Puerto Rico Vessel Fuel Index

Quarterly Vessel Fuel Index (VFS) Index Requirements

As per tariff CPRC-602 all shipments to and from Puerto Rico are subject to the Vessel Fuel Charge (VFS).   The VFS will be subject to change as per below:

NORTH ATLANTIC SERVICE:

 

METHODOLOGY:

For cargo sailing between Eddystone PA (PENN Terminals) and Puerto Rico Crowley will calculate the quarterly average of the New York MGO Fuel price as published by Platts Bunkerworld.  If the quarterly average price is higher or lower than the current index tier average price, Crowley will adjust the fuel charge based on the Vessel Fuel Surcharge Index corresponding tier on the first day of the following month (approximately 30 days later).  See example below.

Review Period Effective Date
September, October, November January 1
December, January, February April 1
March, April, May July 1
June, July, August October 1

 

Trailer load or Container load via North Atlantic ports:

Effective Date Average 20’ 40’ 45’ 48’ 53’ VEH NIT
7/1/2020 $313 $185 $260 $285 $300 $345 $72 $260

 

SOUTH ATLANTIC SERVICE:

 

METHODOLOGY:

For cargo sailing between Jacksonville, FL and Puerto Rico, Crowley will use a combination of two indexes to calculate quarterly fuel adjustments. We will utilize New York MGO Fuel price as published by Platts Bunkerworld and  Henry Hub’s  Natural Gas (LNG) price as published by the U.S. Energy Information Administration.  The index will be weighted 85% LNG and 15% MGO.

 

Crowley will adjust the fuel based on the change in fuel price on a quarterly basis per the below:

 

Review Period Effective Date
September, October, November January 1
December, January, February April 1
March, April, May July 1
June, July, August October 1

 

Trailer load or Container load via South Atlantic ports:

Effective Date 20’ 40’ 45’ 48’ 53’ VEH NIT
7/1/2020 $185 $260 $285 $300 $345 $72 $260

 

SOUTH ATLANTIC CALCULATION STEPS:

  • 1)  Calculate MGO Quarterly average
  • 2)  Find the corresponding tier on the MGO index
  • 3)  Multiply the 40’ amount by 15% and round up
  • 4)  Calculate the LNG Quarterly average
  • 5)  Find the corresponding tier on the LNG index
  • 6)  Multiply the 40’ amount by 85% and round up
  • 7)  Add steps 3 and 6 together
  • 8)  Calculate the difference from step 7 to current 40’ fuel level.
  • 9)  Repeat steps 1-8 for each equipment type/size

 

EXAMPLE:

  • 1)  MGO Average: $530/MT
  • 2)  MGO Corresponding Tier: $500-$559
From To 20′ 40′ 45′ 48′ 53′ VEH NIT
$500 $559 $230 $305 $330 $345 $390 $90 $305
  • 3)  MGO 40’:  $305 x 15% = $45.75 rounded up to $46
  • 4)  LNG Average: $2.30/MMBTU
  • 5)  LNG Corresponding Tier: $2.26-$2.50
From To 20′ 40′ 45′ 48′ 53′ VEH NIT
$2.26 $2.50 $275 $350 $375 $390 $435 $108 $350
  • 6)  LNG 40’:  $350 x 85% = $297.50 rounded up to $298
  • 7)  $46 + $298 = $344
  • 8)  $344 – $260 (CURRENT 40’ LEVEL) = $84.
  • 9)  Repeat Steps 1-8 for each equipment type

 

VESSEL FUEL INDEX TABLES

PUERTO RICO VESSEL FUEL INDEX (MGO)
From To 20′ 40′ 45′ 48′ 53′ VEH NIT
$0 $499 $185 $260 $285 $300 $345 $72 $260
$500 $559 $230 $305 $330 $345 $390 $90 $305
$560 $619 $275 $350 $375 $390 $435 $108 $350
$620 $679 $320 $395 $420 $435 $480 $126 $395
$680 $739 $365 $440 $465 $480 $525 $144 $440
$740 $799 $410 $485 $510 $525 $570 $162 $485

**Abbreviated scale. Will continue past $799

 

