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FAQ

What are some common acronyms in the field of shipping and receiving?
Good Day to All! Being in the Shipping industry for around 15 years I can explain a few I hope. Here are the common acronyms used in the Shipping Industry along with their meanings; -         PDA : Profoma Disbursement Account is the initial profoma offer to the principal as in estimate of expenses when the vessel calls port.-         FDA : Final Disbursement Account is the final profoma send to the principal after the vessels sails and all the due and invoices have been received for all the services performed for the vessel.-         SOF : Statement of Facts is a detailed break up with date and time of every event that has occurred since (ESOP) End of Sea Passage till Vessel Sailed and RFA.-         LCL : Less than Container Load-         FCL : Full container load-         Bill of Lading : It’s a legal tender as deed of ownership of cargo. Made by shippers and generally signed by Master of the Vessel or Agents also after due Authorization from the Master. Cargo is only discharged/delivered to charterer/cargo owner on presentation of Original B/L. These can be of two types as follows; -         House B/L : In House B/L Made with the forwarding agents and receiving agents are both from our set up. Hence the necessity of having different B/Ls and exposing the clients to Shipping lines can be avoided.-         Master / Liner B/L : Is made with the shipping line and consignee name is our name.-         LOI : Letter of Indemnity in this case issued in order to release the DO when original B/L is not available and LOI is issued by charterer . Vessel Owner and owner instruct Master to release cargo without presentation of Original B/L and agent to issue DO-         DO : Delivery Order to be issued by the company against receipt of Original B/L or on submission of LOI to the receiver. A charge is levied on the customer to issues the D/O. -         Packing List : This list is a document prepared by shipper exporting his cargo. It shows the exact and full details of the cargo to be shipped. The same is submitted for custom clearances purposes.-         Cargo Manifest : is document issued by the carrier or shipper or the carrier which shows all the particulars pertaining to the shipment. It shows cargo details, Quantity, B/L Number etc.-         Lien :The carrier shall have a lien for any amount due under this contract and costs of recovering same and shall be entitled to sell the goods privately or by auction to cover any claims.-         Delay : The carrier shall not be responsible for any loss sustained by merchant through delay of the goods unless caused by the carriers‡ personal gross negligence.-         EXW / Ex-Works : Means seller is only responsible to make goods available at his premises. The buyer bears all cost till the desired destination. Its related to departure of goods till sellers premises.-         FCA ‡ Free Carrier : This term is generally intermodal which involved many modes of transport. Its based on the same principle of FOB except seller fulfills his obligation when he delivers the said cargo at a named point. The liability of cargo from seller to buyer is transferred at this point and not on the ships railing.-         FAS ‡ Free Alongside Ship : As the name implies the seller places the cargo alongside the ship. This means the buyer bears all cost and risk of loss or damage at the moment. The buyer contracts with the sea carrier for the carriage to destination and pays the freight.