The Tank-to-Tank (TTT) procedure is a standard and secure method for petroleum product transactions, ensuring clarity and accountability throughout the process. It begins with the buyer issuing an Irrevocable Corporate Purchase Order (ICPO) along with a Tank Storage Agreement (TSA), demonstrating their intent and readiness to proceed. Upon receipt of these documents, the seller provides a Commercial Invoice (CI) outlining the terms of the transaction.
Following this, the seller releases the Tank Storage Receipt (TSR), which allows the buyer to verify the availability and readiness of the product. With the TSR in hand, the buyer then conducts an SGS dip test—or a similar independent inspection—to confirm the quality and quantity of the product.
Once the test results are satisfactory, the buyer proceeds with the payment through MT103 or Telegraphic Transfer (TT). After the payment is confirmed, the seller injects the product into the buyer’s designated tank, officially completing the transaction and transferring possession.
Vessel-to-Vessel Procedure (VTV)
The Vessel Loading Procedure outlines a clear and efficient process for transferring petroleum products directly into the buyer’s vessel. The process begins when the buyer issues an Irrevocable Corporate Purchase Order (ICPO), including complete vessel details such as the Q88 form and Charter Party Agreement (CPA). This demonstrates the buyer’s readiness and provides essential information for logistical coordination.
Upon receipt, the seller responds with a Proforma Invoice and provides an SGS report for the buyer’s verification. These documents ensure transparency regarding product availability and quality. The buyer’s vessel then proceeds to the designated port and undergoes a full inspection.
Once the vessel is cleared and in position, the seller authorizes a dip test in the storage tanks to confirm the product’s specifications. Following a successful inspection, the buyer completes the payment through MT103, Telegraphic Transfer (TT), or a Documentary Letter of Credit (DLC), depending on the agreed terms.
After payment confirmation, the seller arranges for the product to be injected directly into the buyer’s vessel, marking the final step of a secure and streamlined transaction.
Tank Takeover Procedure
The Tank Takeover Procedure is designed for efficient offshore product transfers via Ship-to-Ship (STS) operations. The process begins with the buyer issuing an Irrevocable Corporate Purchase Order (ICPO) along with a Charter Party Agreement (CPA), indicating readiness for offshore logistics and vessel positioning.
In return, the seller provides a Commercial Invoice (CI) and an SGS Report, allowing the buyer to verify product specifications and quality in advance. Once all documents are reviewed and approved, the buyer’s vessel arrives at the designated offshore location prepared for the transfer.
The seller then arranges the Ship-to-Ship (STS) operation, overseeing the safe and controlled movement of product from the storage vessel to the buyer’s vessel. Upon successful completion, final documentation is issued—including the Bill of Lading (B/L)—marking the official transfer of ownership and confirming delivery.
Vessel Takeover Procedure
The Vessel Takeover Procedure ensures a secure and verifiable method for buyers to assume control of fuel stored in tanks prior to transfer. The process begins with the buyer submitting an Irrevocable Corporate Purchase Order (ICPO) along with a Letter of Intent (LOI) and the Charter Party Agreement (CPA), signaling formal interest and readiness to proceed.
In response, the seller provides a Tank Storage Receipt (TSR), granting the buyer rights to verify and inspect the product. The buyer’s team then visits the storage facility to confirm the validity of the TSR and to review the unconditional Dip Test Authorization (DTA).
Following this, an SGS dip test is conducted to verify the quality and quantity of the product. Upon successful completion of the test, the buyer proceeds with payment via MT103 or Telegraphic Transfer (TT). Once the payment is confirmed, the buyer takes full control of the tank and the product, completing the takeover process.
Upcoming Shipments Procedure
The Upcoming Shipments procedure outlines the steps for buyers to take over incoming fuel shipments securely and transparently. The process begins when the buyer submits an Irrevocable Corporate Purchase Order (ICPO) along with complete vessel details and a formal takeover request. This signals the buyer’s intent to assume ownership of an in-transit or soon-to-arrive vessel and its cargo.
In response, the seller provides all relevant documentation, including the vessel’s IMO Number, valid Marine Insurance coverage, and proof of vessel ownership. These documents are essential for ensuring the legitimacy of the shipment and the legal readiness for transfer.
The buyer then verifies all submitted documents, including the status of the vessel’s crew and operational readiness. Once both parties agree on the terms, payment is made via Standby Letter of Credit (SBLC) or MT103, depending on the arrangement.
After payment confirmation, the title of the vessel and its cargo is officially transferred, and the buyer completes the new ownership registration, finalizing the transaction.
