FREQUENTLY ASKED QUESTIONS
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What is oil trading?
Oil trading involves buying and selling crude oil or petroleum products on the global market.
What types of oil products are traded?
Commonly traded oil products include crude oil, gasoline, diesel, jet fuel, and fuel oil.
What are the key factors affecting oil prices?
Supply and demand, geopolitical events, and global economic conditions.
What is ship chartering?
Ship chartering is the process of renting a vessel to transport oil or petroleum products.
What are the different types of ship chartering?
Time charter, voyage charter, and bareboat charter.
What is a charter party?
A charter party is a contract between a shipowner and a charterer outlining the terms and conditions of the vessel rental.
What is ship hiring?
Ship hiring is the process of renting a vessel for a specific period or voyage.
What is the difference between ship chartering and ship hiring?
Ship chartering typically involves a longer-term agreement, while ship hiring is for a shorter period.
What are oil product specifications?
Specifications outline the physical and chemical properties of oil products, such as density, sulfur content, and viscosity.
Why are oil product specifications important?
To ensure compatibility with refining processes, pipelines, and storage facilities.
What is oil product origin?
The country or region where the oil product was produced or refined.
Why is oil product origin important?
To determine quality, pricing, and regulatory compliance.
What documentation is involved in oil product trading?
Bill of lading, certificate of origin, certificate of quality, and commercial invoice.
What is a bill of lading?
A document outlining the terms and conditions of cargo transportation.
What is a certificate of origin?
A document verifying the country or region of origin for oil products.
What is TTT (Tank to Tank) procedures?
TTT procedures involve the transfer of oil products from one tank to another, typically within the same facility or terminal.
What is the purpose of TTT procedures?
To ensure safe and efficient transfer of oil products, minimizing contamination and loss.
What is TTV (Tank to Vessel) procedures?
TTV procedures involve the transfer of oil products from a tank to a vessel, such as a ship or barge.
What is the purpose of TTV procedures?
To ensure safe and efficient loading of oil products onto vessels, minimizing contamination and loss.
What is TTO (Title Take Over) procedures?
TT0 procedures involve the transfer of ownership and title of oil products from one party to another.
What is the purpose of TTO procedures?
To ensure clear ownership and title transfer, minimizing disputes and risks.
What is CIF (Cost, Insurance, and Freight)?
CIF is a trade term where the seller is responsible for the cost, insurance, and freight of oil products to the buyer's destination.
What is the purpose of CIF procedures?
To clarify responsibilities and costs between buyers and sellers, ensuring smooth and efficient transactions.