SHIP TO SHIP DIP & PAY TRANSACTION PROCEDURES @ MALAYSIA WATER:
1. Buyer issues ICPO with exact quantity for the transaction and valid CPA Agreement
2. Seller issues Commercial Invoice (CI), Buyer countersigns and forward back to Seller.
3. Upon the receipt of the countersigns CI, Buyer to provide Proof of Funds against seller
POP documents per below:
• Certificate of Origin
• Commitment to Supply
• Product Passport
• Statement of Availability of the product
• Export License
• Product Allocation Export Permit
• Allocation Title Ownership Certificate
• SGS Quality and Quantity Certificate
• Bill of Lading
• Vessel Questionnaire 88
• MASTER ARRIVAL DOCUMENTS from vessel Captain
4. Upon buyer receipt of documents, buyer verifies the availability of the product on high
sea. Upon verification, Buyer will submit MASTER ARRIVAL DOCUMENTS to shipping
agent for arrangement with port authority and to make all preparation to receive the
vessel tanker at the destination port terminal. Costs for STS operations and getting the
permit is to be borne buyer.
5. The Seller will provide to Buyer the following documents:
• Master Authority to Board (MATB)
• Authority to Verify (ATV)
• Unconditional Dip Test Authority (UDTA) and allow the Buyer & his Inspection
team to board the vessel at STS anchorage and conduct Inspection.
6. Buyer will provide coordinates (anchorage area) for STS operations. Upon arrival of
Seller vessel, Buyer to contact vessel captain to go onboard for SGS inspection at
anchorage area.
7. Upon successful SGS results obtained, IF AGREED BY LOGISTICS COMPANY, buyer shall
take over seller vessel (freight rate to be agreed upon) OR to provide Q88 for STS
operations
8. Within 48 hours after complete injection of products into Buyer vessel, Buyer makes
payment via MT103 T/T for the full product value to Seller nominated bank account.
9. Seller transfers the title of the product to the buyer company's name
10. Seller pays the intermediaries involved within 48 hours after receipt of payment of the
product from the buyer
Transaction Procedure. 1. Lessee Submits DOA, LOI, CIS, PASSPORT, Current dated Bank Comfort Letter, Copy of Certificate of Incorporation and Bank Details. 2. Provider will conduct Due Diligence and upon successful Due Diligence the DOA will be signed/counter signed between lessor and the lessee . 3. The Lessor will then send MT799 pre advice. 4. The Lessee’s bank replies with RWA / ICBPO or payment guarantee of 12+3 % and the transmission fees, payable in 5-7 business days after MT760 receipt . 5. The lessor’s Bank will then send the MT760 to Lessee’s bank 6. Lessee’s bank does MT103 wire transfer to Lessor’s designated bank accounts within 5-7 business days after MT760 swift receipt After Successful Due diligence, Lessor countersigns the LOI. The Signed LOI becomes a Legal binding Commercial Contract (agreement) between the parties. Both parties shall lodge the agreement in their respectiv...
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