFQNT00 MFQNT03 Chile South America Pacific API
Rousse LSMGO Delivered LGROU00 LGROU03 Bulgaria Mediterranean & Black Sea API 0.5%
Police LSMGO Delivered LGPLC00 LGPLC03 Poland North & West Europe API Ras Tanura IFO380 Delivered B3RTA00 B3RTA03 Saudi Arabia Middle East API
Police Marine Fuel Delivered MFPLC00 MFPLC03 Poland North & West Europe API Ras Tanura MGO Delivered MGRTA00 MGRTA03 Saudi Arabia Middle East API
0.5% Ras Tanura Marine Fuel Delivered BFRTA00 BFRTA03 Saudi Arabia Middle East API
0.5%

© 2023 by S&P Global Inc. All rights reserved. 30


Specifications Guide Global Bunker Fuels: October 2023

Bunkerworld ports Bunkerworld ports


Port Name Grade Basis CODE Mavg Country Region Name Source Port Name Grade Basis CODE Mavg Country Region Name Source
Richards Bay LSMGO Ex-Wharf LGRCB00 LGRCB03 South Africa Africa API San Vincente LSMGO Delivered LGSVE00 LGSVE03 Chile South America Pacific API
Richards Bay Marine Fuel Ex-Wharf MFRCB00 MFRCB03 South Africa Africa API San Vincente Marine Fuel Delivered MFVCN00 MFVCN03 Chile South America Pacific API
0.5% 0.5%
Riga LSMGO Delivered LGRIX00 LGRIX03 Latvia North & West Europe API Santa Marta LSMGO Delivered LGSMR00 LGSMR03 Colombia US Gulf & Caribbean API
Riga MGO Delivered MGRIX00 MGRIX03 Latvia North & West Europe API Santa Marta MGO Delivered MGSMR00 MGSMR03 Colombia US Gulf & Caribbean API
Riga ULSFO Delivered UFRIX00 UFRIX03 Latvia North & West Europe API Santa Marta Marine Fuel Delivered MFSMT04 MFSMT03 Colombia US Gulf & Caribbean API
Riga Marine Fuel Delivered BFRIX00 BFRIX03 Latvia North & West Europe API 0.5%
0.5% Santos IFO380 Delivered B3GES00 B3GES03 Brazil South America Atlantic API
Rio de Janeiro MGO Delivered PBABU00 Brazil South America Atlantic Assessment Santos MGO Delivered PBABT00 Brazil South America Atlantic Assessment
Rio de Janeiro Marine Fuel Delivered PUAVB00 Brazil South America Atlantic Assessment Santos Marine Fuel Delivered PUAVD00 MFSAD03 Brazil South America Atlantic Assessment
0.5% 0.5%
Rio Grande MGO Delivered MGRIG00 MGRIG03 Brazil South America Atlantic API Sao Sebastiao MGO Ex-Wharf MGSSO00 MGSSO03 Brazil South America Atlantic API
Rio Grande Marine Fuel Delivered MFGRN00 MFGRN03 Brazil South America Atlantic API Sao Sebastiao Marine Fuel Ex-Wharf MFSBS00 MFSBS03 Brazil South America Atlantic API
0.5% 0.5%
Rizhao IFO380 Delivered B3RZO00 B3RZO03 China East Asia API Savannah IFO380 Ex-Wharf AAXJR00 AAXJR03 USA North America Atlantic Assessment
Rizhao MGO Delivered MGRZO00 MGRZO03 China East Asia API Savannah MGO Ex-Wharf AAWZF00 AAWZF03 USA North America Atlantic Assessment
Rizhao LSMGO Delivered LGRZO00 LGRZO03 China East Asia API Seattle IFO380 Ex-Wharf PBABB00 AAGSI00 USA North America Pacific Assessment
Rizhao Marine Fuel Delivered MFRZO00 MFRZO03 China East Asia API Seattle LSMGO Ex-Wharf AAWZG00 AAWZG03 USA North America Pacific Assessment
0.5% Seattle Marine Fuel Delivered MFSED00 MFSED03 USA North America Pacific Assessment
Sines LNG Delivered AMFAE00 AMFAE03 Portugal North & West Europe API 0.5%
Rotterdam IFO380 Delivered PUAFN00 PUAFN03 Netherlands North & West Europe Assessment Setubal LSMGO Ex-Wharf LGSET00 LGSET03 Portugal North & West Europe API
Rotterdam LSMGO Delivered AARTG00 AARTG03 Netherlands North & West Europe Assessment Setubal MGO Ex-Wharf MGSET00 MGSET03 Portugal North & West Europe API
Rotterdam Marine Fuel Delivered MFRDD00 MFRDD03 Netherlands North & West Europe Assessment Setubal Marine Fuel Ex-Wharf MFSTB00 MFSTB03 Portugal North & West Europe API
0.5% 0.5%
Rotterdam ULSFO Delivered AARBF00 AARBF03 Netherlands North & West Europe API Shanghai IFO380 Delivered AARKD00 AARKD03 China East Asia Assessment
Salalah LSMGO Delivered AMFDW00 AMFDW03 Oman Middle East API Shanghai MGO Delivered AARKE00 AARKE00 China East Asia Assessment
Samsun LSMGO Delivered LGSSX00 LGSSX03 Turkey Mediterranean & Black Sea API Shanghai LSMGO Delivered AAXYR00 AAXYR03 China East Asia Assessment
San Antonio IFO380 Delivered B3SAI00 B3SAI03 Chile South America Pacific API Shanghai Marine Fuel Delivered MFSHD00 MFSHD03 China East Asia Assessment
San Antonio LSMGO Delivered LGSAI00 LGSAI03 Chile South America Pacific API 0.5%
San Antonio Marine Fuel Delivered MFSAT00 MFSAT03 Chile South America Pacific API Shekou LSMGO Delivered AMFDA00 AMFDA03 China East Asia API
0.5% Shekou Marine Fuel Delivered AMFBD00 AMFBD03 China East Asia API
San Francisco IFO380 Ex-Wharf PBADF00 AAGRZ00 USA North America Pacific Assessment 0.5%
San Francisco LSMGO Ex-Wharf AAWZE00 AAWZE03 USA North America Pacific Assessment Slavyanka IFO380 Delivered B388300 B388303 Russia
San Francisco Marine Fuel Delivered AMFSF00 AMFSF03 USA North America Pacific Assessment Slavyanka LSMGO Delivered LG88300 LG88303 Russia
0.5% Slavyanka Marine Fuel Delivered MFSLY00 MFSLY03 Russia
San Vincente IFO380 Delivered B3SVE00 B3SVE03 Chile South America Pacific API 0.5%