PUERTO RICO VESSEL FUEL INDEX (LNG)
From To 20′ 40′ 45′ 48′ 53′ VEH NIT
$0 $2.00 $185 $260 $285 $300 $345 $72 $260
$2.01 $2.25 $230 $305 $330 $345 $390 $90 $305
$2.26 $2.50 $275 $350 $375 $390 $435 $108 $350
$2.51 $2.75 $320 $395 $420 $435 $480 $126 $395
$2.76 $3.00 $365 $440 $465 $480 $525 $144 $440

 

 

 

Below are the Monthly New York MGO Averages and change by Month: 

Eff Date

New York MGO Avg

20′

40′

45′

48′

53′

VEH

NIT

1/1/16

$422

$155

$230

$255

$270 $315 $60 $230

2/1/16

$341

$95

$170

$195

$210

$255

$36

$170

3/1/16

$315

$65

$140

$165

$180

$225

$24

$140

4/1/16

$338

$80

$155

$180

$195

$240

$30

$155

5/1/16

$363

$110

$185

$210

$225

$270

$42

$185

6/1/16

$408

 $140

 $215

 $240

 $255

 $300

$54

$215

7/1/16

 $453

$170

$245

$270

$285

$330

$66

$245

8/1/16

 $444

$170

$245

$270

$285

$330

$66

$245

9/1/16

$397

$125

$200

$225

$240

$285

$48

$200

10/1/16

$436

$155

$230

$255

$270

$315

$60

$230

11/1/16

$455 $170 $245 $270 $285 $330 $66 $245

12/1/16

$457 $170 $245 $270 $285 $330 $66 $245

1/1/17

$472 $185 $260 $285 $300 $345 $72 $260

2/1/17

$511 $215 $290 $315 $330 $375 $84 $290

3/1/17

$500 $215 $290 $315 $330 $375 $84 $290

4/1/17

$498 $200 $275 $300 $315 $360 $78 $275

5/1/17

$496 $200 $275 $300 $315 $360 $78 $275

6/1/17

$471 $185 $260 $285 $300 $345 $72 $260

7/1/17

$464 $185 $260 $285 $300 $345 $72 $260

8/1/17

$446 $170 $245 $270 $285 $330 $66 $245

9/1/17

$488 $200 $275 $300 $315 $360 $78 $275

10/1/17

$517 $215 $290 $315 $330 $375 $84 $290

11/1/17

$548 $245 $320 $345 $360 $405 $96 $320

12/1/17

$564 $260 $335 $360 $375 $420 $102 $335

1/1/18

$586 $275 $350 $375 $390 $435 $108 $350

2/1/18

$628 $305 $380 $405 $420 $465 $120 $380

3/1/18

$633 $305 $380 $405 $420 $465 $120 $380

4/1/18

$607 $290 $365 $390 $405 $450 $114 $365

5/1/18

$616 $290 $365 $390 $405 $450 $114 $365

6/1/18

$687 $350 $425 $450 $465 $510 $138 $425

7/1/18

$726 $380 $455 $480 $495 $540 $150 $455

8/1/18

$723 $380 $455 $480 $495 $540 $150 $455

9/1/18

$704 $365 $440 $465 $480 $525 $144 $440

10/1/18

$720 $380 $455 $480 $495 $540 $150 $455

11/1/18

$757 $395 $470 $495 $510 $555 $156 $470

12/1/18

$738 $380 $455 $480 $495 $540 $150 $455

1/1/19

$644 $320 $395 $420 $435 $480 $126 $395

2/1/19

$607 $290 $365 $390 $405 $450 $114 $365

3/1/19

$621 $305 $380 $405 $420 $465 $120 $380

4/1/19

$636 $305 $380 $405 $420 $465 $120 $380

5/1/19

$633 $305 $380 $405 $420 $465 $120 $380

6/1/19

$648 $320 $395 $420 $435 $480 $126 $395

7/1/19

$617 $290 $365 $390 $405 $450 $114 $365

8/1/19

$610 $275 $350 $375 $390 $435 $108 $350

9/1/19

$592 $275 $350 $375 $390 $435 $108 $350

10/1/19

$581 $275 $350 $375 $390 $435 $108 $350

11/1/19

$615 $275 $350 $375 $390 $435 $108 $350

12/1/19

$618 $275 $350 $375 $390 $435 $108 $350

1/1/20

$621 $320 $395 $420 $435 $480 $126 $395

2/1/20

$649 $320 $395 $420 $435 $480 $126 $395

3/1/20

$548 $230 $305 $330 $345 $390 $90 $305

4/1/20

$472 $185 $260 $285 $300 $345 $72 $260