Every Standard and Standard Plus LNG order on EOM papers on one of the standardised term sheets below. The terms are fixed; the order supplies the parties, the delivery window, the cargo quantity, the ports and the price. Anything a deal needs over and above these lines is captured as a custom term on the order itself.
Gold values in square brackets are the contract's standard, which an order may override. A gold blank is still something the order supplies — a trader entering an order on EOM picks the contract, the delivery window, the cargo size and the price, and EOM prints the completed term sheet in the deal room. Standard Plus differs from Standard only where a term says so.
Far East
Mimics Platts JKM MOC terms — a single cargo delivered into Japan, South Korea, Taiwan or the People's Republic of China.
| Seller / Buyer | The party that placed the order; its counterparty is [ ]. | ||||||||
| Delivery Mode | [ DES ] as stated on the order. | ||||||||
| No of Cargoes | 1 | ||||||||
| Load Port |
The Load Port shall be [ ]. Seller shall have the option to nominate a substitute Loading Port by no later than 30 days prior to the first day of the Initial Delivery Window for the LNG cargo, subject to the LNG cargo meeting the Specifications at the Delivery Point. The LNG delivered under this Transaction shall not be taken, supplied, or sourced directly or indirectly from Russia. LNG originating from Russia shall not be reloaded for delivery under this Transaction. Notwithstanding anything to the contrary in this Confirmation Notice or Master Agreement, Seller shall not nominate a Loading Port (whether or not named in this Confirmation Notice) or substitute Loading Port where such Loading Port or substitute Loading Port is (or Seller's Facilities at such Loading Port or at such substitute Loading Port are) at the time of nomination or substitution affected by Force Majeure events as defined in the Master Agreement. | ||||||||
| Discharge Port |
The Discharge Port shall be [ Country Nominated at Point of Trade ]. Buyer shall have the option to substitute the Discharge Port with a substitute Discharge Port located in Japan, South Korea, Taiwan or People's Republic of China by no later than 30 days prior to the first day of the Initial Delivery Window for the LNG cargo, subject to successful ship-shore compatibility studies ("SSCS") between the LNG Ship and such substitute Discharge Port. Buyer shall have the option to substitute the Discharge Port with a substitute Discharge Port located within the same country as the Discharge Port by no later than 15 days prior to the 1 Day Delivery Window for the LNG cargo, subject to successful SSCS between the LNG Ship and such substitute Discharge Port. Notwithstanding anything to the contrary in the Confirmation Notice or Master Agreement, Buyer shall not nominate a Discharge Port (whether or not named in the Confirmation Notice) or substitute Discharge Port where such Discharge Port or substitute Discharge Port is (or Buyer's Facilities at such Discharge Port or at such substitute Discharge Port are) at the time of nomination or substitution affected by Force Majeure events as defined in the Master Agreement. | ||||||||
| Contract Quantity |
Contract Quantity: [ 3.3-3.5 TBtu ]. The Operational Tolerance shall be the Seller's Option: [ +/- 5% ], unless otherwise stated on the order. The standard Contract Quantity reflected in Platts JKM is 3.3-3.5 TBtu (replacing the prior 3.4 TBtu standard); the quantity range stated on an order should be no greater than 0.3 TBtu, consistent with Platts JKM MOC standard terms. | ||||||||
| Delivery Window |
The Initial Delivery Window shall be [ date range ], typically three (3) Days and no more than five (5) Days. No later than 30 Days prior to first day of the Initial Delivery Window, Buyer shall declare a 1 Day Delivery Window falling within the Initial Delivery Window. | ||||||||
| LNG Ship |
