Weighted average prices of marine fuel sold under bunkering contracts in Russian ports.
The index for marine fuel in ports is calculated for the following types of marine fuel:
- Low-Viscosity Marine Fuel;
- Marine Residual Fuel.
Indices are calculated for the following ports:
- Port of Murmansk;
- Port of Saint-Petersburg;
- Port of Novorossiysk;
- Ports of the Far East (Nakhodka, Vostochny, Vladivostok).
The following price indicators are calculated:
- Indices for OTC-traded fuel are calculated daily on the basis of information on OTC contracts provided to SPIMEX in accordance with the requirements of Regulation of the Russian Federation Government of 23 July 2013 No. 623.
Domestic market indices include VAT at the rate established in accordance with the legislation of the Russian Federation; export indices do not include VAT.
Marine fuel price indices in ports are calculated as the weighted average price for all OTC-traded bunkering contracts with the delivery point at the corresponding port or marine terminal. The calculation excludes contracts, the price of which differs from the 11-day average by more than 10%.
The following Marine Fuel Indices are calculated for a calendar day:
- Domestic Market Index for OTC-traded fuel is calculated on the basis of contracts with “Russia” as the destination country.
- Export Index for OTC-traded fuel is calculated on the basis of contracts with any destination country except for “Russia”.
Indices for OTC contracts are calculated only subject to the following conditions:
- At least 1 OTC contract is made on the settlement day.
- When calculating the index for OTC contracts in compliance with the Regulation of the Russian Federation Government, information on contracts of at least two (2) persons that have entered into an OTC contract and at least three (3) purchasers of commodities is used.
Indices for OTC contracts are calculated with a delay of 3 business days required for the exchange to collect information on OTC contracts.
Neither adjusting factors nor transportation tariffs are used in the calculation of Marine Fuel Indices in ports. The only information used is contract prices and volumes. Therefore, Marine Fuel Indices in ports are the most precise indicator of the current weighted average price of marine fuel in Russian ports.