A UK based trading company wanted to import steam coal for to supply their end buyer. They found a potential supplier in Indonesia and signed a contract with them to supply the steam coal. A problem arose when the supplier demand for 30% advance payment. Unfortunately, the UK trader did not have enough cash available to meet the supplier’s demand. They tried to negotiate with the supplier who finally agreed on payment terms a Standby Letter of Credit (SBLC – MT760).
The Challenge: Require Standby LC to import Steam Coal
As the UK firm were already aware that they cannot seek assistance from their bank for the SBLC. Because their bank will require 100% cash margin as a backup for their MT760. They were struggling to find a solution but couldn’t find any. During all this fuss a friend of them advised to look for private companies who can provide them this SBLC.
The Solution: Bronze Wing Trading direct provider of SBLC
The UK-based company pursued through the internet for companies that provide SBLC (MT-760). As a result, they found Bronze Wing Trading via “Google Ads” which caught their attention and led them to us. The UK-based company went through the procedure of Standby LC mentioned on the website. They were glad to learn that BWT is a direct provider of Standby LC. And can arrange the MT760 towards their coal seller without depositing any cash margin.
They quickly contacted us and explain their steam-coal transaction for which they required MT760. After which, they’ve submitted their steam-coal sales and purchase contract to BWT.
We studied the UK firm’s steam coal deal and requested them to provide further documents related to their coal deal. BWT evaluated their deal as per the documents received from them. Finally, we approved their MT760 request for their coal deal.
Hence, the UK Company visited our office in Dubai to secure their deal. Their meeting with our CEO was rewarding and they were comfortable with BWT being capable to provide the required Standby LC. In conclusion, they paid the SBLC issuance fee charges and we were able to provide MT760 issued copy on the same day to the client. The steam coal seller received Standby LC in their bank account.
The Result: High returns on Steam Coal Import
As a result, the UK-based company was happy on the conclusion of steam-coal business. Because it proved to be a profitable-transaction that the company ever handled in their entire trading career. They were grateful and appreciative of the services rendered by the Bronze Wing Trading. As we fulfilled their Standby LC (SBLC) requirement and their transaction was carried out with high returns.