Base LNG Ship shall be Nominated at the Point of Trade. The cargo tank capacity of the LNG Ship and any Substitute LNG Ship shall be no less than 135,000 cubic meters and no more than 175,000 cubic meters. Seller shall have the option to substitute the LNG Ship with a Substitute LNG Ship by no later than 30 days prior to the first day of the Initial Delivery Window, subject to successful SSCS between the Substitute LNG Ship and the Discharge Port. Seller shall not nominate an LNG Ship or a Substitute LNG Ship (whether or not named in this Confirmation Notice) where such LNG Ship or Substitute LNG Ship is, at the time of nomination or substitution, affected by Force Majeure events as defined in the Master Agreement. Such substitute LNG Ship shall not have any Russian Nexus. For the purposes of this clause, Russian Nexus shall mean an LNG Ship that is:
| ||||||||
| Price | [ Price as agreed between the Parties ]. | ||||||||
| Demurrage |
The rate of demurrage, per Day and pro-rated for part Day, shall be the rate published under the heading Asia Pacific 'Shipping Rate' (based on the LNG Ship type) in Platts LNG Daily of the 1-Day Delivery Window. If the Asia Pacific day rate is not published in respect of such day, then the last published Asia Pacific day rate immediately prior to such day shall apply. "Platts Business Day" means a business day for the purposes of the Platts Methodology and Specifications Guide. The deemed boil-off rate for determining excess boil-off shall be 0.15% of the Contract Quantity per Day and pro rata for part of a Day. | ||||||||
| Allowed Laytime | 36 consecutive hours, or 48 hours for FSRU. | ||||||||
| Specification |
The LNG delivered at the Delivery Point, when converted into a gaseous state, shall comply with the following Specifications:
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| Measurement & Testing | As per Terminal Rules at Discharge Port, or otherwise as per MSA. | ||||||||
| Credit | As agreed between the Parties. | ||||||||
| Title Transfer | Risk and title to the LNG cargo shall transfer from Seller to Buyer at the Delivery Point. | ||||||||
| Sanction | As per agreed in the amendment of MSA. | ||||||||
| Master Agreement | Per existing MSA. | ||||||||
| Condition Precedents | [ ] |
North West Europe
A single cargo delivered into North West Europe. EOM lists this contract as Northern Spain to Germany. The discharge-port list is the only term that separates Standard from Standard Plus.
| Seller / Buyer | The party that placed the order; its counterparty is [ ]. | ||||||||||||||||||||||
| Delivery Terms | [ DES ] as stated on the order. | ||||||||||||||||||||||
| Loading Port |
The Loading Port and Seller's Facilities shall be [ ]. No later than 20 days prior to the start of the 1-DDW, Seller shall have the right to substitute the Loading Port, subject to the LNG cargo meeting the specifications at the then nominated Discharge Port and the substitute loading port not being, at the time of its nomination, affected by Force Majeure or reasonably likely to become affected by Force Majeure at the time of loading which will prevent or delay the delivery of the LNG Cargo. Ports in the Russian Federation or any country under UK, EU or US sanctions shall not be permitted. The LNG delivered under this transaction shall not be taken, supplied, or sourced directly or indirectly from Russia. LNG originating from Russia shall not be reloaded for delivery under this transaction. Seller may further substitute the Loading Port after the above deadline, subject to the above provisions being met and Buyer's consent, not to be unreasonably delayed or withheld. | ||||||||||||||||||||||
| Discharge Port |
The Base Discharge Port and Buyer's Facilities: No later than thirty (30) days prior to the start of the 3-DDW of a Cargo, Buyer shall have the right to nominate a Base Discharge Port from the following list: Standard
Standard Plus — the Standard list, extended
Alternative Discharge Port: No later than fifteen (15) days prior to the start of the 1-DDW of a Cargo, Buyer shall have the right to nominate an Alternative Discharge Port from the above list. Any Alternative Discharge Port nomination shall be subject to:
The Alternative Discharge Port nominated in accordance with the provisions of i) and ii) above shall become the Discharge Port. Buyer may further substitute the Discharge Port after the above deadline, subject to the provisions of i) and ii) and Seller's consent, not to be unreasonably withheld or delayed. Seller shall bear and pay all Port Costs incurred at the Discharge Port, subject to a cap of USD 300,000 per Cargo. | ||||||||||||||||||||||