-         FOB ‡ Free onboard : The seller delivers the goods onboard the vessel free of cost to the buyer at the port named in shipment in sales contract. Eg FOB Tokyo or can be Classis FOB in which seller is the shipper and is party to the contract of carriage until bills of lading are made out in buyers name. This type is generally for specialized i.e oil for tankers or due to local requirements. -         CFR/CNF ‡ Cost and Freight : CNF Mumbai means the destination port of the cargo. In this the main duty and carriage is paid by the seller and is generally used for sea and inland water transport.-         CIF ‡ Cost Insurance and Freight : This is the same as CNF with the difference that’s the seller has to bear the cost of insurance and its premiums. And this price is included in the price of the goods. The original contract is mostly FON or FAS where the buyer would have charterers the vessel and called at the ports of shipments taking the goods into his care.-         CPT ‡ Carriage paid to : This means the seller pays the freight for the carriage of goods to be named destination. Its suitable for any mode of transport in particular for multimodal transport.-         CIP ‡ Carriage and Insurance paid : This term is used it means the seller has to ship goods and procure the insurance against the buyer’s risk of loss or damage during carriage. It is appropriate for transport by any mode including multimodal transport.-         DAF ‡ Delivered at Frontier: This means the seller’s obligations are fulfilled when the goods arrived at the frontier but before the customs border. Main carriage is usually paid by the seller.-         DES ‡ Delivered ex ship : This means as the name implies that the seller is responsible to make the good available to the buyer at the destination named on the ship in the contract and covers all the cost and risk involved till the destination named.-         DEQ ‡ Delivered ex quay : This means as the name implies that the seller is responsible to make the good available to the buyer at the destination named in the contract at the quay and covers all the cost and risk involved till the destination named on the jetty or quay.-         DDU ‡ Delivered duty unpaid : Means the seller fulfills his obligation to deliver when goods have been made available at the named place in the destination. Again all the cost involved is taken care of by the seller till the customs house.-         DDP  - Delivered Duty paid : This is the other extreme of the contract and is like door to door service. The seller has to deliver the cargo to the premises of the buyer and cover all cost till the premises. Seller takes care of all the costs and risk until arrival. -         Switching of Bill of Lading :  This situation arises when the charterer deviates for the route in the middle of the voyage/change destination or the consignee has been changed at the destination port. Hence required to switch B/L. This is done by agents on behalf of clients should make sure that ITIC club has been intimated and the B/L for the first leg has been cancelled.-         Liner Agency Agreement : An agreement or other document describing services to be delivered by the agent to the principal (alternatively referred to as the liners) which have scheduled services.-         Container Codes  : These are as below,LCL : Loose Container LoadFCL : Full Container LoadCDSTUFF : LCL to CFS De-stuffingCSTUFF : Empty Container to CFS for stuffingDSTEXP : CFS inspection container as exportDSTUFF : FCL container to CFS for de-stuffingEXPOUT : Export container withdrawn by the shipperFULSIN : Full container leased inICONE : Import container converted to exportMTLSIN : Empty container leased inOTAGRES : Out agents responsibilityRTNFCFS : Return from CFS FCL containerDSLCL : LCL container discharged from the vesselDSFTSP : Full transshipment container discharged from vesselDSMTSP : Empty transshipment container discharged from vesselLDFTSP : Full transshipment container loaded on vesselLDMTSP : Empty transshipment container loaded on vesselDTTSPFI : Transshipment full container transfer in DepotDTTSPFO : Transshipment full container out in DepotHope same in sufficient. Warm RgdsCapt. Nazeef Siddiqui
