AboutDavide Andrew Papa Expertise All matters pertaining to assisting Private import export INTERMEDIARIES, AGENTS and BROKERS Regarding International trade Laws and procedures,Letters of credits, as per UCP 600,Presentation, Commissions,International Rules of agency, and Incoterms 2000. All matters pertaining to shipping documents relating to the Import and export of products from one country to another.All matter for buyers and sellers of commodity products relating to the import and export industry.FTN with the introduction of UCP 600 will release the publication "The world is yours"(2004) made specifically for Intermediaries.Current inhouse tra ining manual is "Follow the Yellow Brick Road"(2008) Our advice website is www.ftnexporting.com
Experience FTN exporting founder Davide Papa has been trading for over 20 years- and has dealt with a huge variety of corporate entities including Gold and crude oil suppliers. FTN appeared in a major controversial Newspaper editorial in 1994. FTN Exporting official publication "International Trade and the Successful Intermediary"(ITSI) is about to be released world wide (December 2009) by the prestigious U.K publishing firm Gower's (U.K) and is listed on Amazon.com (Keyword: International Trade Intermediary) ITSI is ostensibly the first uniform intermediary trading doctrine of its kind, and will become the standard intermediary practice world wide in years to come. FTN exporting has created the said doctrine and supporting rules of trade defined as "URPIB" (Uniform Rules and Practice for Intermediaries and Brokers), which will (has?) become the most successful set of private intermediary rules ever created.
Publications The World is Yours and "Follow the Yellow Brick Road" www.ftnexporting.com . Author of "International Trade and the Successful Intermediary " (ITSI) 2009 excepts on http://www.gowerpub.com/default.aspx?page=637&calcTitle=1&title_id=11177&edition_id=12138
Education/Credentials Let school early. Became a master chef . Took up business management and later studied "international Trade at Stott's college Melbourne, Australia.
Question Hi Davide,
I would need a great help as to how i can verify a SUPPLIER that i might think i have through a Mandate.
An intermediary partner had told me that they are FRAUD, how can i verify if truly they are or noet.
Wouldn't mind any further assistance you might be able to render.
Many thanks in anticipation for your prompt response.
Regards,
Luqman.
Answer
Dear Luqman
The offer provided or "Request for a quote sought" is the very first thing that is obtained- If you have an offer then the offer detials will tell you if the goods are real or not- Everything on the offer is checked out . Matters of specification, address, name of supplier...name of port ..etc..etc..Soon as the information does not stack up , into the trash it goes-
Accordingly it's all about conducting "Due diligence' on the information you have from the start- You learn to research your material - Thus it depends on the skill of the trader to conduct such research which takes time to learn and practice.
As far as mandates are concerned - what can i say that has not been already written on www.its.itgo.com amd past answers on this site- A mandate Must disclose his principal up front and never claims part of the commisson allocation - He gets his commission for His princiapl-
I often get about 100 Crude oil offers from Nigeria -Often Bonny Crude and often from NNPC.
Lets take a look wha how Platts defines Bonny Light crude oil
Bonny Light: This crude oil is produced in Nigeria from
ChevronTexaco and Shell concessions. ChevronTexaco’s
exports are throughput and loaded from the Shell-operated
Bonny Terminal, which can accommodate Very Large
Crude Carrier (VLCC) loading. The typical cargo size is 950
thousand barrels. The API gravity for Bonny Light is 35
degrees and the sulfur content is 0.2%. The typical cargo
size for this FOB assessment is 950,000 bbl and the grade
loads at the Shell-operated Bonny Terminal. The current
bbl/mt conversion factor for Bonny Light crude oil is 7.526
and typical output is around 540,000 barrels per day.
Specifications are: API 35.4°, S.G. 0.85, Sulphur 0.14, Pour
point -18°C, TAN 0.27 mg KOH/g, Nickel 3.6 wppm,
Vanadium 0.4 wppm, Visc. (50°C) 2.9 cSt.
So If ftn get an offer which stayes mostly main points differing form above, then the offer is trashed within 30 seconds flat- what is the point to waste 4,5,6 weeks on a deal when the offer was wrong from the start?
When I see offers re: - Bonny Light cride oil 5 Million MT per Month- directly from NNPC Api 33.7 Sulphur 0.2% the offer is trashed.
If I am unsure because the intial information seems correct- then i ask more questions that any real supplier would know-
I.e: What is the Vanadium contents-? What is the miximum shipment loads..etc.. if the second set of answers is worong the offer is trashed-99.9% of intermediaries make such classical mistakes in matter of procedures and specifications-
When someone asks you for an offer for goods yet to source ask then for a 'RFQ" again if the information is worng the RFQ is trashed because a real end buyer knows what he requires - an intermediary does not-
Someone tells me that they have Crude oil from Gazprom- We trash it ?
Some one say they have Grude oil from Roseneft- we look deeper-
It takes time to develop such a data base-
