Appendixes

Appendix to Fuel Oil Futures Contract Specifications

Updated on Jun 26,2018

I. Delivery Unit

The delivery unit of a fuel oil futures contract is 10 metric tons. Delivery shall be made in integral multiples of the delivery unit.

II. Quality Standards

Marine fuel oil of grade RMG 380 (sulfur content level I or II) or higher grades refers to homogeneous hydrocarbon mixtures extracted and made from petroleum, with certain amount of additives permitted for performance and characteristics gains. Fuel oils shall not contain any inorganic acid and used lubricating oil, nor any substance that may cause abnormal operations of ships, nor any artificially added additive or chemical waste that may endanger ship safety, adversely affect machine’s performance, harm human health, or increase air pollutions.

The standards of premiums and discounts will be separately specified and announced by SHFE.

Fuel Oil Quality Standards

Parameter	RMG 380 Specifications	Test Method
Kinematic viscosity (50 °C, mm²/s)	380.0 max	ASTM D445
Density (15 °C, kg/m³)	991.0 max	ASTM D1298
Calculated Carbon Aromaticity Index (CCAI)	870 max	ISO 8217:2017(E)
Sulfur content (m/m, %) I II	3.50 max 0.50 max	ASTM D4294
Flash point (closed cup tester) (°C)	60.0 min	ASTM D93
Hydrogen sulfide (mg/kg)	2.00 max	IP570
Acid value (mg KOH/g)	2.5 max	ASTM D664
Total sediment (thermal aging test) (m/m, %)	0.10 max	ASTM D4870
Carbon residue (m/m, %)	18.00 max	ASTM D189 / D4530
Pour point (°C)	30 max	ASTM D97
Moisture (V/V, %)	0.50 max	ASTM D95
Ash content (m/m, %)	0.100 max	ASTM D482
Vanadium (mg/kg)	350 max	IP 501
Sodium (mg/kg)	100 max	IP 501
Aluminum + Silicon (mg/kg)	60 max	IP 501
Net calorific value (cal/g)	9,500 min	ASTM D240
Used lubricating oil (ULO) (mg/kg) Calcium and Zinc Calcium and phosphorus	Fuel oil should be free of ULO, which is deemed to be present if any of the following conditions is met: Ca > 30 and Zn > 15 or Ca > 30 and P > 15	IP 501
Compatibility (level)	Not higher than level 2	ASTM D4740

III. Designated Delivery Depots

Designated Delivery Depots will be specified and separately announced by SHFE.