| Cargo Quantity |
The Cargo Quantity shall be [ 3.4-3.7 TBtu ] and shall be nominated by the Seller no later than 5pm UK, the day prior to the last UK business day of the month prior to the first day of the 3-DDW, the Nominated Cargo Quantity. The Nominated Contract Quantity is subject to an operational tolerance of up to plus or minus five percent (5%) of the Nominal Quantity without giving rise to liability for the Parties. | ||||||||||||||||||||||
| Delivery Window |
The 3-Day Delivery Window shall be [ date range ]. By no later than 30 days prior to the start of the 3-DDW, Buyer shall nominate a single day within the 3-DDW (the "1-DDW"). Any later nomination shall be subject to Seller's consent. | ||||||||||||||||||||||
| LNG Ship |
No later than 20 days prior to the start of the 3-DDW, Seller shall nominate an LNG Ship to deliver such LNG Cargo which shall:
Any later nomination shall be subject to Buyer's consent, not to be unreasonably delayed or withheld. Notwithstanding the above, the Seller shall not nominate or employ any LNG Ship which is or becomes subject to Sanctions or whose Transporter, charterer or ship/technical manager (including any Person with equitable or beneficial interest with respect to or in control of (directly or indirectly) the Transporter, charterer or ship/technical manager) must not be a Restricted Person. | ||||||||||||||||||||||
| Contract Price |
P = [ As agreed between the Parties ]. | ||||||||||||||||||||||
| Allowed Laytime | 36 hours. | ||||||||||||||||||||||
| Demurrage Rate and Boil-Off |
Unless otherwise agreed between the parties. The rate of demurrage per day and pro rata shall be the last published rate under the heading Atlantic 'Shipping Rate' in Platts LNG Daily the day of the 1-DDW. If the Atlantic day rate is not published in respect of such day, then the last published Atlantic day rate immediately prior to such day shall apply. The excess boil-off rate is 0.10% per day pro rata. | ||||||||||||||||||||||
| Quality |
The LNG when delivered by Seller to Buyer shall comply, in a gaseous state as tested at the Discharge Port, with the following conditions:
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| Measurement and Testing | The procedures for measurement, sampling, testing and determining the quantity and the quality of the LNG delivered shall be those specified in the relevant rules of the nominated discharge port. | ||||||||||||||||||||||
| Credit Support | As agreed between the parties. | ||||||||||||||||||||||
| Others | As per current MSPA between the parties or, if there is not an MSPA in place between the parties, the parties will negotiate one to be concluded no later than 10 business days after agreeing in principle to the trade on the terms of this TS, or any later date mutually agreed upon. | ||||||||||||||||||||||
| Validity | Indicative and not binding. |
North West Europe
The North West Europe terms with Portugal inside the discharge range. EOM lists this contract as North West Europe and Portugal.
The term sheet itself is the mNWE sheet word for word — EOM papers every North West Europe contract on the same terms. What the contract changes is the discharge range, not the wording.
| Seller / Buyer | The party that placed the order; its counterparty is [ ]. | ||||||||||||||||||||||
| Delivery Terms | [ DES ] as stated on the order. | ||||||||||||||||||||||
| Loading Port |
The Loading Port and Seller's Facilities shall be [ ]. No later than 20 days prior to the start of the 1-DDW, Seller shall have the right to substitute the Loading Port, subject to the LNG cargo meeting the specifications at the then nominated Discharge Port and the substitute loading port not being, at the time of its nomination, affected by Force Majeure or reasonably likely to become affected by Force Majeure at the time of loading which will prevent or delay the delivery of the LNG Cargo. Ports in the Russian Federation or any country under UK, EU or US sanctions shall not be permitted. The LNG delivered under this transaction shall not be taken, supplied, or sourced directly or indirectly from Russia. LNG originating from Russia shall not be reloaded for delivery under this transaction. Seller may further substitute the Loading Port after the above deadline, subject to the above provisions being met and Buyer's consent, not to be unreasonably delayed or withheld. | ||||||||||||||||||||||
