PROCEDURES FOR BULK VESSEL SHIPMENTS

1) Buyer submits LOI & BCL or Bank Endorsed ICPO.
2) Seller approves LOI and BCL. Seller Issues FCO.
3) Buyer sends signs FCO with all information completed.
4) Seller issues Contract for Buyer’s signature and Buyer returns signed Contract to Seller.
5) Buyer sends Draft LC Verbiage to seller for approval.
6) Buyer Bank Issues Non-Operative Letter of Credit to the Seller in 5 Days after Signing the
Contract.
7) Sellers Bank confirms 2% PB and Activate the Letter of Credit.(Only for Contracts)
8) Shipment commences as per contract.