How can you know a real crude oil seller?
It's all in the seller's Procedure, From my experience I read a seller's procedure and I can tell you. If seller is real or fake. Same with Buyer's there are buyers who come up with ridiculous procedures. These buyer's are either fraudulent or are not into crude oil business.In order to be successful in this business you you need to learn about ICC Banking regulations. This can protect you from such people. Below is a Procedure for DLC Instrument. It takes a serious Seller to give such. For Interested Buyers you can reach me via what's app only +2348060084228CIF TRANSACTION PROCEDURES FOR OPERATIVE MT700 DLC WITH 2% PERFORMANCE BOND WITH PRE ADVICE.FOR RE-SELLERS / RE-SELLING TO REFINERY!THIS PROCEDURE IS NOT FOR REFINERY!DO NOT SEND THIS PROCEDURE TO A REFINERY!!!!IF YOU ARE DIRECT TO A REFINERY ‡ CONTACT US FOR REFINERY DIRECT PROCEDURE !!!ABSOLUTELY NO CHANGES TO THIS PROCEDURE WILL BE ACCEPTED!1. SELLER PREPARES SALES PURCHASE AGREEMENT (SPA) AND SENDS SPA TO BUYER. WITHIN FOUR (4) BUSINESS DAYS BUYER & SELLER SIGNS AND SEALS SALES PURCHASE AGREEMENT (SPA) AND EXCHANGES THE SIGNED COPY OF THE SPA BY ELECTRONIC MAIL. GCT SHALL ISSUE LETTER OF CONFIRMATION AND ACCEPTANCE TO BUYER WITHIN TWENTY FOUR (24) HOURS AND A AUTHORITY TO SELL (ATS) ISSUED BY THE NNPC, AND A COPY OF SELLER’S INTERNATIONALPASSPORT OR IDENTIFICATION AND COPY OF SELLER’S BUSINESS REGISTRATION.. THE ELECTRONIC SIGNED AND SEALED COPY OF THE SPA BY BOTH PARTIES IS CONSIDERED LEGALLY BINDING AND ENFORCEABLE AND SHOULD BE LODGED IN NOMINATED BUYER AND SELLER BANKS.2. BUYER SENDS SELLER FULL DETAILS OF THE RECEIVING PORT OF DISCHARGE (POD) TO INCLUDE FULL DETAILS OF HARBOR MASTER, SHIPPING AGENCY, INSPECTION COMPANY, AND FULL NOR/ETA/ATB FORMATS.3. WITHIN 3 BUSINESS DAYS AFTER SIGNING OF SPA BUYER’S BANK SENDS PREADVICE VIA MT199 OR MT999 OR MT799 TO SELLER’S FIDUCIARY NOMINATED BANK STATING BUYER BANK WILL SEND SELLER BANK OPERATIVE MT700 DLC UPON CONFIRMATION THAT SELLER BANK WILL POST 2% PERFORMANCE BOND UPONRECEIPT OF BUYERS’OPERATIVE MT700DLC. SAID PRE ADVICE WILL ALSO ATTACH THE VERBIAGE OF THE OPERATIVE MT700 DLC THAT WILL BE SENT UPON RECEIPT OF SELLER’S BANK REPLY TO THE BUYER’S BANK PRE ADVICE. SEE ATTACHED VERBIAGE FOR ADOPTION.4. SELLER BANK CONFIRMS PRE-ADVICE AND RESPONDS TO BUYER’S BANK WITH READINESS TO RECEIVE OPERATIVE MT700 DLC AND ISSUE 2% PERFORMANCEBOND (PB) TO BUYER’S NOMINATED BANK ACCOUNT UPON RECEIPT OF FULL FUNDED OPERATIVE MT700 DLC INSTRUMENT.5. BUYER UPON CONFIRMATION AND RECEIPT OF PRE-ADVICE TO ISSUE 2% PB, RESPONDS WITHIN 72HRS, BUYER'S BANK ( ANY TOP 25 WORLD PRIME BANK ), ISSUES CONFIRMED, IRREVOCABLE, UNCONDITIONAL, DIVISIBLE, TRANSFERABLEOPERATIVE MT700 DLC VIA SWIFT IN FAVOUR OF THE SELLER TO THE SELLER’S FIDUCIARY NOMINATED BANK (WITHIN 72 HRS) WITH VALIDATION OF ONE YEAR AND ONE DAY IN THE AMOUNT TO COVER EACH SHIPMENTACCORDING TO SELLERSBANK VERBIAGE. SELLER CONFIRMS RECEIPT OF BUYER’S DLC. THIS DLC ACTS AS A GUARANTEE FOR SHIPMENT, AND THE FINAL PAYMENT SHALL BE SETTLED MT103.NOTICE: ANYPURCHASE/LEASE OR RENTED INSTRUMENT MUST BE CASH BACKED!!6. UPON RECEIPT OF BUYER’S OPERATIVE DLC, THE SELLER SHALL PROVIDE A PERFORMANCE BOND OF 2% THAT IS EQUIVALENT TO TWO PERCENT OF THE RECEIVED DLC’S AMOUNT.7. WITHIN FIFTEEN ‡ TWENTY ( 15-20 ) BANKING DAYS, SELLER NOMINATES VESSEL AND PAYS FOR CHARTER. SELLER WILL FURNISH BOTH BUYER & VESSEL HOME OFFICE/FOREIGN HANDLER WITH DETAILS OF LAYCAN FOR THEIR RECORDS.NOTE TO BUYER: Fifteen-Twenty (15-20) banking days period involves Nominating the Vessel, Payment for Charter, Securing Laycan & Clearing