loaded vessel of MT VITA I at about 2 million barrel Bonny Light Crude Oil available at this moment in South China for spot sale

We are direct with the sellers mandate and operational transaction procedures are very normal without upfront
Transaction through STS or VTT

VLCC TO VLCC (STS) OR VESSEL TO TANK ( VTT) CRUDE OIL TRANSFER PROCEDURE –
China / Singapore/Malaysia/ India
STANDARD FOB PROCEDURE TRANSACTION

1. Initial documentation and pre-approval-

the buyer shall submit to the seller the ICPO, china/singaporean/malaysian/ indian import license, BCL, buyer’s CIS, TSA/CP and details of the nominated inspection company (SGS or equivalent). all documentation must comply with china/singapore /malaysian / indian maritime and customs regulations.

2. Contract issuance and execution-

upon acceptance of the buyer’s documentation, the seller shall issue the SPA. the buyer shall execute the SPA and return it. both parties shall lodge the contract with their respective banks, making it legally binding. if sellers fail to perform the next requirement accordingly no.3 in the SPA, sellers will pay to the buyers 2% of the purchase price for default

3. Vessel nomination and clearance-

sellers provide below to the buyers -
i. Q88- for IPL port dickson entrance approval
ii. ⁠COO nigeria
iii. ⁠bill of lading
iv. ⁠ullage report
v. ⁠previous Q&Q report
vi. ATB
vii. ⁠invitation date for dip test - we will respond within 24 hours to activate Q88 + deploy the vessel to ipl zhoushan port + appointment of saybolt surveyor. the seller shall nominate the laden VLCC (mother vessel), and the buyer shall nominate the receiving shore tank (daughter vessel) and provide ATL(authority to for seller to load shore tank). buyer vessels shall provide full TSA ,(tank storage agreement) cargo details, and certificates. approval shall be obtained from china/ singaporean/malaysian/indian authorities, including MSA (maritime safety administration) and port authorities for vessel to vessel (STS) or vessel to tank (VTT) operation.

4. Financial guarantee -

seller shall issue invoice for review and acceptance , upon buyer accepting buyer shall:
the buyer bank shall send by MT 799 ( block funds ) of full products purchase price to the sellers bank account within one banking day . verbiage of MT 799 ( block funds ) will be provided by the sellers
proof of SWIFT sent copy shall be provided to the seller immediately.

5. VTV ( vessel to vessel ) or VTT (vessel to tank) operation arrangement-

seller shall then issue a full set of cargo and product document and :
the seller shall coordinate with an approved STS / VTT service provider for mooring master, fenders, hoses, and safety arrangements. the transfer location shall be designated port china/ singapore/malaysian/indian or at an approved STS / VTT zone. all operations shall comply with OCIMF guidelines and china/singaporean/malaysian maritime safety regulations.

6. Quality and quantity inspection
the buyer’s appointed inspection company (SGS, CIQ, or equivalent) shall conduct pre-transfer and post-transfer inspection on both vessels. quantity shall be determined by ullage/draft survey, and quality shall be verified by sampling. inspection reports shall be shared with all parties.

7. Buyers pays 20% of purchase price within one day through MT 103 after deducting buyers and sellers side commission and buyers pay at the same time to all intermediaries by MT 103

8. Cargo transfer (VTT operation)-

upon completion of all clearances and safety checks, crude oil shall be transferred from the seller’s VLCC to the buyer’s tank under supervision of the VTT master and surveyors. transfer logs and pumping rates shall be recorded and signed by both parties.

9. Final payment-

within three (3) banking days after completion of transfer and issuance of final inspection report, the buyer shall remit the balance 80% of purchase price payment in full to the seller’s designated account as per invoice.

10. Title transfer and documentation release-

upon receipt of full payment, the seller shall transfer title of the cargo to the buyer and release all relevant documents, including bill of lading (if applicable), certificate of origin, and cargo documents.

11. Commission payment-

the seller shall disburse commissions to all intermediaries in accordance with the agreed commission structure on the agreement . all beneficiaries names, addresses and ratio will be entered into sales & purchase agreement