Payment Against Draft BL is Over – MUST READ
The good days of getting paid against the Draft BL are over. Not 1 buyer we deal with globally will accept a Draft BL ever again, nor will their bankers. Since CV19 started, every buyer requires an Original Bill of Lading = proof the containers on the vessel, in-transit.
Because of this, we changed our business model and payment structure – our upfront costs went up as we now have to pay for the ocean freight on our side. Thus, we only pay for the scrap once we get paid from our end-markets. That means we must have the OBL to get paid-out final balance. I can assure You/Suppliers – we are not happy either.
But now all parties really have financial involvement in the transaction.
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