Vessel with Customs, sailing Vessel into Loading Terminal & Actual Loading & Full Cargo Documentation.8. VESSEL IS LOADED AND SELLER SECURES FULL CARGO DOCUMENTS AND TITLE ISSUED IN BOTH SELLER’S AND BUYER’S NAME TO INCLUDE:Clean Ocean Bill of Lading, One (1) Original and Three (3) Copies.Seller’s Commercial Invoice, One (1) Original and Three (3) Copies.Certificate of Origin issued by NNPC, One (1) Original and Three (3) Copies.Certificate of Authenticity issued by NNPC, One (1) Original and Three (3) Copies.Cargo Manifest, One (1) Original and Three (3) Copies.Certificate of Quality, One (1) Original and Three (3) Copies.Certificate of Quantity, One (1) Original and Three (3) Copies.Master’s Receipt for Samples.Master’s Receipt for Documents.Tanker Ullage Report.Tanker Time Sheet.Charter Party Agreement.(NNPC IS THE SHIPPER NO NEED OF CPA)Certificate of Ownership & Warranty of Title.Q&Q Inspection Report Performed at Loading Port.(CALIBERATE INSPECTIONS ,LOCAL INSPECTORS ACCREDITED BY BONNY TERMINAL )Other relevant documents related to the cargo.NOTE TO BUYER: Non-negotiable electronic copies of some of these Above Cargo documents will be sent to the Buyer and Buyer’s and Seller’s Banks. Q&Q Inspection is conducted by independent inspectors at the Buyer’s POD and result released to both Buyer & Seller.9. SELLER SECURES ALL DOCUMENTATION AND OUTWARD CLEARANCE FOR LOADED VESSEL TO SAIL TO BUYER DISPORT. SELLER SHALL NOT RAISE INSURANCE COVER ON CARGO EVEN AS LOADED VESSEL CAPTAIN SENDS MARINE NOTICE OF READINESS (NOR) TO BUYER SHIPPING AGENCY AT DISPORT. BUYER SHIPPING AGENT ACKNOWLEDGES NOR AND REPLY THEIR READINESS TO RECEIVE THE CARGO ON BEHALF OF BUYER.10. VESSEL SAILS TO BUYER’S POD. FURTHER ETA UPDATES TO BE SENT TO BUIYER’S POD AT TEN (10) AND FIVE (5) DAYS AND THEN AT FORTY EIGHT (48),TWENTY FOUR (24), and TWELVE (12) HOURS PRIOR TO ARRIVAL AT POD. UPONARRIVAL AT BUYER’S POD, VESSEL ANNOUNCES ARRIVAL TO PORT AUTHORITY/NAVY. BUYER’S SHIPPING AGENCY CLEARS VESSEL INTO THE POD ANCHORAGE.NOTE TO BUYER: The loaded vessel will only anchor in the international waters of the POD country pending Clearance form Buyer shipping agent. Any expenses; port charges, levies, security, tugging etc. that might arise as a result of vessel coming into the POD country harbor/port/terminal/storage or waters will be borne by the Buyer. All clearing processes will be carried out by the Buyer’s Shipping Agent. If after seventy-two (72) hours upon vessel arrival and there is congestion at the port which thus causes delay, Buyer shall bear cost of demurrage.11. VESSEL IS CLEARED INTO BUYER’S DISCHARGE PORT, AND VESSEL CAPTAIN ISSUES A MARINE AUTHORITY TO BOARD (ATB) TO BUYER’S NOMINATED INDEPENDENT INSPECTOR’S AS PER BUYER’S FORMAT. Q&Q ANALYSIS IS CONDUCTED AT BUYER’S EXPENSE. INSPECTION AGENCY MUST BE EITHER SGS, INTERTEK, SAYBOLT, CIQ OR EQUVALENT AND MUST BE ACCEPTABLE TO SELLER AND MUST BE INDEPENDENT. THE FINAL Q&Q REPORT IS SENT TO BOTH BUYER AND SELLER RESPECTIVELY.12. UPON RECEIPT OF THE INSPECTOR’S Q&Q REPORT BY BOTH BUYER AND SELLER, SELLER ISSUES THE FINAL COMMERCAIL INVOICE BASED ON OUT-TURN BARRELS INSPECTED.NOTE TO BUYER: The Calculated Price for The Final Commercial Invoice Shall Be Based on the Q&Q Report at POD and On The THREE-DAY AVERAGE OF DATED (DTD) BRENT Day of Closing. As Stated in The Daily Published PLATT’S CRUDE OIL MARKET-WIRE REPORT/EUROPEAN MARKET-SCAN.13. BUYER’S BANK MAKES FULL PAYMENT IN USD TO SELLER’S NOMINATED ACCOUNT VIA TELEGRAPHIC TRANSFER WITHIN THREE (3) BANKING DAYS OF RECEIVING THE FINAL COMMERCIAL INVOICE AND SIMULTANEOUSLY PAYS ALL BROKERS COMMISSIONS AS PER SIGNED NCND MASTER FEE PROTECTION AGREEMENT IN THIS AGREEMENT OR ADHERED TO THIS AGREMENT. BUYER’S BANKWILL ADVISE SELLER’S BANK BY SWIFT OR TELEX QUOTING THE VALUE DATE OF THE