© 2023 by S&P Global Inc. All rights reserved. 31


Specifications Guide Global Bunker Fuels: October 2023

Bunkerworld ports Bunkerworld ports


Port Name Grade Basis CODE Mavg Country Region Name Source Port Name Grade Basis CODE Mavg Country Region Name Source
Sines LSMGO Ex-Wharf LGSIE00 LGSIE03 Portugal North & West Europe API Suez IFO380 Delivered B3SUZ00 B3SUZ03 Egypt Africa API
Sines MGO Ex-Wharf MGSIE00 MGSIE03 Portugal North & West Europe API Suez MGO Delivered MGSUZ00 MGSUZ03 Egypt Africa API
Sines Marine Fuel Ex-Wharf MFSIN00 MFSIN03 Portugal North & West Europe API Suez LSMGO Delivered LGSUZ00 LGSUZ03 Egypt Africa API
0.5% Suez Marine Fuel Delivered MFSUZ00 MFSUZ03 Egypt Africa API
Singapore IFO380 Delivered PUAFT00 PUAFT00 Singapore South East Asia Assessment 0.5%
Singapore MGO Delivered AALMZ00 AALNA00 Singapore South East Asia Assessment Surabaya MGO Delivered MGSUB00 MGSUB03 Indonesia South East Asia API
Singapore LSMGO Delivered AAXYO00 AAXYO03 Singapore South East Asia Assessment Surabaya Marine Fuel Delivered MFSRB04 MFSRB03 Indonesia South East Asia API
Singapore MDO Delivered MDSIN00 MDSIN03 Singapore South East Asia Assessment 0.5%
Singapore Marine Fuel Delivered MFSPD00 MFSPD03 Singapore South East Asia Assessment Surabaya LSMGO B35 Delivered AMFGF00 AMFGF03 Indonesia South East Asia API
0.5% 0.05%
Skagen IFO380 Delivered B3SKA00 B3SKA03 Denmark North & West Europe API Suva MGO Delivered MGSUV00 MGSUV03 Fiji South Pacific Ocean API
Skagen LSMGO Delivered LGSKA00 LGSKA03 Denmark North & West Europe API Suva LSMGO Delivered LGSUV00 LGSUV03 Fiji South Pacific Ocean API
Skagen MGO Delivered MGSKA00 MGSKA03 Denmark North & West Europe API Swinoujscie LSMGO Delivered LGSWI00 LGSWI03 Poland North & West Europe API
Skagen Marine Fuel Delivered MFSKG00 MFSKG03 Denmark North & West Europe API Swinoujscie Marine Fuel Delivered MFSWJ00 MFSWJ03 Poland North & West Europe API
0.5% 0.5%
Skagen ULSFO Delivered UFSKA00 UFSKA03 Denmark North & West Europe API Sydney MGO Delivered AARKF00 AARKF03 Australia Pacific Assessment
Skikda LSMGO Delivered LGSKI00 LGSKI03 Algeria Mediterranean & Black Sea API Sydney LSMGO Delivered MGDSY00 MGDSY03 Australia Pacific Assessment
Skikda MGO Delivered MGSKI00 MGSKI03 Algeria Mediterranean & Black Sea API Sydney Marine Fuel Delivered MFDSY00 MFDSY03 Australia Pacific Assessment
Sovetskaya IFO380 Delivered B3SOG00 B3SOG03 Russia East Asia API 0.5%
Gavan Szczecin LSMGO Delivered LGSZZ00 LGSZZ03 Poland North & West Europe API
Sovetskaya MGO Delivered MGSOG00 MGSOG03 Russia East Asia API Szczecin Marine Fuel Delivered MFSZC00 MFSZC03 Poland North & West Europe API
Gavan 0.5%
Sovetskaya Marine Fuel Delivered MFSVT00 MFSVT03 Russia East Asia API Taichung MGO Delivered CBGAQ00 Taiwan East Asia API
Gavan 0.5% Taichung Marine Fuel Delivered CB1AS00 Taiwan East Asia API
Sohar MGO Delivered BGSOH00 BGSOH03 Oman Middle East API 0.5%
Songxia LSMGO Delivered AMFDI00 AMFDI03 China East Asia API Taizhou IFO380 Delivered AMFCF00 AMFCF03 China East Asia API
Songxia Marine Fuel Delivered AMFBL00 AMFBL03 China East Asia API Taizhou Marine Fuel Delivered AMFBT00 AMFBT03 China East Asia API
0.5% 0.5%
St. Petersburg IFO380 Delivered AAHSU00 AAHSV00 Russia North & West Europe Assessment Taizhou LSMGO Delivered AMFDQ00 AMFDQ03 China East Asia API
St. Petersburg LSMGO Delivered AARTJ00 AARTJ03 Russia North & West Europe Assessment Talcahuano IFO380 Delivered B3TAL00 B3TAL03 Chile South America Pacific API
St. Petersburg Marine Fuel Delivered MFDPT00 MFDPT03 Russia North & West Europe Assessment Talcahuano LSMGO Delivered LGTAL00 LGTAL03 Chile South America Pacific API
0.5% Talcahuano Marine Fuel Delivered MFTLC00 MFTLC03 Chile South America Pacific API
St. Petersburg ULSFO Delivered ALMPA00 ALMPA03 Russia North & West Europe API 0.5%
St. Eustatius IFO380 Delivered B3EUX00 B3EUX03 Netherlands US Gulf & Caribbean API Tallinn IFO380 Delivered B3TLL00 B3TLL03 Estonia North & West Europe API
St. Eustatius LSMGO Delivered LGEUX00 LGEUX03 Netherlands US Gulf & Caribbean API Tallinn LSMGO Delivered LGTLL00 LGTLL03 Estonia North & West Europe API
St. Eustatius Marine Fuel Delivered MFSTE00 MFSTE03 Netherlands US Gulf & Caribbean API Tallinn MGO Delivered MGTLL00 MGTLL03 Estonia North & West Europe API
0.5%

