SINGAPORE, Oct. 25, 2021 /PRNewswire/ -- S&P Global Platts ("Platts"), the leading independent provider of information, analytics and benchmark prices for the commodities and energy markets, today announced the launch of two new daily methanol bunker fuel price assessments reflecting the value of methanol used as a marine fuel at the ports of Singapore and Houston, effective October 25, 2021.
Methanol is one of a number of alternative marine fuels available to the global shipping industry. The addition of two major hub ports in Asia and the United States Gulf Coast follows the launch of Platts' first-in-market Europe methanol bunker fuel assessment delivered Rotterdam on September 27, 2021 and broadens the offering globally.
Stergios Zacharakis, Head of Global Methanol Pricing, S&P Global Platts said: "Methanol has seen growing demand for use as a marine fuel, on the back of an increased build-out in vessels and related activities at major bunkering hubs around the world. Our new assessments and associated cost comparisons provide new transparency to market participants in the methanol value chain as well as the bunker community as the shipping sector seeks to mitigate greenhouse gas emissions and demand cleaner marine fuels."
Both new daily assessments will be published on a delivered basis in $/mt at 4:30pm local time in Singapore and 1:30pm local time in Houston. Assessments for both regions will reflect the cost of spot methanol, delivery from terminal to barge and delivery to the receiving vessel. The Singapore assessment will also include storage costs in line with the pricing dynamics of the Southeast Asia methanol market.
In addition, from October 25, 2021, Platts will publish methanol bunker fuel calculations converted to LNG and oil energy content equivalents, enabling comparison with other marine fuels. Platts will also publish daily cost comparisons for alternative marine fuels, reflecting the calorific value comparison of methanol bunker fuel, LNG bunker fuel, marine fuel oil and marine gasoil.
The full subscriber note can be found here.
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SOURCE S&P Global Platts