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Unlikely Motorcycle man, Its last port was in Spain and it was...

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spid81

16,317 Posts.

6935

11/07/24

18:57

Post #: 74714207
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Originally posted by motorcycle man: ↑

If we guess that the Ultra Galaxy article is relevant to this TH. My guess is the vessel; "Ultra Galaxy" has loaded ore from MRC (The seller) Tormin operation under a "CIF" arrangement, MRC will be awaiting information from Insurer regarding liabilities which as per below looks as though the buyer assumes the risk and not the seller.
Key Components:
Cost: The seller is responsible for the costs involved in transporting the goods to the port of shipment and loading them onto the vessel.
Insurance: The seller must obtain insurance coverage for the goods during transit. The insurance must be for 110% of the goods' value and cover the risks identified in the contract.
Freight: The seller pays for the freight charges to ship the goods to the destination port.
Risk Transfer:
The risk of loss or damage to the goods transfers from the seller to the buyer once the goods are on board the vessel at the port of shipment. This means that while the seller covers costs and insurance to the destination port, the buyer assumes the risk once the goods are loaded onto the vessel.

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Unlikely Motorcycle man, Its last port was in Spain and it was headed to Dar Es Salaam in Tanzania, Tormin is located in South Africa.
MRC Price at posting: 2.7¢ Sentiment: Buy Disclosure: Held
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0 Great analysis

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