© 2023 by S&P Global Inc. All rights reserved. 32


Specifications Guide Global Bunker Fuels: October 2023

Bunkerworld ports Bunkerworld ports


Port Name Grade Basis CODE Mavg Country Region Name Source Port Name Grade Basis CODE Mavg Country Region Name Source
Tallinn Marine Fuel Delivered MFTLN00 MFTLN03 Estonia North & West Europe API Trieste LSMGO Ex-Wharf LGTRS00 LGTRS03 Italy Mediterranean & Black Sea API
0.5% Trieste Marine Fuel Ex-Wharf MFTRS04 MFTRS03 Italy Mediterranean & Black Sea API
Tallinn ULSFO Delivered UFTLL00 UFTLL03 Estonia North & West Europe API 0.5%
Taman IFO380 Delivered B3UTA00 B3UTA03 Russia Mediterranean & Black Sea API Trinidad OPL LSMGO Delivered AMFDK00 AMFDK03 Trinidad and North Atlantic Ocean API
Taman LSMGO Delivered LGUTA00 LGUTA03 Russia Mediterranean & Black Sea API Tobago
Taman Marine Fuel Delivered MFTMN00 MFTMN03 Russia Mediterranean & Black Sea API Trinidad OPL Marine Fuel Delivered AMFBN00 AMFBN03 Trinidad and North Atlantic Ocean API
0.5% 0.5% Tobago
Tampa MGO Delivered MGTPA00 MGTPA03 United States US Gulf & Caribbean API Tromsø LSMGO Ex-Wharf LGTOS00 LGTOS03 Norway North & West Europe API
Tampa LSMGO Delivered LGTMP04 LGTMP03 United States US Gulf & Caribbean API Tromsø MGO Ex-Wharf MGTOS00 MGTOS03 Norway North & West Europe API
Tauranga IFO380 Delivered B3TRG00 B3TRG03 New Zealand Pacific API Tuapse IFO380 Delivered B3TUA00 B3TUA03 Russia Mediterranean & Black Sea API
Tauranga LSMGO Delivered LGTRG00 LGTRG03 New Zealand Pacific API Tuapse LSMGO Delivered LGTUA00 LGTUA03 Russia Mediterranean & Black Sea API
Tauranga MGO Delivered MGTRG00 MGTRG03 New Zealand Pacific API Tuapse Marine Fuel Delivered MFTUP00 MFTUP03 Russia Mediterranean & Black Sea API
Tauranga Marine Fuel Delivered MFTAU00 MFTAU03 New Zealand Pacific API 0.5%
0.5% Tubarao MGO Delivered MGTUB00 MGTUB03 Brazil South America Atlantic API
Tema MGO Delivered MGTEM00 MGTEM03 Ghana Africa API Tubarao Marine Fuel Delivered MFTBR00 MFTBR03 Brazil South America Atlantic API
Tema Marine Fuel Delivered MFTEM00 MFTEM03 Ghana Africa API 0.5%
0.5% Turku LSMDO Delivered LDTKU00 LDTKU03 Finland North & West Europe API
Terneuzen IFO380 Delivered B3TNZ00 B3TNZ03 Netherlands North & West Europe API Turku LSMGO Delivered LGTKU00 LGTKU03 Finland North & West Europe API
Terneuzen MGO Delivered MGTNZ00 MGTNZ03 Netherlands North & West Europe API Umm Qasr IFO380 Delivered B3UMQ00 B3UMQ03 Iraq
Terneuzen LSMGO Delivered LGTNZ00 LGTNZ03 Netherlands North & West Europe API Umm Qasr LSMGO Delivered LGUMQ00 LGUMQ03 Iraq
Terneuzen Marine Fuel Delivered MFTNZ00 MFTNZ03 Netherlands North & West Europe API Ust-Luga IFO380 Delivered B3ULG00 B3ULG03 Russia North & West Europe API
0.5% Ust-Luga LSMGO Delivered LGULG00 LGULG03 Russia North & West Europe API
Tianjin IFO380 Ex-Wharf B3TSN00 B3TSN03 China East Asia API Ust-Luga MGO Delivered MGULG00 MGULG03 Russia North & West Europe API
Tianjin MGO Ex-Wharf MGTSN00 MGTSN03 China East Asia API Ust-Luga Marine Fuel Delivered MFULG00 MFULG03 Russia North & West Europe API
Tianjin LSMGO Ex-Wharf LGTNJ00 LGTNJ03 China East Asia API 0.5%
Tianjin Marine Fuel Ex-Wharf MFTNJ00 MFTNJ03 China East Asia API Ust-Luga ULSFO Delivered UFULG00 UFULG03 Russia North & West Europe API
0.5% Valparaiso IFO380 Delivered PUAYR00 PUBDK03 Chile South America Pacific Assessment
Tocopilla LSMGO Delivered LGTOQ00 LGTOQ03 Chile South America Pacific API Valparaiso LSMGO Delivered PBABX00 PBABX03 Chile South America Pacific Assessment
Tokyo IFO380 Delivered PUAEV00 PUAEV03 Japan East Asia Assessment Valparaiso Marine Fuel Delivered AMFVA00 AMFVA03 Chile South America Pacific Assessment
Tokyo MDO Delivered POACI00 POACI03 Japan East Asia Assessment 0.5%
Tokyo Marine Fuel Delivered MFJPD00 MFJPD03 Japan East Asia Assessment Vancouver BC IFO380 Delivered AAJKU00 AAJKV00 Canada North America Pacific Assessment
0.5% Vancouver BC LSMGO Delivered AAWYM00 AAWYM03 Canada North America Pacific Assessment
Trabzon LSMGO Delivered LGTZX00 LGTZX03 Turkey Mediterranean & Black Sea API Vancouver BC LSMGO Ex-Wharf AAWZH00 AAWZH03 Canada North America Pacific Assessment
Trincomalee LSMGO Delivered LGTRR00 LGTRR03 Sri Lanka South Asia API Vancouver BC Marine Fuel Delivered MFVAD00 MFVAD03 Canada North America Pacific Assessment
Trincomalee Marine Fuel Delivered MFTRC00 MFTRC03 Sri Lanka South Asia API 0.5%
0.5% Vanino IFO380 Delivered B3VNN00 B3VNN03 Russia East Asia API
Trieste MGO Ex-Wharf MGTRS00 MGTRS03 Italy Mediterranean & Black Sea API Vanino MGO Delivered MGVNN00 MGVNN03 Russia East Asia API