TRANSFER, THE AMOUNT, THE INVOICE NUMBER, AND THE CLEARING BANK, IF ANY. SUCH ADVICE IS TO BE SENT IN DUE TIME SO AS TO ENABLE SELLER’S BANK TO CREDIT SELLER WITH VALUE ON DUE DATE.NOTE TO BUYER: If Full Payment is NOT received within a maximum of five (5) banking days of Buyer receiving the Final Commercial Invoice, Full Cargo Document and Title on Cargo, Seller’s Bank has the right to call the Buyer’s Documentary Letter of Credit (DLC) for settlement of total value of cargo in accordance to item 4 outlined under the clause 7 herein.14. SELLER’S BANK CONFIRMS PAYMENT AND SELLER SENDS ORIGINAL COPIES OF ALL SHIPPING DOCUMENTS, TITLE AND DISCHARGE CERTIFICATE TO BUYER VIA 1st CLASS COURIER.15. SELLER INSTRUCTS VESSEL CAPTAIN OF LOADED VESSEL TO DISCHARGE CARGO INTO BUYER’S STORAGE FACILITY.
Must Crude Oil buyers introduce another country's policy on sales to another country, is it not medium of iintroducing fraudulent practices?
BONNY LIGHT CRUDE OIL, CRUDE OIL, etc... Petroleum products business is not for ALL. It is meant for BANK credible companies and individuals. Fraudulent acts are caused by "corner cutting, short cut operators, cheaper than world fixed price seekers"Every country oil producing company have policies which have to be strictly followed for the benefit and coexistence of the country and the institution. Adhere to their principles. Buyers negotiate for products from seller, not introducing Sale Formula of his benefit to seller, Buyer don't force seller to your style, you will end in the hands of those that will give you your style to your detrimentFor genuine buyers of BONNY LIGHT CRUDE OILs etc.. follow the strictly the procedure as explained below and get your products. Buyer read seller procedure with carefulness, issue icpo on product to buyer, Seller issue draft SPA to Buyer`, Buyer read and confirm or effect changes with seller pointBuyer & Seller signed and seal Sales & Purchase Agreement (SPA) after due acceptance.Both parties lodge the fully executed SPA with their respective banksaster, shipping agency, Inspection Company etc.Buyer's issuing bank (Top 50 World Prime Bank) shall request for the 2%pb upfront from seller bank.  The 2% performance bonds is the security to both the buyer and seller for this transaction. This the bonds that is binding the seller and buyer, protect their interest whatsoever to a successful end of the transaction. Bonny light crude oil and every other petroleum products in Nigeria belongs to the Federal Repuublic of Nigeria . Their rules, principles and bylaws and other conditions are given by them through NNPC, the Public has to follow it if you realy want to buy the products. Crude oil or any petroleum products was not for poor due to its cost implication. To cut corner is to introduce fraudulent act. Until one submit SBLC, Vessels details , buyer ICPO and other relevant documents to NNPC before transaction process start. In Nigeria NNPC ,No one gets POP, bill of lading without submitting the above mention items , if any does is fake, wrhen it happens do not blame or condemned Nigeria , know that you are the one encouraging fraudulent acts. Even after submitting those documents they pass thro process coming out one after another . Have confidence with your bank the most heaviest gurantor. If your country policy do not favour you producing LC to your business, your bank should advise you on what to do if you are in good relationship with your bank, don't allow your country policy to be an excuse for corrupting another country system, please find your solution, I tell you many from that your country are doing the wright thing here and their products are perfectly deliver to them. Join others and do the wright thing and be happy . Let your bank protect your money and do what they know to do and do well. 