ASWP - Any Safe Worldwide Port

ASTM - American Society for Testing and Materials, is the institute,   internationally recognized, that approved all Standards, Tests and   Procedures used in the Oil industry and to be referred in the Agreement   to   the latest revised edition with amendments in force to date

ATCS - Authorization To Sell & Collect

ATI - Authority To Inject

ATB - Authority To Board

ATS - Authority to Sell

ATV - Authority to Verify

Bbls - Barrels

BCL - Bank Comfort Letter

BOL - Bill Of Lading is a document issued by a carrier (or their agent to   acknowledge receipt of cargo for shipment. Although the term historically   related only to carriage by sea, a bill of lading may today be used for any   type of carriage of goods  

BLC - Bank Letter of Credit

BLCO - Bonny Light Crude Oil (from Nigeria)

BG/MT760 - Is an irrevocable commitment issued by a bank on behalf of   their customers. Whereas they have entered into a contract to buy goods   or   perform their projects. BG (Bank Guarantee) is a promise from buyer   to meet all financial   obligations to the supplier in the event of default.

BPG - Bank Performance Guarantee 

BR - Bank Reference

CAD - Cash Against Documents ,are transactions that protect them by     ensuring that  the products are of the quality promised and in the   quantity   that was  requested. After approving the shipment, the   buyer pays the   financial   institution the pre-arranged amount for the   consignment. Once   receiving   the payment, it is sent to the exporter

CCI - Conditional Commercial Invoice 

CDTA - Conditional Dip Test Authorization

CHARTER PARTY AGREEMENT - Is a contract for the hire of a named vessel   for a specified period of time.

CI - Commercial Invoice

CI - Compression Ignition 

C&D - Cease And Desist

CIF - Cost Insurance, Freight. The seller is responsible for the contract of   the   carrier and also for the payment of all, costs of pre-carriage,   insurance, and   delivery of the goods to the named port of destination

CIQ - Customer Information Quality

COA - Certificate Of Analysis

CFPP - Cold Filter Plugging Point

CP - Corporate Profile

CP - Cash Penalty

CPA -Charter Party Agreement - the charter, lease or other agreement that

 Seller as the charterer, enters into with the owner of the Vessel for

 transporting a Cargo of the Product under the terms of this Agreement.

D/A - Document against Acceptance, an arrangement in which an exporter

 instructs a bank to hand over shipping and title documents to an importer   only if the importer accepts the accompanying bill of exchange or draft by   signing it.

DEMURRAGE - A charge payable to the owner of a chartered ship in   respect of failure to load or discharge the ship within the time agreed

DD - Due Diligence

DI - Diesel Index 

DLC, L/C - Documentary Letter of Credit, is the bank's obligation to pay the seller of goods or services a certain amount of money in the timely submission of documents confirming shipment of goods or performance of contractual services.

D/P - Documents against Payment is an arrangement under which an   exporter instructs the presenting bank to hand over shipping and title   documents  to the importer only if the importer fully pays the   accompanying bill of exchange or draft.

DTA - Dip Test Authorization

DTAR - Dip Test Analysis Report

ESCROW ACCOUNT - is a legal concept describing a financial instrument

 whereby an asset or escrow money is held by a third party on behalf of

 two other parties that are in the process of completing a transaction.

ESPO - East Siberia - Pacific Ocean, crude oil.

ETA - Estimated Time of Arrival

FCL - Full Container Load

FCO - Full Corporate Offer

FIDUCIARY ACCOUNT - Savings or deposit account the funds of which are   owned by one party but are managed by another (such as an agent, bank,   or trustee) for the owner's, or a beneficiary's, benefit.

FOB - Free On Board, is a term in international commercial law specifying     at   what point respective obligations, costs, and risk involved in the   delivery of   goods shift from the seller to the buyer under the Incoterms   standard   published by the International Chamber of Commerce

FPOP - Full Proof of Product

GM - General Manager

GTL - Gas To Liquid 

HDSO - High Density Silicone Oil 

HOBC - Hi-octane Blending compound 

HSD - High Speed Diesel

HSFO - High Sulphur Fuel Oil

HSO - Heavy Silicone Oil

ICC - International Chamber of Commerce

ICPO - Irrevocable Corporate Purchase Order

IDLC - Irrevocable Documentary Letter of Credit

INTERMEDIARIES - a person/s or company that intermediates on the sales   of commodities between Title Holders and Buyers, Mandate and Buyers   etc. for commission revenues

IMFPA - Irrevocable Master Fee Protection Agreement

IMO - The International Maritime Organization is a specialized agency   of   the United Nations that is responsible for measures to improve the   safety   and security of international shipping and to prevent   marine pollution from   ships.

IPL - In Port Limit (Shipping).

IPOP - Initial Proof Of Product

IRDLC - Irrevocable Revolving Documentary Letter of Credit. Payment by

 Irrevocable, Transferable, Auto-Revolving for one month’s shipment value,   Documentary Letter of Credit

IS - Injection Schedule

JV - A joint venture is a business arrangement in which two or more parties

 agree to pool their resources for the purpose of accomplishing a specific

 task. This task can be a new project or any other business activity.

KYC - The Know Your Customer or Know Your Client (KYC) guidelines in   financial services requires that professionals make an effort to verify the   identity, suitability, and risks involved with maintaining a business   relationship.

LAYCAN - This is the abbreviation used for the “Laydays and Cancelling   Clause” in a charterparty. The clause provides for the earliest time when   the charterer expects the master of the vessel to give a Notice of   Readiness and for laytime to commence and also gives the charterer an   option to cancel the charter if this event does not occur before a certain   date.

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