BONNY LIGHT CRUDE OIL NIGERIA
TTO West African Waters minus 6
CIF minus 3
Summary -TTO Delivery Procedure at Lome Waters
The procedure describes a Tanker Take-Over (TTO) transaction where the buyer takes over a tanker carrying BLCO at or near Lome and then sends the vessel to the final discharge port.
SPA & buyer documents
Buyer and Seller sign the SPA.
Buyer provides company profile/CIS, NOR/ETA formats, boarding authorization format, inspector details, supercargo details, shipping agent and tugboat information.
Financial security
Buyer must provide either:
An irrevocable, transferable, verifiable and callable SBLC via SWIFT MT760, acceptable to the Seller; or
10% cash payment of the cargo value.
The SBLC acts as a payment guarantee if the buyer fails to perform.
Vessel loading
Seller nominates and loads the tanker with the contracted BLCO quantity.
Seller provides shipping documents after loading.
Vessel movement
Master issues the NOR and ETA.
Vessel proceeds toward the agreed takeover location in the Gulf of Guinea.
Arrival at Lome
Master sends a Notice of Arrival (NOA) from the vessel's official email.
Supporting documents include last port of call, sanitation report, crew list and nomination letter.
Boarding and inspection
Master issues Marine Authority to Board (MATB).
Buyer's shipping agent obtains the necessary clearance.
Buyer's nominated SGS/Intertek inspector and supercargo board the vessel.
Cargo verification
Cargo is physically confirmed.
A Cargo Attestation Letter is signed by the buyer's representative and vessel Master.
Independent inspectors perform Quality & Quantity (Q&Q) testing.
Buyer pays all inspection, sampling and logistics costs.
Q&Q report
Independent inspector issues the official Q&Q report to both parties.
Commercial invoice
Seller issues the invoice based on the certified quantity and quality.
Final payment
Buyer pays 100% of the cargo value by SWIFT MT103/TT within 48 hours after the Q&Q report, according to the SPA.
Title and original documents
Seller provides original documents, including:
Bill of Lading
Quality & Quantity Certificate
Certificate of Origin
Cargo Manifest
Title/Ownership Certificate
Other relevant cargo documents.
Rechartering
Buyer is introduced to the vessel owner/handler to negotiate and recharter the tanker to the buyer's nominated Port of Discharge (POD).
Delivery to final destination
Once documentation and rechartering are completed, the vessel sails to the buyer's final POD.
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Other name: Gula Kelapa (Indonesia)
Product of origin: Indonesia
Color : Yellowish brown to brown
Taste: Characteristic of coconut sugar, sweet
Min order:1x20'fcl (13-15mt)
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