Common terminologies for oil transaction.
Not officially an incoterm, but is commonly used in seller’s quotes as, e.g. “CIF ASWP“, and is widely accepted. CIF ASWP in a quote implies that CIF shipment would cost the same for delivery to any safe port in the world, whatever the distance from source. If this term is used in a quote the buyer should get clarification. A vessel chartered to Cotonou, or Ghana costs a lot less than a vessel chartered to China. This is a critical price consideration and usually indicates an over-generalization on the seller’s part. This term may also be a clue to a buyer that they may be able to get a better price if their POD is close to the country of origin.
ATB means Authority To Board. Used for oil shipments – This is usually a SATCOM message issued by the ship captain, it provides the authority to enable the buyer to board the vessel to confirm cargo availability, quantity and quality. It is usually given to a supercargo team and inspector to do a dip test. You can not board a cargo or oil vessel without this permission.
Authority To Sell that is issued by title owner to Seller to authorize the seller to sell its cargo.
BCL means a Bank Comfort Letter. Also known as a Bank Capability Letter, or Bank Confirmation Letter, this is a letter from the buyer’s bank, sent through the SWIFT system indicating the buyer’s capability to purchase by confirming that there are funds available to make that financial obligation. It is not guarantee of payment and can not be drawn upon by the seller’s bank. Therefore it is not an actionable banking instrument and is used in the oil business only as a proof of funds.
BG means a Bank Guarantee. A banking instrument sent through the SWIFT system indication that there are a funds that are set aside (blocked) to make a purchase. A BG is stronger than a bank comfort letter but is still not an actionable banking instrument, meaning it can not be drawn upon by the Seller’s bank. it is strong enough to get a vessel loaded but not usually strong enough to warrant the seller’s bank to issue a performance bond. It can and is usually used as a place holder until there is a final determination of the cargo via a Q&Q test and the delivery documents are presented at the seller’s bank for payment. Then it is common that payment is made by a standard wire transfer, an MT103.
CIQ (China Entry-Exit Inspection & Quantantine) 中国出入境检验检疫
CPA (Charter Party Agreement) 租船契约
DLC (Documents of Letter Credit) 跟单信用证
DTA (Dip Test Authoerization) 取样测试授权
DTA (Day and Time of Arrival) 抵达时间
EDT (Electronic Documents Transimission) 电子文件传送
FCO (Full Corporation Offer) 卖方出具的负责的意向性合同
ICC( International Chamber Of Commerce 国际商会
ICPO （Irrevocable Corporate Purchase Order) 不可撤销的购买订单
Irrevocable Corporate Purchase Order(ICPO), Is a document similar to a letter of intent (LOI) used by companies to communicate their intent to enter into a transaction with a foreign-based company and provide verification of purchasing terms, banking information, and company financials.
IMFPA (Irrevocable Master Fee Protrection Agreement) 不可撤销总费用保护协议。
LOI (Letter of Intent) 买方签发的购买意向书
NCNDA ( Non Circumvention Non Disclosure Agreemetn) 非规避和保密协议
The purpose of this document is to protect the agent who wishes to earn a commission for connecting the Buyer and Supplier.
NOR (Notice of Readiness) 卸货准备通知
OPEC (Organization of Petroleum Exporting Countries) 欧佩克（石油输出国组织）
PB （Perfromance Bond) 卖方履约保函
POF (Proof of Funds) 卖方出具的资金证明
POP (Proof of Products) 货权证明
PPOP (Part of Proof of Products) 部分货权证明
RDLC （Revolving documentary letter of credit) 循环跟单信用证。
RWA (Ready, Willing and Able)
SBLC (Standby letters of Credit)备用信用证
SGS (Societe Generale de Surveillance S.A ) 瑞士通用公证行
SHINC (Sundays and Holidays Included) 星期日和假日包含在内
SPA （Sale & Purchase Agreement) 买卖合同
SWIFT (Society for worldwide interbank financial telecommunications) 环球银行金融自信协会
TOVALOP (Tanker Owner's Voluntary Agreement concerning liabilities for oil pollution) 油轮船东关于油污染责任的志愿协议。
TTO (Tanker Take Over) 船到船交货
TTT （Tanker To Tank ）船到罐