STANDARD WORKING PROCEDURE FOR SHIP TO SHIP (STS).
1. Buyer issues official ICPO with banking details and company registration certificate.
2. Seller issues MOU for both parties to sign within 24 hours, buyer signs and send back with guarantee letter to fulfil the contractual agreement.
3. Seller issue POP documents which were issued in the initial buyer company name as listed below:
a) Certificate of Origin
b) Product quality passport
c) Bill of Lading
d) Freight cargo Manifest
e) Vessel NOR
f) Vessel Q88
g) Vessel ETA
h) Invoice for security guarantee deposit
i) Refinery Commitment to supply.
4. Upon buyer receipt of documents, buyer verifies the availability of the product on high sea and makes payment by cash deposit of 3% of the total cost of product value within 24 hours for the title takeover of
the tanker/Allocation guarantee.
5. Upon seller’s receipt of the title takeover payment, seller transfers the title of the available quantity to the potential buyer company’s name and also re-issues all other outstanding documents to the potential buyer company’s name and send via swift from seller’s bank to buyer’s bank to full prove the product.
6. Vessel Changes Route and arrives the discharge port or GPS location and buyer carry out the CIQ/SGS inspection and upon a successful inspection; buyer makes the remaining balance payment of 97% by
MT103 T/T to complete the full product to the seller after CIQ / SGS at the discharge port/Location.
7. Seller pays all intermediary involved in the transaction within 48 hours.
1. Buyer issues official ICPO with banking details and company registration certificate.
2. Seller issues MOU for both parties to sign within 24 hours, buyer signs and send back with guarantee letter to fulfil the contractual agreement.
3. Seller issue POP documents which were issued in the initial buyer company name as listed below:
a) Certificate of Origin
b) Product quality passport
c) Bill of Lading
d) Freight cargo Manifest
e) Vessel NOR
f) Vessel Q88
g) Vessel ETA
h) Invoice for security guarantee deposit
i) Refinery Commitment to supply.
4. Upon buyer receipt of documents, buyer verifies the availability of the product on high sea and makes payment by cash deposit of 3% of the total cost of product value within 24 hours for the title takeover of
the tanker/Allocation guarantee.
5. Upon seller’s receipt of the title takeover payment, seller transfers the title of the available quantity to the potential buyer company’s name and also re-issues all other outstanding documents to the potential buyer company’s name and send via swift from seller’s bank to buyer’s bank to full prove the product.
6. Vessel Changes Route and arrives the discharge port or GPS location and buyer carry out the CIQ/SGS inspection and upon a successful inspection; buyer makes the remaining balance payment of 97% by
MT103 T/T to complete the full product to the seller after CIQ / SGS at the discharge port/Location.
7. Seller pays all intermediary involved in the transaction within 48 hours.
