Procedure
How a transaction runs, from ICPO to title.
Our working procedure for EN 590 10ppm at Jurong is a vessel-to-tank injection: the cargo goes into your nominated shore tank, SGS determines quantity and quality there, and the full purchase price sits in a Singapore escrow account until those conditions are met — it never comes to us directly.
Indicative procedure
Steps, documents and timings vary by product, load port, payment instrument and counterparty, and the sequence that governs a transaction is the one written into the signed contract. Contact us to confirm the current procedure before you act on anything below.
Sequence
Select a delivery term
Each step names the party responsible for it and the documents that change hands. The timings are commercial terms, not estimates.
EN 590 10ppm ULSD · Jurong, Singapore
Our working procedure for EN 590 10ppm at Jurong. The cargo is injected from the vessel into the buyer's nominated shore tank, inspected there by SGS, and paid for through a Singapore escrow account rather than directly to us.
- Buyer
Buyer approves the procedure and issues an ICPO
The buyer confirms they can work to this procedure and issues an irrevocable corporate purchase order stating the grade, the quantity and the price basis, together with the tank storage agreement for the receiving tank at the terminal.
Documents
- ICPO — irrevocable corporate purchase order
- TSA — tank storage agreement
- Both parties
Commercial invoice signed, and a call
We issue the commercial invoice; the buyer signs and returns it. We then meet online — a short call, but the point of it is that both sides deal with a named person rather than an inbox. The buyer provides proof of funds and documentation evidencing their capacity to take the parcel.
Documents
- CI — commercial invoice, signed by both parties
- POF — proof of funds
- Capacity documentation
- Seller
Seller provides proof of product
We issue the proof-of-product set for the cargo. The analysis test report is the one to read first: it is the laboratory result for the parcel on offer, and it is what the SGS result at step five is checked against.
Documents
- Analysis test report
- Ullage report
- Clean on board ocean bill of lading / Q88
- Export permit
- Cargo manifest
- Certificate of origin
- Buyer
Buyer verifies POP and provides tank documentation
Within three days of receiving the proof of product, the buyer returns the tank documentation for the receiving terminal. The tank receipt must be valid for at least seven days. We cover the agreed tank rental for up to seven days, so the buyer is not carrying storage cost while the vessel is in transit.
Documents
- Tank receipt, valid seven days minimum
- NOR — notice of readiness
- ATV — authorisation to verify
- ATI — authorisation to inject
- Independent inspector
Injection and independent inspection
The vessel arrives and berths, and the cargo is injected into the buyer's nominated tank. The buyer is given tank access, and SGS carries out quantity and quality determination and the dip test. The buyer completes inspection within seventy-two hours of access being granted.
Documents
- SGS quantity and quality report
- Dip test result
- Tank access confirmation
- Buyer
Payment into the Singapore escrow account
One hundred per cent of the purchase price is paid into the Singapore escrow account, not to us directly. Payment may be made by SWIFT MT-103. The escrow solicitor releases the funds only once the escrow conditions are satisfied, which means the money is beyond the buyer's reach and beyond ours until the cargo has been verified in their tank.
Documents
- SWIFT MT-103 — single customer credit transfer
- Escrow release conditions
- Both parties
Title transfer and handover of documents
On completion of settlement, ownership and title in the cargo pass to the buyer and the required documentation is handed over.
Documents
- Title transfer
- Full document set
Enquiries
Tell us what you need to buy.
An enquiry naming the product, the quantity, the destination port and the delivery term can be answered the same week. One missing two of those four generates a round of questions before anything can move.