More than just paying CASH !
With the approaching 2020 and more and more trader/ supplier exiting the market , there is a trend than customer will consider paying CIA for a direct supplier engagement or getting a better price , below are some points if you are about to make a CIA deal
1.) don’t wait for last minute
It’s common to see customer fix a last minute deal and wait the payment to go through and cost vessel just wasting time waiting for bunkers. Please note telling supplier “ supply the vessel first and money will come “ is not a effective strategy. Fix the deal slightly earlier and keep in mind money go thru from your bank to their bank account take normally 48-72hrs. Furthermore for some port like UAE Friday is holiday and make sure have enough time for money go through
2. CIA stem and the same as credit stem
Many clients worry if they pay CIA, any problem on quantity / quality then they are screwed. The normal bunkering practice and supplier terms and conditions still applied. If you encounter a quality problem , raise the written notice within 14 days you still have a case and supplier have to go thru all the lab testing procedure and settlement if applicable. For quantity concern , if you supply in Singapore the MFM meter don’t care if you paying cia or not, in other port as usual will be barge figures final and binding upon witness of opening / closing tank measurement.
3. Remember the remaining balance
It sounds obvious but over the years I see many CIA stem and the remaining balance just sit in the bank for ages while the supplier and customer accounts didn’t realise it . Always remember the different of nominated quantity and BDN quantity , you can either ask the supplier to refund or leave it for deduction in the next stem , for refund option keep in mind there will be bank charges so if the quantity is small then the later might be a better options
Until next time !
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