CommodityScope Bunker Assessment Methodology

1. Scope

This methodology applies to marine bunker fuels, barging rates, alternative marine fuels, associated cargo assessments and forward market series published within the CommodityScope bunker family.

The methodology distinguishes between the following publication classes:

• Indicative Assessments: CommodityScope analytical estimates of prevailing market price levels.
• Modelled Indicators: values calculated from defined market inputs and analytical formulas.
• Reference Series: published external reference values presented under their original specifications.
• Forward Assessments: market indications for specified future delivery or settlement periods.

Delivered, ex-wharf and FOB represent distinct commercial delivery bases. Each is assessed separately. Different bases are not combined or averaged into a single assessment.

Barging rates represent delivery-related costs and are maintained separately from bunker fuel prices.

FuelEU indicators are published as CommodityScope Modelled Indicators, expressed in USD per metric tonne of CO2 equivalent ($/mtCO2e).

CPC Taiwan posted prices are classified as Reference Series and follow the CommodityScope Reference Series Publication Methodology (/methodology/reference).

Forward market observations are maintained by their respective delivery or settlement periods and are not averaged with physical spot assessments.

2. Assessment methodology

2.1 Market observations

CommodityScope develops its assessments using available market price observations relevant to the specified product, location, delivery basis and assessment date.

The assessment process considers:

• Product grade and technical specifications.
• Port or geographical market.
• Delivery terms and commercial basis.
• Available market price indications.
• Historical price behaviour of the corresponding CommodityScope series.
• Assessment frequency and available market information.

The methodology supports assessments based on a single qualifying market observation or multiple observations, depending on availability.

Where only one qualifying observation is available, it may determine the central assessment level. This is not represented as a multi-source consensus.

Additional market observations may be incorporated as coverage develops, without changing the underlying definition of the assessed market.

2.2 Assessment midpoint

The CommodityScope midpoint represents the indicative central price level for a particular market and assessment date.

The initial market level is established from qualifying observations matching the series specification and delivery basis.

Where the available observation is expressed as a single price, that value may establish the central assessment level.

Where the observation provides a price interval, its central value may be used as the initial assessment level.

Observations relating to different fuel grades, delivery bases, locations or assessment periods are not automatically combined.

The midpoint is maintained as part of the CommodityScope historical assessment series.

2.3 Assessment range

For physical indicative assessments, CommodityScope calculates an assessment range surrounding the midpoint.

The range is an analytical uncertainty interval. It does not represent the day's actual trading high and low, a bid-offer spread or necessarily the boundaries of observed transactions.

Range construction uses:

• The previous published assessment of the same series.
• Historical volatility of the CommodityScope midpoint.
• The applicable liquidity profile.
• Confidence scaling.
• Price precision and tick-size adjustments.

The calculated lower and upper boundaries are adjusted to the applicable price increment. The midpoint is retained without additional tick adjustment.

Liquidity profiles influence the width of the assessment range. They do not constitute independent ratings of market quality.

2.4 Confidence classification

Where applicable, CommodityScope may assign a confidence classification of High, Medium or Low.

The classification reflects the available support for the analytical range, including the quantity of available information and the stability of the underlying series.

Confidence is not a guarantee of transaction execution, price availability or delivery at the assessed level.

3. Publication and historical data

3.1 Assessment frequency

Each CommodityScope series follows its designated publication frequency.

Daily assessments are updated on dates for which qualifying market information is available.

Weekly assessments follow their corresponding market assessment schedule.

A new publication is not automatically generated when no new qualifying information is available.

The assessment date identifies the market period represented by the value and may differ from the date on which the information is processed or displayed.

3.2 Historical continuity

CommodityScope maintains a separate historical record for each defined market.

Series continuity requires consistency of the principal market attributes:

• Product and specification.
• Geographical location.
• Delivery basis.
• Quotation unit.
• Assessment methodology.

Different assessment frequencies or forward tenors may be displayed together where the underlying market definition is consistent, but their historical observations remain separate.

3.3 Methodology revisions

Changes to the assessment calculation, range-construction formula, classification rules or fundamental market definition are documented through methodology revisions.

Routine changes in assessed prices or calculated ranges under an unchanged methodology do not constitute methodology revisions.

Historical corrections, where necessary, are distinguished from methodology changes.

4. Important notice

CommodityScope bunker assessments are independent analytical estimates developed for market-intelligence and informational purposes.

They are not executable bids, offers, firm transaction quotations or contractual settlement prices.

Calculated assessment ranges represent analytical estimates of market uncertainty and should not be interpreted as observed transaction boundaries.

CommodityScope assessments are not represented as regulated financial benchmarks.

Parent framework: CommodityScope Assessment & Publication Framework (/methodology/core).