© 2023 by S&P Global Inc. All rights reserved. 33


Specifications Guide Global Bunker Fuels: October 2023

Bunkerworld ports Bunkerworld ports


Port Name Grade Basis CODE Mavg Country Region Name Source Port Name Grade Basis CODE Mavg Country Region Name Source
Vanino Marine Fuel Delivered MFVNN00 MFVNN03 Russia East Asia API Wilmington NC LSMGO Delivered LGILM00 LGILM03 North North America Atlantic API
0.5% Carolina
Varna LSMGO Ex-Wharf LGVAR00 LGVAR03 Bulgaria Mediterranean & Black Sea API Wilmington NC Marine Fuel Delivered MFWMG04 MFWMG03 North North America Atlantic API
Varna Marine Fuel Ex-Wharf MFVRN00 MFVRN03 Bulgaria Mediterranean & Black Sea API 0.5% Carolina
0.5% Xiamen MGO Ex-Wharf MGXMN00 MGXMN03 China East Asia API
Ventspils LSMGO Delivered LGVNT00 LGVNT03 Latvia North & West Europe API Xiamen LSMGO Ex-Wharf LGXMN00 LGXMN03 China East Asia API
Ventspils ULSFO Delivered UFVNT00 UFVNT03 Latvia North & West Europe API Xiamen Marine Fuel Ex-Wharf MFXMN00 MFXMN03 China East Asia API
Ventspils Marine Fuel Delivered BFVNT00 BFVNT03 Latvia North & West Europe API 0.5%
0.5% Xiuyu Marine Fuel Delivered AMFBM00 AMFBM03 China East Asia API
Ventspils MGO Delivered MGVNT00 MGVNT03 Latvia North & West Europe API 0.5%
Visakhapatnam LSMGO Delivered LGVSK00 LGVSK03 India South Asia API Xiuyu LSMGO Delivered AMFDJ00 AMFDJ03 China East Asia API
Visakhapatnam Marine Fuel Delivered MFVSK00 MFVSK03 India South Asia API Yanbu IFO380 Delivered MFXMN00 B3YNB03 Saudi Arabia Middle East API
0.5% Yanbu MGO Delivered MGYNB00 MGYNB03 Saudi Arabia Middle East API
Vidin Delivered LGVDN00 LGVDN03 Bulgaria Mediterranean & Black Sea API Yanbu Marine Fuel Delivered MFYNB00 MFYNB03 Saudi Arabia Middle East API
Vila do Conde MGO Delivered MGVDC00 MGVDC03 Brazil South America Atlantic API 0.5%
Vila do Conde Marine Fuel Delivered MFVDC00 MFVDC03 Brazil South America Atlantic API Yangpu Marine Fuel Delivered AMFBH00 AMFBH03 China East Asia API
0.5% 0.5%
Vitoria MGO Delivered MGVIX00 MGVIX03 Brazil South America Atlantic API Yangpu LSMGO Delivered AMFDD00 AMFDD03 China East Asia API
Vitoria Marine Fuel Delivered MFVIT00 MFVIT03 Brazil South America Atlantic API Yantai IFO380 Ex-Wharf AMFDZ00 AMFDZ03 China East Asia API
0.5% Yantai Marine Fuel Delivered AMFBX00 AMFBX03 China East Asia API
Vladivostok IFO380 Delivered B3VVO00 B3VVO03 Russia East Asia API 0.5%
Vladivostok MGO Delivered MGVVO00 MGVVO03 Russia East Asia API Yantai LSMGO Delivered AMFDU00 AMFDU03 China East Asia API
Vladivostok Marine Fuel Delivered MFVLD00 MFVLD03 Russia East Asia API Zhanjiang LSMGO Ex-Wharf AMFDB00 AMFDB03 China East Asia API
0.5% Zhanjiang Marine Fuel Delivered AMFBE00 AMFBE03 China East Asia API
Vostochnyy IFO380 Delivered B3VYP00 B3VYP03 Russia East Asia API 0.5%
Vostochnyy MGO Delivered MGVYP00 MGVYP03 Russia East Asia API Zhanjiagang IFO380 Delivered AMFDF00 AMFDF03 China East Asia API
Vostochnyy Marine Fuel Delivered MFVOS00 MFVOS03 Russia East Asia API Zhanjiagang LSMGO Delivered AMFDR00 AMFDR03 China East Asia API
0.5% Zhanjiagang Marine Fuel Delivered AMFBU00 AMFBU03 China East Asia API
Walvis Bay MGO Ex-Wharf MGWVB00 MGWVB03 Namibia Africa API 0.5%
Wellington MGO Delivered AMFAV00 AMFAV03 New Zealand Pacific API Zhoushan IFO380 Ex-Wharf B3ZOS00 B3ZOS03 China East Asia API
Wilhelmshaven IFO380 Delivered B3WVN00 B3WVN03 Germany North & West Europe API Zhoushan LSMGO Ex-Wharf MGZSD00 MGZSD03 China East Asia API
Wilhelmshaven MGO Delivered MGWVN00 MGWVN03 Germany North & West Europe API Zhoushan Marine Fuel Delivered MFZSD00 MFZSD03 China East Asia Assessment
Wilhelmshaven LSMGO Delivered LGWVN00 LGWVN03 Germany North & West Europe API 0.5%
