TTV PROCEDURE

Incoterms: FOB 2020 Fujairah, Jurong, Rotterdam
Product location: In shore tanks at Fujairah, UAE / Jurong, Singapore.
Mode of delivery: Ex-tanks at load port- Fujairah, Jurong, Rotterdam (Tank to Vessel)
Price basis: Negotiable on PLATTS of NWE, Asia-pacific/Arab Gulf market scan FOB TTV Fujairah, Jurong, Rotterdam
Inspection: SGS/Intertek/Saybolt-Corelab or equivalent at seller’s tank
Payment terms: By MT103 against verification of agreed POP documents.

FOB TANK TO VESSEL (TTV) TRANSACTION TERMS AND PROCEDURE:

1. Seller issue FCO with signatory ID/Passport Copy with full CIS and Government issued Fuel Export License copy.
2. Buyer issues ICPO + Signatory ID/Passport Copy + CIS
3. Seller share the RECAP and issue Pro-Forma Invoice & SPA,
4. Buyer accept the proforma invoice and sign the SPA and Share the CPA.
5. Seller issue Commercial Invoice (CI) for the Buyer to review, sign, and return to the Seller within 24 hours along with the Charter Party Agreement (CPA) (Note: If the buyer is convinced that the seller can deliver, they are happy to share:
– a. CPA along with the ICPO,
– b. Q88 along with the reviewed and signed CI.)

6. Partial Proof of Product (PPOP) issued by the Seller:
– a. Commitment to supply
– b. Authorisation to Sell and Collect (ATSC)
– c. Certificate of Origin Availability of Product (EUR5 Certificate)
– d. Product Passport Quality Analysis
– e. SGS fresh report not older than 48 hours
– f. Injection report (wherever applicable)
7. Above documents verified and confirmed by the Buyer within 48 hours.
8. Following documents issued by the Seller to the Buyer to confirm within 24 hours.
– a. Valid Tank Storage Receipt (TSR)
– b. Terminal Access Code (TAC)
– c. Hub No.
– d. Authorisation to Verify (ATV)
– e. Booking No.
– f. Dip Test Authorisation (DTA)

9. The Buyer, within 24 hours, appoints SGS to conduct the Dip Test at the Seller’s Tank in the presence of the Buyer’s representative.
10. Upon completion of the Dip Test, the Buyer remits payment per invoice via MT103/TT.
11. Upon receiving clean, clear funds into the Seller’s nominated bank account as per the invoice raised, the Seller shall transfer the cargo and transfer the Title of the product to the Buyer.
12. The vessel will be allowed departure from the port after full payment to the Seller and transfer of cargo & title to the Buyer.

Important Notes:
1. Q&Q report must be current and prepared from either SGS, SAYBOLT or Intertek including composite sampling, sealed tank details, tank number and seal numbers. Last injection report when the product was injected to the seller’s tank.
2. Full Proof of Product (POP) and Fresh SGS must be in the Buyer’s name.
3. ATSC must clearly authorize the Buyer to sell and collect the product.

gks@ametheus.com