DELIVERY PERIOD sugar_ship_loadingsugar_ship_transport
Sugar ICUMSA 45 in large quantities stored in ports or warehouses does not exist. The cost of storing sugar ICUMSA 45 produced, bagged and stored in the port is very high, which makes it unfeasible. Therefore, unless the order is for sugar already in the warehouse, the buyer is buying future production. That production starts after the financial instrument is in place. Therefore no POP can be issued before the time of loading.
Depending on the quantity, loading usually will begin 45-55 days from the day the financial instrument is accepted by our bank. It takes that long to harvest the cane, bring it to the mill, produce the sugar, have a loading berth assigned, ship the sugar to the port, have it inspected and begin loading.
SHIPPING DOCUMENTATIONS
When sugar is shipped, there are many documents which accompany it. Some of these documents are required in order for the seller to be paid, others are required in order that the shipment can be imported into a foreign country, and still others provide assurances that the sugar meets the requirements set out in the contract, has been properly handled, and is being shipped aboard a seaworthy vessel. This is a list of the most commonly provided types of shipping documentation, along with explanations of their function. *Note: Not all shipping documentation may apply to this commodity. A list of the full documentation will be listed on the contract.
Signed Commercial Invoice
A commercial invoice is made out from the seller to the buyer. It details the specifications of the product being shipped and the total cost of the shipment. This invoice is normally required in order for the seller to receive payment under the terms of a letter of credit, and functions as a tax invoice for the buyer.
Clean on Board Bill of Lading
A bill of lading is a document which is issued by a carrier or transporter. The document confirms the specifications of the shipment received, the port where it was loaded, and the destination port. It also outlines the terms of carriage. Bills of loading can be negotiable or non negotiable. A negotiable bill of lading enables the holder of the bill of lading to change the destination port of the shipment. A non negotiable bill of lading means that the shipment will be delivered to a specified port, and this port cannot be changed.
Packing List A packing list is simply a document which outlines the quantity and type of product shipped. This document is normally very detailed. In order for the seller to obtain payment it is important that the packing list is identical to the terms of the contract and those set out in the letter of credit.
SGS Certificate of Weight Grade, Quality, and Condition SGS is an international independent inspection company which will inspect the sugar shipment before it leaves the port and verify that the sugar is of the correct weight, grade, quality, and condition as stated in the bill of lading, packing list, and contract. If all is in order, they will issue an SGS certificate which states that the sugar met certain standards when it was shipped.