Wilhelmshaven Marine Fuel Delivered MFWLM00 MFWLM03 Germany North & West Europe API Zona Comun LSMGO Delivered LG10200 LG10203 Argentina South America Atlantic API
0.5% Zona Comun Marine Fuel Delivered MFZCM00 MFZCM03 Argentina South America Atlantic API
Wilmington NC MGO Delivered MGILM00 MGILM03 North North America Atlantic API 0.5%
Carolina

© 2023 by S&P Global Inc. All rights reserved. 34


Specifications Guide Global Bunker Fuels: October 2023

midpoint of the range will be used for the final calculation. Dependent ports: For some ports and/or grades, there may be
Bunkerworld average price indications
no fresh price points entered on a given day. If price movements
Platts publishes Bunkerworld Average Price Indications for Platts analyses reported transactions in order to identify for that API are strongly correlated with prices in a more liquid
a variety of ports and grades where there is less liquidity potentially anomalous data, that may be excluded from API or Platts bunker assessment, the less liquid API may be
and where no Platts assessment is published. These cover formulating an index. This analysis includes but is not limited designated a dependent price. In the case that there is no data
indications for over 300 ports worldwide and across eight fuel to standard deviation, volume and gaps in trade data. Editorial for a dependent API, a price indication will be generated based
grades: Marine Fuel 0.5%, IFO380, IFO180, MDO, MGO, Low- judgment is only applied when determining whether data is on the last known differential between the dependent API and
Sulphur 380 (1%), Low-Sulphur 180 (1%), Low-Sulphur MDO (0.1%) suitable for inclusion within the index calculation. No judgement its parent. A parent port may have multiple APIs depending
and Low-Sulphur MGO (0.1%). is used during the index calculation itself. Only data that meets on it. For example, Port Arthur, Brownsville, Lake Charles and
methodology requirements will be accepted. Average price Beaumont are all dependent on Houston. Actual data obtained
Average Price Indications indications take a simple average of all included price points for a dependent port will always take precedence over values
In some markets and locations where bunker price information for that port, grade and date. They are updated whenever a generated from the differential to the parent port.
is limited, Platts publishes Average Price Indications (API). Price new price point is added. For example, if a single indication
information collected through the market survey approach in for Auckland IFO 380 is entered on January 5 at 04:00 GMT at For those ports which do not correlate with prices in another
the form of indications or reported deals is used to generate a $200/mt, the API will be generated at that price level for that bunker port, the parent price used may be the most liquid
daily average price for each port/grade where available. For APIs, date at the time of data entry. If a reported trade is then entered regional fuel oil benchmark, for example FOB Singapore 380 CST
each price point is entered into the database independently, at 06:00 GMT on the same date at $195/mt, the API will be HSFO. Dependent port APIs are generated daily at 01:00 GMT.
including the following information: date, port, grade, price updated to $197.50/mt [(195+200)/2] for the same date but with The Montevideo and Buenos Aires port APIs reflect the previous
and time entered. For reported deals, quantity and delivery a new stamp. Average price indications are purely calculated day’s values.
date is also included. Where sources provide a range of price indices and are generated by database triggers.
indications, these will be treated as a single price point and the

