TTT-STS

TANKER TO TANKER / SHIP TO SHIP

TTT/STS Nominations,Shipment &Transaction Procedure

1. Buyer & Seller sign and seal Sales & Purchase Agreement (SPA) after due acceptance of terms and conditions contain therein by both sides. Also Signed SPA must come along with buyer’s COMPLETE VALID Vessel particulars; CPA, Q88, Charter Receipt including ATL, port of discharge port details/harbor master info. Both parties lodge the fully executed SPA with their respective banks.

Buyer must issue their Client Information Sheet (CIS)/ KYC including passport/license data page.

2. Buyer’s issuing prime bank shall issue a Pre-advice via swift MT799 swift transmission to Seller fiduciary bank stating Buyer’s readiness to swift SBLC via MT760 transmission duration and agreed verbiage within send copy of SWIFT to Seller for immediate confirmation and authentication via bank-to-bank e-mail communication between bank officers.

3. Seller’s fiduciary bank authenticates and confirms the Pre-advice via MT799 sent from Buyer’s bank and issues Mt799. Seller shall provide copy of SWIFT to Buyer for immediate confirmation and authentication.

4. Buyer’s bank confirm and authenticate receipt of the Mt799 and  swift S.B.L.C via MT760 swift transmission for the value of entire cargo to Seller fiduciary bank as per accepted verbiage and duration Buyer’s Bank provides carbon copy of SWIFT to Seller for immediate confirmation and authentication via bank-to-bank e-mail communication between bank officers and copy:

5. Seller nominates, charters vessel, load it and Bank Guarantee issued to NNPC crystallizes and Seller pays 100% cost of cargo loaded on his vessel to NNPC.  Vessel Captain sends NOR and ETA to Buyer’s vessel, Buyer vessel confirm the ‘marine NOR’ and Seller’s Vessel Captain opens communication with Buyer’s Vessel Captain for a mutual hookup point of STS and transshipment of product into Buyer’s vessel takes place immediately. Buyer must ensure Venders and holes are in their vessel for trans-shipment process and also Buyer’s super cargo and inspector must be on board Buyer’s vessel.

6. Buyer’s Inspectors on board Buyer’ vessel takes sample for Q&Q inspection immediately after transshipment. Q&Q is done at Buyer’s expense and the report is released to both parties within 12hours.

 7. Buyer’s Bank issues MT-103/202 covering the entire cargo in favour of Seller to Seller’s Bank and Seller sends their final Commercial Invoice and complete cargo documents and Warrantee of Title in favour of Buyer to Buyer’s Bank for payment

 8. Buyer’s Bank SWIFT payment into Seller’s Nominated Account immediately and commission Agents are paid according to IMFPA. Seller confirms payment and hands-over cargo documents to Buyer.

 9. Seller allows buyer’s vessel sails to Buyer’s preferred Destination port.

 10.  End of transaction. Another roll-over starts.