6.Seller's fiduciary bank authenticates and confirms the Pre advice via MT799 sent from Buyer's bank. Within 120 banking hours Seller's Bank issues Operative 2% Performance Bond Guarantee (including value: US$3M, duration as per Buyer accepted verbiage) via MT760 transmission to Buyer Bank. ***All above , still bank to bank paper work, Seller on receiving the SBLC by his bank will use his money to meet up some transactions, NNPC also with confirmation from Seller bank issuing LC on cargo produce necessary paperwork for the loading of the vessel. All these step by step process is to avoid fraudulent acts that spoiled Nigeria, which you too say. Please let us reasong together and follow the protective Formula. You are not asked to give any money for any step by step procedures here. Why worry and complain still seeking to what still remains ghost to you. Vessel is loaded and Seller boards his independent inspection company to conduct Quantity & Quality inspection on the loaded cargo..10. Bank Guarantee issued to NNPC crystallises and Seller pays 100% cost of cargo loaded on his vessel to NNPC. The documents to be issued by NNPC to Seller on the loaded cargo shall include but not limited to the following ONLY: Note until full payment is made before NNPC release all these documents. Please my friend, this Nigeria govt way to protect his name and property and to save you, let us joyfully follow it and say bye bye to oil 419After payment these documents are released from NNPC:Clean Ocean Bill of Lading, One (1) Original and Three (3) CopiesSeller’s Commercial Invoice, One (1) Original and Three (3) CopiesCertificate of Origin issued by N.N.P.C, One (1) Original and Three (3) CopiesCertificate of Authenticity issued by NNPC, One (1) Original and Three (3) CopiesCargo Manifest, One (1) Original and Three (3) CopiesCertificate of Quality, One (1) Original and Three (3) CopiesCertificate of Quantity, One (1) Original and Three (3) CopiesMaster’s Receipt for Samples Master’s Receipt for DocumentsTanker Ullage ReportTanker Time SheetCharter Party AgreementCertificate of Ownership & Warranty of Title (N.N.P.C Certified Title on cargo)N.N.P.C Authority to Sell (A.T.S)Export Clearance Permit (Nigerian Ports Authority waiver, Custom Export Clearance Certificate etc.)Q&Q Inspection Report Performed at Loading Port by InterteOther relevant documents related to the cargo N.B: Seller shall furnishes Buyer with copies of the CPA, Q88, Q&Q report and release non-negotiable copies of some of the above full shipping Cargo documents for onward forwarding to Buyer’s BanksTanker Ullage ReportTanker Time SheetCharter Party AgreementCertificate of Ownership & Warranty of Title (N.N.P.C Certified Title on cargo)N.N.P.C Authority to Sell (A.T.S)Export Clearance Permit (Nigerian Ports Authority waiver, Custom Export Clearance Certificate etc.)Q&Q Inspection Report Performed at Loading Port by InterteOther relevant documents related to the ccaro*** Please this is very direct and simple, be on a close watch, those countries that issues documents to buyer before payment, you hear the level of fraudulent practices that will go on. As long as this business is concerned, many fools will lose their money., old documents will turn to new with fictitious seria numbers and date, just to collect your money and disappears to the sky. There is no documents a fraudstar can not produce, even your signature. It is only careful wright way that served. Different countries with different policy, this is Nigeria, this is it 's working system, please bear with us, continue to patronising us, we love you, it is for your good. Request for full procedures Request for full procedure. Thank you and God bless you, expecting your ICPC soon.Best Regards,Bishop Solomon Stephen Whatsapp :2348028847057fortifiedlight@gmail.com