© 2023 by S&P Global Inc. All rights reserved. 35


Specifications Guide Global Bunker Fuels: October 2023

Off- Nigeria: IFO380, MGO Bunkerworld 0.5% Index


Bunkerworld indices
The BW0.5%S Index comprises BBPs from the following ports:
The Bunkerworld Indices are a set of global indices indicating Piraeus: IFO380, LS380, LSMGO, MGO, Marine Fuel 0.5% Hong Kong
the movement of the price of bunker fuel worldwide. Price South Korea
averages in 22 major ports worldwide are averaged to produce Rotterdam: IFO380, LSMGO, MGO, Marine Fuel 0.5% Shanghai
the Bunkerworld Indices. Singapore
St. Petersburg: IFO380, LSMGO, MGO, Marine Fuel 0.5% Japan

The input values for the indices are the Bunkerworld Benchmark Las Palmas
Durban
Prices (BBPs). These are a set of numbers for various ports and Suez: IFO380, LSMGO, MGO, Marine Fuel 0.5%
Fujairah
grades. Where Platts publishes an assessment for a given port
Gibraltar
and grade, the assessment is used for the BBP. For all others, Las Palmas: Marine Fuel 0.5%
Piraeus
Bunkerworld Average Price Indications are used. For APIs, as the
Americas (recorded at 17:00 GMT) Rotterdam
published average can change throughout the day, the BBP is a
St. Petersburg
snapshot of the average at a preset time every day. Houston: IFO380, LSMGO, MGO, Marine Fuel 0.5%
Houston
Los Angeles
BBPs are recorded for the following port/grade combinations Los Angeles: IFO380, LSMGO, MGO, Marine Fuel 0.5% New York
daily: Balboa
New York: IFO380, LSMGO, MGO, Marine Fuel 0.5% Santos
Asia (recorded at 11:30 GMT)
Busan: IFO380, LSMGO, MDO, MGO, Marine Fuel 0.5% Panama Canal: IFO380, LSMGO, MGO
The Bunkerworld 380 Index and Bunkerworld 180 Index
Colombo: IFO380, LSMGO, MGO, Marine Fuel 0.5% Santos: IFO380, MGO, Marine Fuel 0.5% The Bunkerworld 380 Index (BW380) and Bunkerworld 180
Index (BW180) are unweighted simple averages of all BBP prices
Hong Kong: IFO380, LSMGO, MDO, Marine Fuel 0.5% Balboa: Marine Fuel 0.5% for IFO380 and IFO 180 respectively. There is no low sulfur
contribution.
Shanghai: IFO380, LSMGO, MGO, Marine Fuel 0.5%
The Bunkerworld Index The Bunkerworld Distillate Index
Singapore: IFO380, LSMGO, MDO, MGO, Marine Fuel 0.5% The Bunkerworld Index (BWI) is a dynamic index with a base The Bunkerworld Distillate Index (BWDI) is a weighted average of
value set to 1000 on September 1, 2009. The BWI is calculated the BBP prices for MDO and MGO, with a one third contribution
Tokyo: IFO380, LSMDO, MDO, Marine Fuel 0.5% using 57% Marine Fuel 0.5%S, 25% IFO 380, 15% MGO, and 3% from MDO and two thirds from MGO. There is no low sulfur
MDO. contribution.
EMEA (recorded at 16:00 GMT)
Canary Islands: IFO380, MGO The BWI is calculated as follows: The Bunkerworld Maximum 0.1% Sulfur Distillate Index
The Bunkerworld Maximum 0.1% Sulfur Distillate Index BW0.1%S
Durban: IFO180, MGO, Marine Fuel 0.5% ((Average of all BBPs for IFO380 * 0.25) + (Average of BBPs for is an unweighted index of all LSMGO BBPs and the Tokyo MDO.
Marine Fuel 0.5%S * 0.57) + (Average of BBPs for MGO * 0.15) +
Fujairah: IFO380, LSMGO, MGO, Marine Fuel 0.5% (Average of BBPs for MDO * 0.03) * 1000) / 473.9503 The Bunkerworld Marine Fuel 0.5%S Index
The Bunkerworld Marine Fuel 0.5%S Index is an unweighted
Gibraltar: IFO380, LSMGO, MGO, Marine Fuel 0.5% index of 17 0.5%S assessments published in Bunkerworld.

