Thursday 9 May - Commercial Sessions

- Antitrust briefing

Spotlight on International Price Reporting Organisations

Airlines, oil companies and other aviation industry stakeholders largely settle their multi-million dollar jet fuel physical and derivatives contracts based on prices published by International Price Reporting Organisations (IPROs). It is critical that prices and rates reported by IPROs are accurate, reliable and transparent. Users of IPRO prices have long held the view that certain pricing discovery methodologies for jet fuel market prices may not reflect complete market activities. The discovery of manipulation of LIBOR rates in 2012 has stoked concerns about the accuracy of price assessments. This session will discuss the methodologies used by the leading IPROs, concerns of the jet fuel industry, findings and recommendations of IOSCO in a 2012 study submitted to the G20 leaders and the views of the IPROs themselves on this important topic.

Speakers:

• Peter Caddy, Argus Media
• Jurriaan de Jonge, KLM
• Stefan Pankoke, German Federal Financial Supervisory Authority

Moderator

• David Zanussi, Epic Aviation LLC

Refinery closures: impact on jet fuel supply reliability and quality 

During the last several years a number of refineries in the developed economies have closed. Some of these facilities have been converted into import terminals. This session will examine supply demand economics and geopolitics, the trend in refinery closures, the cost efficiency of refineries vs import terminals and how this fundamental change in the supply chain impacts supply reliability and fuel quality. 

Speakers:

• Anthony Kitson-Smith, Vitol Aviation
• Roberto Sieber, HETCO

Moderator:

• Jonathan Pardoe, Virgin Atlantic

EU ETS - saved by the clock?

In November 2012 the European Commission “stopped the clock” on the inclusion of international aviation in the EU ETS until October 2013, to allow a global solution to reduce aviation emissions to be found through ICAO. However, the EU’s requirements of airlines in the near to midterm is still unclear. This session will focus on the current status, potential outcomes and provide guidance on planning for the next stage.

Speaker:

• Michel Adam, IATA

Moderator:

• Jonathan Pardoe, Virgin Atlantic