CRUDE OIL (BLCO) IN ROTTERDAM

TRANSACTION: TTO

INSTRUMENT: SBLC / BF

Discount: $10/4

TTO PROCEDURE FOR LOADED VESSEL(S) BONNY LIGHT CRUDE OIL-BLCO

TTO PROCEDURE

1. Seller issues the draft Sales and Purchase Agreement(SPA) for signing for Buyer to sign and return within one banking day. Both Parties Shall Lodge the executed SPA Copies with their respective banks. The electronic transmitted signed copy by both parties is considered legally binding and enforceable and must not be changed without the written consent of the parties.
2. Buyer then returns signed SPA with full banking coordinates of both parties and their agents including the banking accounts coordinates/details to issue Mt199 Preadvice & Mt 760 SBLC/Mt 700 DLC/Mt 799 BLOCKED FUNDS swift with the following;
   I) ATB-Authority to Board/NOR-Notice of Readiness/ETA-Estimated Time of Arrival Formats detailing the Super cargo and Inspector Details.
   II) Full Details of the receiving Port of Discharge (POD), Full Details of the Harbour Master, Shipping Agency and Inspection Company.
   III) CIS Sheet of the swift SBLC-MT760/DLC MT700 Issuing Account.
   IV) Buyer’s Bank Approved SBLC/DLC/BLOCKED FUNDS verbiage.

3). SELLER/NNPCL sends to Buyer the following for the issuance of THE SBLC-MT760/DLC MT700/MT799 BLOCKED FUNDS Instrument Immediately;
I) NNPCL Contract Acknowledgement Letter.
II) NNPCL Account Nomination Letter.

4). Buyer’s nominated bank sends PRE-ADVICE MT199/799 by swift confirming buyer’s willingness and readiness to swift transferable, Irrevocable SBLC MT760/DLC MT700/MT799 BLOCKED FUNDS to SELLER/NNPCL Bonny Terminal Nominated bank for the cost of the entire cargo/current market Brent Price by swift to Seller/NNPCL nominated bank for a period of 365+1days validity from a top-Rated Bank of the world according to the approved verbiage. SELLER/NNPCL nominated bank responds with readiness and willingness to receive the issued SBLC MT760/DLC MT700/MT799 BLOCKED FINDS swift for the cost of the entire cargo/current market Brent Price by swift to Seller/NNPCL nominated bank for a period of 365+1 days.

5). Buyer’s nominated bank issues a Transferable, Irrevocable SBLC MT760/DLC MT700/MT799 BLOCKED FUNDS of the cost of the entire cargo/ current market Brent Price by swift to Seller/NNPCL nominated bank for a period of 365+1 days.

6). Upon receipt and successful confirmation of the swift instrument, Seller sends full set of Cargo documents to the buyer in the name of the buying company as the CONSIGNEE OF RECORD;
A: BILL OF LADING.
B: CERTIFICATE OF QUALITY.
C: CERTIFICATE OF QUANTITY.
D: CERTIFICATE OF ORIGIN.
E: MASTERS RECEIPT FOR SAMPLES.
F: CARGO MANIFEST.
G: TANKER ULLAGE.
H: TANKER TIME SHEET.
I: CUSTOMS CLEARANCE CERTIFICATE.
J: Q88 OF THE VESSEL.
K: SELLER SHIPPING COMPANY CONTACT DETAILS IN CHINA.
L. MNOR/ETA.
M. SHIP DOCUMENTS REQUIRED FOR PORT ENTRY ACCORDING TO THE REQUIREMENTS OF BUYER’S SHIPPING AGENCY.
Buyer shipping agent register’s the product documents (aforementioned) with the Customs.

7). Seller authorizes Loaded Vessel Captain to send MNOR/ETA to Buyer’s Harbour Master confirmable by Buyer’s Shipping Agency and reroutes the Vessel/Cargo to buyer’s choice pod for CIQ.

8). Captain of the loaded Vessel makes Maritime Announcement at Arrival and berth at Buyer’s Destination POD or Buyer’s boarding location, the Captain Issues Authority to Board (ATB/DTA) to enable Buyer’s independent inspectors to perform Q&Q/CIQ at mutually agreed location inside buyer’s port.

9). Upon successful conclusion of Q/Q analysis, Inspectors release report to both parties while Seller Issue Commercial Invoice to the Buyer with exact Q/Q report figures.

10). Buyer releases full payment for cargo to Seller’s nominated bank within 72 business hours by MT-103/TT wire after inspection against Q/Q Report, Commercial Invoice and Cargo Documents.

11). Seller confirms payment and authorizes Captain to discharge cargo into Buyer’s storage tank. Buyer pays commission simultaneously to all Mandate and Agents involved in the transaction per the contract. Seller introduces the Buyer to the vessel handlers.

12). Seller commences subsequent shipments on simple DIP/CI/PAY BASIS.

NOTE:
With the release of the Q&Q report, Seller shall release his commercial invoice.

** Buyer shall email copies of all banking instrument pertaining to this transaction directly to seller’s official email.**

📣 Note: Buyer must write LOI/ICPO with the full procedure above requesting for our contract before we can release our contract to close this deal ASAP!.