© 2023 by S&P Global Inc. All rights reserved. 36


Specifications Guide Global Bunker Fuels: October 2023

Revision history August 2021: Platts updated this guide to reflect the launch of fuel assessments and launched an Average Price Indicator for
ex-wharf Marine Fuel 0.5%S assessment at the east China port IFO 380 CST, effective August 17, 2020.
October 2023: Completed annual review of this guide. Added of Zhoushan on July 1, 2021. Details on merchantability of bunker
details of Rotterdam and Singapore bio-bunkers assessments. fuel were added. June 2020: Removed duplicate entry from table in EMEA.
Added Panama Canal Marine fuel 0.5% assessment. Tables
were updated to include new Bunkerworld assessments and May 2021: Platts updated this guide to reflect the amendment May 2020: Platts updated the guide to reflect the addition of a
codes. Tables were updated to include new Lisbon Marine to the composition of the Bunkerworld Index. minimum viscosity requirement of 30 CST at 50 degrees Celsius
Gasoil assessment, and to remove Gdansk 380 CST and Marine for its global Marine Fuel 0.5% assessments from April 1, 2020.
Fuel 0.5% assessments. Changed name of Montreal barging March 2021: Platts updated this guide to reflect the Platts also updated the guide to reflect the discontinuation
assessment, as well as multiple assessment sizes in the discontinuation of most of its IFO 180 CST bunker fuel of the Houston and New York ultra-low sulfur 0.1% ex-wharf
Americas. Added Cristobal and Panama Canal Marine Fuel 0.5% assessments globally from Jan. 4, 2021. bunkers fuel assessments with effect from April 1, 2020. This
assessments. Added 380 CST Zhoushan assessment. Updated market has evolved and it has become clear that ship owners
LNG and LNG conversion factors. November 2020: Platts updated the guide to reflect the have preferred to consume 0.1% marine gasoil compliant fuel
discontinuation of delivered 380 CST and 180 CST bunker in ECA zones, and market feedback is that residual blends of
November 2022: Platts updated this guide to reflect the assessments at Mumbai, Colombo, Kuwait and Khor Fakkan, and 0.1% ultra low sulfur bunkers in these locations are illiquid and
launch of daily assessments for Marine Fuel 0.5% sulfur bunker 380 CST and 180 CST bunker assessments at Melbourne and uncommon. Additionally, Platts updated the guide to reflect the
delivered at key western ports in South Korea on Oct. 3, 2022. Sydney, respectively from November 2, 2020. Platts will continue discontinuation of the Buenos Aires 3.5% sulfur IFO 380 CST,
Platts also removed the monthly averages for Petrobras bunkers to publish values for delivered 380 CST bunker at Melbourne, Buenos 3.5% sulfur IFO 180 CST, Santos 3.5% sulfur IFO 380 CST
posted prices, which were discontinued in July, 2022. Mumbai, Colombo, Kuwait and Khor Fakkan in Bunkerworld as and Santos 3.5% sulfur IFO 180 CST bunker fuel assessments,
Average Price Indications. effective February 3, 2020.
September 2022: Completed annual review of this guide.
Removed reference to 1% sulfur bunker assessments. Made September 2020: Platts completed an annual review of January 2020: Platts updated the guide to reflect the new price
minor edits to the language for greater clarity and corrected the Global Bunkers Fuel methodology and specifications assessments for Marine Fuel 0.5% bunkers on an ex-wharf
typos.January 2022: Platts updated the volumes reflected for guide. Platts reviewed all content and corrected minor basis in New Orleans, Philadelphia, Seattle and Vancouver,
Houston, New Orleans and all Panama ports for IFO 380, Marine errors throughout, as well as discrepancies between the and on a delivered basis in Buenos Aires, Cartagena, Santos
Fuel 0.5%S and Marine Gasoil, from Nov. 1, 2021. Platts also text and the tables. Platts updated the guide to reflect the and Valparaiso, effective December 2, 2019. Additionally,
updated this guide to reflect the discontinuation of the Brazilian launch of delivered Marine Fuel 0.5% and marine gasoil 0.1% Platts updated the Americas posted price table to reflect the
posted prices for VLSFO and Marine Gasoil in Salvador, from assessments at Sydney, Melbourne, Mumbai, Colombo, Kuwait discontinuation of Petrobras Bunker Posting for IFO 180 CST
Jan. 3, 2022. Platts adds European and Asian cost comparisons and Khor Fakkan from September 1, 2020. Amended Northwest and IFO 380 CST delivered prices at its Paraguana, Rio de
by calorific value.September 2021: Platts completed an European Map to reflect correct assessments in Rotterdam. Janeiro, Salvador and Santos ports and to reflect Petrobras
annual review of the Global Bunkers Fuel methodology and Updated Bunkerworld Indices to remove IPC180 and IPC380 VLSFO 0.5%S prices in the same locations. The discontinuation
specifications guide. Platts reviewed all content and corrected assessments. Updated the Bunkerworld tables to reflect new follows the announcement from Petrobras that it will no longer
minor errors throughout, as well as discrepancies between the assessments and discontinuation. Created a new table to sell 3.5% sulfur bunkers at its Brazilian ports. Platts updated
text and the tables. Platts clarifies quality reflected in global reflect Marine Fuel 0.5%S Index. Platts updated the guide to the Asia and Middle East table after discontinuing publication
Marine Fuel 0.5% assessments. Platts started reflecting offers reflect the new price assessments for Marine fuel 0.5% bunkers of high sulfur bunker fuel prices posted by Taiwan’s CPC
from Platts-approved floating storage units as additional on both an ex-wharf and delivered basis in Montreal and San Corporation for MF-80 and MF-180 grades at Hualien and Suao,
delivery points in its ex-wharf Singapore bunker assessments for Francisco and on a delivered basis in El Callao, Guayaquil, La and MF-380 grade at Hualien, Suao, Keelung and Taichung
380 CST HSFO and Marine Fuel 0.5% sulfur from Sept. 1, 2021. Libertad and Montevideo. Additionally, Platts has discontinued ports effective January 2, 2020. Platts also updated the guide to
Montevideo 3.5% sulfur IFO 380 CST and IFO 180 CST bunker reflect the lowering of sulfur limit to 0.5% for certain delivered

