Terms of Service for Tank Lease / Shipping Vessel Agreement
Pacbulk Shipping Pte. Ltd.
Welcome to Pacbulk Shipping Pte. Ltd. These Terms of Service outline the process and terms for securing a tank lease or shipping vessel with our company. By engaging in business with Pacbulk Shipping Pte. Ltd., you agree to adhere to the following terms and conditions. Please read them carefully before proceeding.
1. Business Conduct and Liability
All business transactions with Pacbulk Shipping Pte. Ltd. are conducted exclusively within our terminal premises. Any individual or entity conducting business with persons claiming to be representatives of Pacbulk Shipping Pte. Ltd. outside of these premises does so at their own risk. Pacbulk Shipping Pte. Ltd. will not be held liable for any losses, damages, or disputes arising from such unauthorized transactions.
To verify the authenticity of any representative, clients are advised to contact our official email: info@pacbulk-shipping.com.
2. Tank Access Code Reassignment
If a client has an ongoing transaction with a lessee (e.g., a refinery or product title holder) that requires access to Pacbulk Shipping Pte. Ltd.’s terminal, the client must request a “Tank Access Code Reassignment” from the verified lessee of the Pacbulk Shipping. This ensures secure and authorized access to the facility.
Clients are responsible for ensuring that all access codes and permissions are properly reassigned and verified before visiting the terminal.
3. Payment Terms for Prospective Lessees
First-time payments for prospective lessees must be made using one of the following methods:
- Fiduciary Bank Details: Payments made through fiduciary accounts ensure secure and traceable transactions. This also helps us at Pacbulk Shipping to separate clients’ funds from business operations funds.
- USDT on Blockchain Technology: Payments made using USDT (Tether) on blockchain technology provide transparency, security, and ease of refunds in case the lessee is unable to secure product to store on our facility.
These payment methods are implemented to comply with international regulations, avoid secondary sanctions, and streamline the refund process if necessary. Should the client insist on paying directly to our company bank account they must be ready to provide the following documents on request for our due diligence and verification (requirements may change depending on the location they wish to store products)
- Local Singapore company registration or partner
- Product MSDS and origin certificate
- Ultimate Beneficial Owner (UBO) Information
- Anti-Money Laundering (AML) Compliance
- Sanctions and Blacklist Screening (Declarations confirming that the company and its principals are not listed on any international sanctions lists, such as those maintained by the United Nations (UN), European Union (EU), or the Office of Foreign Assets Control (OFAC).
- Financial Statements from Tier-1 banks
4. Facility Visit Notice
A minimum of 3 business days’ notice must be provided via email to info@pacbulk-shipping.com if a lessee or their representative wishes to visit the Pacbulk Shipping Pte. Ltd. terminal. This allows us to ensure proper security measures and operational readiness for your visit.
Failure to provide adequate notice may result in denied access to the facility.
5. Tank Lease Payment Requirements
Effective February 1, 2025, the following conditions will apply to all tank lease agreements:
- A minimum of 5 days’ tank lease payment is required to secure a tank lease at our key logistics hubs, including Jurong, Penguru, Rotterdam, and Houston.
- All tank lease agreements signed but not activated prior to February 1, 2025, will be subject to this condition.
This policy ensures the efficient allocation of resources and guarantees the availability of tanks for all lessees.
6. Lease Activation and Termination
- Lease Activation: A tank lease is considered activated once full payment is received and the tank is allocated to the lessee.
- Lease Termination: Lessees must provide a minimum of 7 business days’ notice for lease termination. Any unused lease days will be refunded in accordance with our refund policy.
7. Compliance with International Regulations
Pacbulk Shipping Pte. Ltd. operates in compliance with all applicable international laws and regulations, including but not limited to sanctions, anti-money laundering (AML), and counter-terrorism financing (CTF) laws. Lessees are required to provide all necessary documentation to verify compliance with these regulations.
8. Force Majeure
Pacbulk Shipping Pte. Ltd. shall not be held liable for any delays, failures, or damages resulting from events beyond our control, including but not limited to natural disasters, acts of war, government regulations, or labor strikes.
9. Dispute Resolution
Any disputes arising from tank lease or shipping vessel agreements shall be resolved through mutual negotiation. If a resolution cannot be reached, disputes will be referred to arbitration in accordance with the rules of the Singapore International Arbitration Centre (SIAC).
10. Amendments to Terms of Service
Pacbulk Shipping Pte. Ltd. reserves the right to amend these Terms of Service at any time. Clients will be notified of any changes via email or through our official website. Continued use of our services after such changes constitutes acceptance of the revised terms.
Contact Information
For any inquiries or assistance, please contact us at:
Email: info@pacbulk-shipping.com
Phone: +65 8506 7938 | +31 6 5763 9419
Address: 37 Jurong Port Road, Singapore 619110
SIGNED BY:
GUI LING CHIENCompany Secretary
Pacbulk Shipping Pte. Ltd.