| Discharge Port |
The Base Discharge Port and Buyer's Facilities: No later than thirty (30) days prior to the start of the 3-DDW of a Cargo, Buyer shall have the right to nominate a Base Discharge Port from the following list: Standard
Standard Plus — the Standard list, extended
Alternative Discharge Port: No later than fifteen (15) days prior to the start of the 1-DDW of a Cargo, Buyer shall have the right to nominate an Alternative Discharge Port from the above list. Any Alternative Discharge Port nomination shall be subject to:
The Alternative Discharge Port nominated in accordance with the provisions of i) and ii) above shall become the Discharge Port. Buyer may further substitute the Discharge Port after the above deadline, subject to the provisions of i) and ii) and Seller's consent, not to be unreasonably withheld or delayed. Seller shall bear and pay all Port Costs incurred at the Discharge Port, subject to a cap of USD 300,000 per Cargo. | ||||||||||||||||||||||
| Cargo Quantity |
The Cargo Quantity shall be [ 3.4-3.7 TBtu ] and shall be nominated by the Seller no later than 5pm UK, the day prior to the last UK business day of the month prior to the first day of the 3-DDW, the Nominated Cargo Quantity. The Nominated Contract Quantity is subject to an operational tolerance of up to plus or minus five percent (5%) of the Nominal Quantity without giving rise to liability for the Parties. | ||||||||||||||||||||||
| Delivery Window |
The 3-Day Delivery Window shall be [ date range ]. By no later than 30 days prior to the start of the 3-DDW, Buyer shall nominate a single day within the 3-DDW (the "1-DDW"). Any later nomination shall be subject to Seller's consent. | ||||||||||||||||||||||
| LNG Ship |
No later than 20 days prior to the start of the 3-DDW, Seller shall nominate an LNG Ship to deliver such LNG Cargo which shall:
Any later nomination shall be subject to Buyer's consent, not to be unreasonably delayed or withheld. Notwithstanding the above, the Seller shall not nominate or employ any LNG Ship which is or becomes subject to Sanctions or whose Transporter, charterer or ship/technical manager (including any Person with equitable or beneficial interest with respect to or in control of (directly or indirectly) the Transporter, charterer or ship/technical manager) must not be a Restricted Person. | ||||||||||||||||||||||
| Contract Price |
P = [ As agreed between the Parties ]. | ||||||||||||||||||||||
| Allowed Laytime | 36 hours. | ||||||||||||||||||||||
| Demurrage Rate and Boil-Off |
Unless otherwise agreed between the parties. The rate of demurrage per day and pro rata shall be the last published rate under the heading Atlantic 'Shipping Rate' in Platts LNG Daily the day of the 1-DDW. If the Atlantic day rate is not published in respect of such day, then the last published Atlantic day rate immediately prior to such day shall apply. The excess boil-off rate is 0.10% per day pro rata. | ||||||||||||||||||||||
| Quality |
The LNG when delivered by Seller to Buyer shall comply, in a gaseous state as tested at the Discharge Port, with the following conditions:
| ||||||||||||||||||||||
| Measurement and Testing | The procedures for measurement, sampling, testing and determining the quantity and the quality of the LNG delivered shall be those specified in the relevant rules of the nominated discharge port. | ||||||||||||||||||||||
| Credit Support | As agreed between the parties. | ||||||||||||||||||||||
| Others | As per current MSPA between the parties or, if there is not an MSPA in place between the parties, the parties will negotiate one to be concluded no later than 10 business days after agreeing in principle to the trade on the terms of this TS, or any later date mutually agreed upon. | ||||||||||||||||||||||
| Validity | Indicative and not binding. |
North West Europe
The North West Europe terms with Iberia inside the discharge range. EOM lists this contract as mNWE + Iberia.
The term sheet itself is the mNWE sheet word for word — EOM papers every North West Europe contract on the same terms. What the contract changes is the discharge range, not the wording.