© 2023 by S&P Global Inc. All rights reserved. 37


Specifications Guide Global Bunker Fuels: October 2023

marine gasoil assessments in Singapore, Sydney, Melbourne, and LSMGO at Japan (Tokyo/Yokohama Bay) and West Japan guide has also been updated to reflect changes to volumes
Mumbai, Colombo, Fujairah, Khor Fakkan, Kuwait, South (Setouchi) from June 3, 2019. Platts completed an annual update for IFO 180 CT, IFO 380 CST and marine gasoil assessments
Korea, Busan, Shanghai, Lome and Offshore Nigeria from 1.5% to sections 1 to 6 of Platts Methodology and Specifications in Canada. Platts added details regarding new LNG bunker
previously, and marine diesel oil assessments in Japan and Guides in April 2019 and moved these sections into a standalone postings from FortisBC for Vancouver, Canada. Platts added new
West Japan from 2% previously, effective December 2, 2019. Methodology Guide. Specifications of bunker fuel, MGO and information regarding proposed assessments to reflect changes
The tables were updated to include Marine Fuel 0.5% and 3.5% MDO have been updated to reflect standards as defined by the in bunker supply associated with the planned International
sulfur 380 CST bunker assessments published in $/MMBtu International Organization for Standardization in document ISO Maritime Organization limitations on sulfur in marine fuels in
at Singapore, and Marine Fuel 0.5%, low sulfur 0.1% and 3.5% 8217:2010 Petroleum products - Fuels (class F) - Specifications 2020.
sulfur 380 CST delivered bunker assessments published in Eur/ of marine fuels from January 2, 2019. Platts has also updated
MWh in Rotterdam from December 2, 2019. The Asia and Middle the delivered bunker fuel section under Asia and the Middle June 2017: Platts completed an annual review of the Global
East table was updated after Platts discontinued publication of East, following a change to the delivery period and an update Bunker Fuels methodology and specifications guide. Platts
bunker prices posted by Taiwan’s CPC Corporation for the MF-80 in guidelines for participants in the Platts Market on Close reviewed all content and made minor edits to language.
and MF-180 grades at Kaohsiung, Keelung and Taichung ports assessment process for Singapore delivered bunker fuel market Guidance on atypical bids, offers and trades was clarified, while
effective November 22, 2019, as CPC has stopped supplying the from July 2, 2018. The Asia and the Middle East table was also guidance on Law, Embargoed products, Late performance,
bunker fuel grades at these three ports. In Europe, Platts added updated to add Colombo port. Compensation, Force majeure, Booking out trades and Review
new 0.5% Marine Fuel assessments in both the table and the of trades was moved. Platts also added a reference to Used
map. In Europe the guide was updated to reflect the fact that Lubricating Oils. Platts added assessments for Offshore Nigeria,
European ULSFO assessments now reflect an RMD 80 removed ex-wharf Durban and replaced with a delivered
October 2019: Platts completed an annual review of the Global specification. Algoa Bay was also added as an MGO assessment. basis assessment, and edited sections I to VI for clarity. In
Bunker Fuels methodology and specifications guide and added The European table was also updated to reflect this change. The the Americas, Platts removed references to discontinued
maps of ports at which Platts assesses marine fuel grades. The size guidelines on all European and African ports in the table assessments for 1% sulfur bunker fuel in North America and
Asia and Middle East table was updated to reflect assessments now reads 300-1,000mt as a typical minimum and maximum Panama; and IFO 380, IFO 180, marine gasoil and barging rates in
at Busan and marine fuel 0.5% MF-180 postings by Taiwan’s CPC. size, in line with the methodology guide. Portland, Oregon. Details were included for new IFO 180 CST, IFO
380 CST and marine gasoil assessments at the Panama Canal
July 2019: Platts updated the guide to reflect new IMO- March 2018: Platts completed an annual review of the Global and Santos, Brazil; and IFO 500 CST assessments at New York.
compliant Marine Fuel 0.5% bunker assessments on delivered Bunker Fuels methodology and specifications guide. Platts Platts also updated the volumes reflected in its IFO 180 CST,
and ex-wharf basis launched at key ports globally on July 1, also added a new section I to VI, while also adding additional IFO 380 CST and marine gasoil assessments in the Americas
2019. Platts also added assessments for delivered bunker fuel text on Average Price Indications in section VII. Platts removed throughout and laycan changes for its marine fuel assessments
reflecting a maximum sulfur limit of 0.5% and LSMGO with references to several posted bunker prices at Asian ports that in Panama. Platts also detailed the methodology for its barge
maximum 0.1% sulfur limit at the east Chinese port of Zhoushan have been discontinued. Platts removed reference to force rate assessments, ultra-low sulfur bunker fuel assessments,
that were launched on July 1, 2019. In the Americas, the guide majeure in Asia and the Middle East Assessments section as Panama Canal assessments and posted prices in the Americas.
was also updated to reflect that Platts discontinued the it is already covered under Part III (Page 7). Platts changed For Asia, Platts added methodology descriptions for new
publication of third-party LNG bunker fuel prices by FortisBC reference from “New York banking holiday” to “Singapore delivered LSMGO and LSMDO assessments launched at Asian
from June 3, 2019. banking holiday” under Payment in Asia and the Middle East ports starting June 1, 2017.
Assessments section (Page 16).
June 2019: Platts updated the guide to reflect changes to the January 2016: Platts created a global bunkers guide
delivery and volume reflected in its assessment of delivered December 2017: Platts has updated the guide to remove incorporating sections that had previously been incorporated
bunker prices at Fujairah, Hong Kong, Shanghai and South a reference to Hong Kong marine gasoil delivered bunker into regional oil products guides.
Korea (Busan and Ulsan), and delivered 380 CST, 180 CST, MGO assessments that were discontinued November 1, 2017. The

© 2023 by S&P Global Inc. All rights reserved. 38

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