What is POP - nominally defined as Proof of Product... in the commodities industry it is the actual legal proof that the product exists, therefore as it is in effect the title documents for the product, it is very carefully guarded and will only be released (normally) after the buyer has provided the POF, which proves the ability of the buyer to provide the funds.
Think of it this way, you walk into a store to buy a ice cream, asking for POP without showing POF is like being given the item before the shop keeper is able to know if you have the money to actually buy the product. Normally unless the buyer is a major (Exxon, Chevron, Airlines and the suchlike) a seller will never give POP before the buyer proves he has the capacity to buy the product.
Partial POP is usually some of the information from the seller concerning refinery commitment letters to produce, export approvals and such like, along with SGS and Tank receipts for the product, Dip test is almost never part of Partial POP.
We mention full POP upon receipt of POF, instead of partial POP what does it mean? : It means that the product is already produced (at least the first monthly delivery is available in pipeline / refinery’s tanks and can be delivered immediately). That is what many companies incorrectly offer as “SPOT” - it is not same - “SPOT” really means that product is in tank and to be delivered within maximum 48 hours in tank. Immediate Delivery means the product is in pipeline (ex-tank) with possible a small quantity in tank at terminal of loading port.
That is reason that some sellers provide full POP including SGS documents. For the “comfort” of the Buyer he has the necessary permission to make extra dip test (physically test the amount of product in the tank) for the part of available product in tank. So, immediate delivery means that product is available to be loaded upon receipt of bank instrument.
Estimating 10 days as Charter Party Agreement / Storage Facility will be required in the name of end Buyer.
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