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Shipping & Logistic Services

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Accrue Minerals Logistics Division are willing and able to assist our clients with their overall International Logistics requirements concerning either Spot Cargo's or long-term Contractual Freight Services.

Accrue Minerals provide independent Logistic services to cargo customers even if the goods involved are not a part of a Accrue Trade contract..

If you would like Accrue Minerals "Logistics Division" to arrange your products logistics and/or shipping requirements then please forward your details and logistics service requirements to our London Office "Logistics Div" for our speedy reply.


Payment Instruments

What's the difference between a bank guarantee and a letter of credit?

A  Bank Guarantee [BG] and a Letter of Credit [LC] are similar in many ways but they are two different types of finance Instrument.

The main difference between these two credit security instruments is the position of the bank relative to the buyer and seller of a good, service or basket of goods or services in the event of the buyer's default of payment.

These financial instruments are often used in trade financing when suppliers, or vendors, are purchasing and selling goods to and from overseas customers with whom they don't have established business relationships.

A Bank Guarantee is a guarantee made by a bank on behalf of a customer (usually an established corporate customer) should it fail to deliver the payment, essentially making the bank a co-signer for one of its customer's purchases.

Should the bank accept that its customer has sufficient funds or credit to authorize the guarantee, it will approve it.

A Bank Guarantee is a written contract stating that in the event of the borrower [Buyer] being unable or unwilling to pay the debt with a merchant [Seller], the bank will act as a guarantor and pay its client's [Buyers] debt to the merchant [Seller].

The initial claim is still settled primarily against the bank's client, and not the bank itself. Should the client default, then the bank agrees in the bank guarantee to pay for its client's debts.

This is a type of contingent guarantee. A Bank Guarantee is more risky for the merchant and less risky for the bank.

But this is not the case with a Letter of Credit. While a Letter of Credit is similar to a BG, the principal difference is that it is a potential claim against the bank, rather than a bank's client.

For example, a Seller may request that a Buyer be provided with a letter of credit, which must be obtained from a bank and which substitutes the bank's credit for that of its client. In the event that the borrower defaults, the seller would go the buyer's bank for the payment.

The seller's risk is mitigated because it is unlikely that the bank will be unable to pay the debt.

A letter of credit is less risky for the selling merchant, but more risky for a Buyers bank.

Banks accept full liability in both cases.

Conclusion:

With a Bank Guarantee, a client can default and the bank assumes the liability.

With a line of credit [LC], liability rests solely with the bank, which then collects the money from its client.

Product Shipping Grades

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Dirty products: 
CBFS: Carbon Black Feedstock, VGO: Vacum Gasoil, DCO: Dirty Condensate, CR: Crude oil, 
FO: Fuel oil, DY: Dirty petroleum products.

Clean products:
CCO: Clean Condensate, DS: Diesel, GO: Gasoil, JE: Jet, KR: Kerosene, 
LD: Leaded, NA: Naptha, UN: Unleaded gasoline, CL: Clean petroleum products, CS: Caustic, MT: MTBE, XY: Xylene.



"Incoterms" Logistics Terms

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The most popular and widely used shipping "Incoterms" Terms used in International trade are one of three main trading payment/cost options, and in most cases are either: FOB, CFR or CIF.. 
The terms of these 3 main options are shown below in larger type...

All of the remaining Incoterms can also been reviewed below for your Ref:


EXW - Ex-Works: A delivery term used where the Sellers only responsibility is to make goods available at his own premises/gate. The Seller has no responsibility or costs involved for loading/transporting of the goods. The Buyer bears full cost and risk in transporting the goods from the factory, to the final Buyers destination.

FAS - Free Alongside Ship: The Seller's obligations are fulfilled as soon as the goods have been placed alongside the ship on the quay. The Buyer bears all shipping costs and risks from then on...

FCA - Free Carrier: (Named Point): The Seller's obligation is met when the goods are transferred into the custody of the Carrier, at the Name Point. The risks transfers from Seller to Buyer at this point. "CARRIER" is defined as "any person by whom or In whose name a contract of carriage by distribution, rail, air, sea or a combination of modes has been made"

FOB - Free on Board: - The goods are put on board the ship by the Seller at the Port of shipment named in the contract. 
The risk thereafter transfers to the Buyer, as the goods pass over the ship's rail at the Port of Loading.

CFR - Cost and Freight: The Seller pays the cost and freight of the goods to the named Port of Destination. The risks of the goods are the Buyer's responsibility from when the goods pass over the ship's rail at the Port of Loading. Which means that the Buyer has to cover and pay for the Insurance of the goods from the moments the goods are loaded on the ship and transported to the Buyers port of Discharge.

CIF - Cost Insurance and Freight: Similar to CFR but here it is the Seller's duty to arrange all the insurance on behalf of the Buyer and pay the Insurance cost's/premium involved in the Shipping of the goods to the Buyer port of Discharge.

CIP -Carriage & Insurance Paid: - to (Named Destination): The Seller now has to obtain insurance to cover all risks to he named destination.

CPT - Carriage Paid To: The Seller pays the freight for the carriage of the goods to the named destination. The risks transfers to the Buyer when the goods are in the custody of the first carrier.

DAF - Delivery At Frontier: (To Named Place) The Seller's obligations end when the goods have arrived at the Frontier but before entering the customs process at the Country named in the contract.

DDP - Delivered Duty Paid: The Seller pays all costs involved in delivering the goods to the Buyer, with the exception of import duty, taxes and any other official charges levied at importation.

DDU - Delivered Duty Unpaid: The Seller pays all costs involved in delivering the goods to the Buyer, with the exception of import duty, taxes and any other official charges levied at importation.

DES - Delivered Ex-Ship: The Seller's responsibility for all charges to deliver the goods to the Port of destination named in the contract. The risk transfers to the Buyer on board ship.

DEQ - Delivered Ex-Quay: (Duty Paid) The Seller makes the goods available to the Buyer on the quay at the port of destination named in the contract the risk then transfers to the Buyer.

DBA - Duty on Buyers Account: In this variation the liability to clear the goods for import are met by the Buyer. "It is recommended that the full description is used to avoid misunderstandings. Do not rely on "Ex Quay" on its own".


for more detailed Incoterms info follow this excellent Wiki Link....