TRANSACTION PROCEDURE FOR FREE BOARDING ON NIGERIA WATERS THEN TANKER TAKEOVER (TTO) GHANA:

1. SELLER ISSUES FINAL SIGNED SALES AND PURCHASE AGREEMENT (SPA) TO BUYER INCLUDING SELLER’S FULL DETAILS AND BANKING COORDINATES.

2. BUYER FULLY COMPLETES AND SIGNS SPA AND RETURNS TO SELLER ALONG WITH; BUYER’S MARINE NOTICE OF READINESS (NOR), ESTIMATED TIME OF ARRIVAL (ETA) AND AUTHORITY TO BOARD (ATB) FORMATS, WHICH SHALL INCLUDE THE SHIPPING AGENCY DETAILS INCLUDING PHONE NUMBERS OF SUPERCARGO, INSPECTION COMPANY DETAILS, SUPERCARGO DETAILS, AND INSPECTION COMPANY RECEIPT

3. SELLER ISSUES MATB AND BOARDS BUYER SUPERCARGO. AFTER ATTESTATION BUYER ISSUES DRAFT OF N100M FOR MOVEMENT OF VESSEL TO GHANA WATERS WITH A LETTER FROM BUYERS BANK STATING THAT DRAFT WILL NOT BE REPURCHASE BUT WILL BE CASHABLE AFTER BOARDING IN GHANA WATERS AND INSPECTOR COMES DOWN WITH SAMPLE. UPON CONFRIMATION OF DRAFT VESSEL MOVES TO GHANA WATERS. ON ARRIVAL IN GHANA CAPTAIN ANNOUNCES ARRIVAL IN BUYERS NAME AND BUYER SHIPPING AGENT CLEARS VESSEL INTO 10NM. CAPTAIN ISSUES MATB AND TAKES INSPECTOR ON BOARD. INSPECTOR TAKES SAMPLE AND COMES DOWN FOR Q N Q. DRAFT TURNS CASH AND BUYER PAYS ADDITIONAL N100M FOR LOGISTICS AND DOCUMENTATION.

4. UPON SUCCESSFUL Q AND Q, RESULT IS SENT TO BUYER AND SELLER AND SELLER ISSUES COMMERCIAL INVOICE TO BUYER. BUYER’S BANK ISSUES FINAL PAYMENT BY MT103.

5. UPON CONFRIMATION OF PAYMENT SELLER RELEASES ORIGINAL DOCUMENT IN BUYER NAME TO BUYER TO BUYER AND INTRODUCES BUYER TO VESSEL HANDLER FOR RECHARTERING OF THE VESSEL. BUYER RE – CHARTERS VESSEL AND VESSEL SAILS TO POD..

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