Physical trading

We trade what can be loaded, shipped and weighed.

Four desks, one discipline: physical product, known counterparties, financed and documented cargoes.

Aerial view of a coastal tank farm and loading jetty — Storage and jetty infrastructure at a discharge terminal

01Contracting

How we contract.

Terms

Incoterms 2020: FOB, CFR, CIF and DAP as agreed. Quantity and quality per recognised standards and the buyer's specification.

Pricing

Against the published benchmarks customary for each product, agreed in the contract.

Inspection

Independent inspection of quantity and quality at load and discharge by an agreed surveyor. Certificates travel with the documents.

Documents

Bills of lading, certificates of origin, quality and quantity, insurance and inspection reports, prepared so that a bank can accept them under a letter of credit.

02Desks

The desks.

Crude oil

Sour and sweet grades in cargo lots, FOB and CIF, from producer to refiner.

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Energy products

Gasoil and diesel, jet, fuel oil, naphtha and LPG for wholesale and industrial buyers.

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Aluminium

Primary aluminium to LME specification: P1020A ingots, T-bars and sows, from smelter to mill.

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Copper

Grade A cathodes of LME-registered brands, delivered to warehouses, mills and rod plants.

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