| Seller / Buyer | The party that placed the order; its counterparty is [ ]. | ||||||||||||||||||||||
| Delivery Terms | [ DES ] as stated on the order. | ||||||||||||||||||||||
| Loading Port |
The Loading Port and Seller's Facilities shall be [ ]. No later than 20 days prior to the start of the 1-DDW, Seller shall have the right to substitute the Loading Port, subject to the LNG cargo meeting the specifications at the then nominated Discharge Port and the substitute loading port not being, at the time of its nomination, affected by Force Majeure or reasonably likely to become affected by Force Majeure at the time of loading which will prevent or delay the delivery of the LNG Cargo. Ports in the Russian Federation or any country under UK, EU or US sanctions shall not be permitted. The LNG delivered under this transaction shall not be taken, supplied, or sourced directly or indirectly from Russia. LNG originating from Russia shall not be reloaded for delivery under this transaction. Seller may further substitute the Loading Port after the above deadline, subject to the above provisions being met and Buyer's consent, not to be unreasonably delayed or withheld. | ||||||||||||||||||||||
| Discharge Port |
The Base Discharge Port and Buyer's Facilities: No later than thirty (30) days prior to the start of the 3-DDW of a Cargo, Buyer shall have the right to nominate a Base Discharge Port from the following list: Standard
Standard Plus — the Standard list, extended
Alternative Discharge Port: No later than fifteen (15) days prior to the start of the 1-DDW of a Cargo, Buyer shall have the right to nominate an Alternative Discharge Port from the above list. Any Alternative Discharge Port nomination shall be subject to:
The Alternative Discharge Port nominated in accordance with the provisions of i) and ii) above shall become the Discharge Port. Buyer may further substitute the Discharge Port after the above deadline, subject to the provisions of i) and ii) and Seller's consent, not to be unreasonably withheld or delayed. Seller shall bear and pay all Port Costs incurred at the Discharge Port, subject to a cap of USD 300,000 per Cargo. | ||||||||||||||||||||||
| Cargo Quantity |
The Cargo Quantity shall be [ 3.4-3.6 TBtu ] and shall be nominated by the Seller no later than 5pm UK, the day prior to the last UK business day of the month prior to the first day of the 3-DDW, the Nominated Cargo Quantity. The Nominated Contract Quantity is subject to an operational tolerance of up to plus or minus five percent (5%) of the Nominal Quantity without giving rise to liability for the Parties. | ||||||||||||||||||||||
| Delivery Window |
The 3-Day Delivery Window shall be [ date range ]. By no later than 30 days prior to the start of the 3-DDW, Buyer shall nominate a single day within the 3-DDW (the "1-DDW"). Any later nomination shall be subject to Seller's consent. | ||||||||||||||||||||||
| LNG Ship |
No later than 20 days prior to the start of the 3-DDW, Seller shall nominate an LNG Ship to deliver such LNG Cargo which shall:
Any later nomination shall be subject to Buyer's consent, not to be unreasonably delayed or withheld. Notwithstanding the above, the Seller shall not nominate or employ any LNG Ship which is or becomes subject to Sanctions or whose Transporter, charterer or ship/technical manager (including any Person with equitable or beneficial interest with respect to or in control of (directly or indirectly) the Transporter, charterer or ship/technical manager) must not be a Restricted Person. | ||||||||||||||||||||||
| Contract Price |
P = [ As agreed between the Parties ]. | ||||||||||||||||||||||
| Allowed Laytime | 36 hours. | ||||||||||||||||||||||
| Demurrage Rate and Boil-Off |
Unless otherwise agreed between the parties. The rate of demurrage per day and pro rata shall be the last published rate under the heading Atlantic 'Shipping Rate' in Platts LNG Daily the day of the 1-DDW. If the Atlantic day rate is not published in respect of such day, then the last published Atlantic day rate immediately prior to such day shall apply. The excess boil-off rate is 0.10% per day pro rata. | ||||||||||||||||||||||
| Quality |
The LNG when delivered by Seller to Buyer shall comply, in a gaseous state as tested at the Discharge Port, with the following conditions:
| ||||||||||||||||||||||
| Measurement and Testing | The procedures for measurement, sampling, testing and determining the quantity and the quality of the LNG delivered shall be those specified in the relevant rules of the nominated discharge port. | ||||||||||||||||||||||
| Credit Support | As agreed between the parties. | ||||||||||||||||||||||
| Others | As per current MSPA between the parties or, if there is not an MSPA in place between the parties, the parties will negotiate one to be concluded no later than 10 business days after agreeing in principle to the trade on the terms of this TS, or any later date mutually agreed upon. | ||||||||||||||||||||||
| Validity | Indicative and not binding. |
Standard and Standard Plus orders paper on these term sheets automatically — EOM prints the completed sheet in the deal room, ready to copy into Word.
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