M3 Options Trading System

De Havilland Canada DHC-4 Caribou DHC-5 Buffalo v1.0.2 01 okt 15 greg goebel Dari akhir tahun 1940-an, De Havilland Canada (DHC) membangun reputasi dengan mesin satu-satunya quotDHC-2 Beaverquot dan utilitas quotstH-3 Otterquot yang lebih besar. Pesawat sebagai produsen quotbushplanesquot kasar dengan kinerja lepas landas lepas landas (STOL) kuota yang bagus. Pada akhir 1950-an, DHC melanjutkan untuk membangun sebuah mesin penggerak ganda twin-engine STOL yang lebih besar, Caribouquot quotDHC-4, yang melihat layanan tempur ekstensif di Vietnam. Itu diikuti oleh quotDHC-5 Buffaloquot, yang merupakan pesawat yang sama kecuali untuk mesin turboprop dan bukan piston. Dokumen ini menyediakan sejarah dan gambaran karibu dan kerbau. Pada tahun 1954, dengan dorongan Angkatan Darat AS, de Havilland Canada memutuskan untuk membangun transportasi STOL dalam kisaran ukuran Douglas DC-3 C-47. Upaya tersebut dipicu oleh sebuah perintah awal untuk dua prototip dari pemerintah Kanada dan sebuah perintah untuk lima pesawat evaluasi dari Angkatan Darat AS, dengan Angkatan Darat AS mendapatkan pengabaian untuk mengizinkan akuisisi mereka - pesawat itu lebih besar daripada pakta layanan Angkatan Udara AS mengizinkan Angkatan Darat untuk memiliki. Model aerodinamis kecil dari Caribouquot quotDHC-4, seperti namanya, dievaluasi terlebih dahulu di truk, lalu di belakang Bendungan DHC-3. Caribou pertama melakukan penerbangan awalnya pada tanggal 30 Juli 1958. Setelah evaluasi Angkatan Darat AS terhadap lima mesin quotYAC-1quot - yang satu di antaranya jatuh pada tahun 1959, digantikan oleh YAC-1 keenam - Angkatan Darat melakukan perintah awal untuk Apa yang akan berjumlah total 56 pesawat produksi quotAC-1quot, dengan semua pengiriman pada tahun 1961. AC-1 dan mendesain ulang quotCV-2Bquot pada tahun 1962, ketika angkatan bersenjata AS mengadopsi sebuah skema peruntukan yang sama. Pesanan lebih lanjut diikuti, dengan pengiriman dari tahun 1963. Mesin-mesin ini berbentuk varian quotzH-4Aquot AKA quotCV-2Bquot - yang semula merupakan penunjukan Angkatan Darat AS yang seharusnya quotAC-1Aquot - mirip dengan DHC-4, kecuali untuk Bala bantuan struktural untuk mendukung bobot lepas landas maksimum yang lebih tinggi. Kemudian produksi juga memiliki radar cuaca ANAPB-158 dalam jerawat hidung, dengan radar dipasang pada AC-1As sebelumnya dan beberapa AC-1. Sebanyak 103 AC-1A Caribous dibangun. Angkatan Darat AS memperoleh total 6 56 103 165 Caribous. The Caribous terakhir diluncurkan pada tahun 1973 setelah produksi 307 mesin, dengan Angkatan Darat Amerika Serikat menjadi operator tunggal terbesar, mendapatkan sebagian besar DHC-4 yang dibangun. Caribou adalah sebuah cegolif taktis ringan yang lurus, dengan mesin piston kembar dengan sayap tinggi sebuah tail tail besar, dengan tailplane dipasang di atas badan pesawat dan ekor tinggi dengan pintu pemuatan. Sayap memiliki konfigurasi camar terbalik yang mereka tampilkan flaps slotted full-span untuk kinerja lepas landas pendek, bagian flap luar dua kali lipat sebagai aileron. DHC-4 didukung oleh silinder berpendingin kembar RC-R 2-2-7-7M2 berpendingin dua silinder dua silinder yang menyediakan 1.080 kW (1.450 HP) masing-masing, mendorong baling-baling variabel tiga bilah. Kebanyakan orang Caribous dikirim dengan pemintal prop, meskipun umumnya dihapus kemudian, dinilai lebih bermasalah daripada harganya. Beberapa Caribous dilengkapi dengan baling-baling reversibel dalam pelayanan untuk memperbaiki kemampuan pendaratan lapangan pendek. Mesin penggergajian mesin dibuka di atas triple quotpetalsquot, berengsel di belakang, untuk akses servis. Semua rakitan landing gear memiliki roda kembar, gigi utama yang ditarik maju ke nacelles mesin, gigi hidung ditarik ke belakang. Pesawat produksi memiliki bentangan badan pesawat yang sedikit ke depan dari sayap relatif terhadap prototip sayap yang dimodifikasi, dengan tempel pagar mesin pada setiap perangkat tambahan sayap dan angkat dan perubahan tweak lainnya. Semua penyimpanan bahan bakar di tangki sayap tempel dari mesin total muatan bahan bakar adalah 3.138 liter (828 galon AS). Angkatan Darat AS mengembangkan kantung kemih, dalam bentuk silinder karet yang terlihat seperti ban sangat gemuk, yang bisa menyelundupkan 1.326 liter (350 galon AS) masing-masing. Sampai tiga bisa diangkut di teluk kargo, terutama untuk meningkatkan jangkauan penerbangan feri, namun juga berpotensi untuk pengiriman bahan bakar ke daerah maju. Ada juga eksperimen dengan menggunakan Caribou sebagai tanker pengisian bahan bakar bertingkat, namun nampaknya ini tidak pernah dilakukan secara operasional. Pintu pemuatan ekor atas dibuka ke dalam dan ke atas, sementara pintu ekor bawah dibuka ke bawah, pintu ekor bisa digunakan sebagai jalan pemuatan tanah dalam posisi penuh ke bawah, dan bisa dipasang dengan ekstensi jalan untuk memungkinkan kendaraan ringan melaju ke Teluk kargo. Jalan itu juga bisa dibuka ke posisi datar untuk sentimen udara. Ada pintu kru trapesium di kedua sisi badan belakang pada awal produksi, pintu kru dibuka ke depan dan memiliki tangga terpisah, sementara di kemudian produksi mereka dibangun sebagai kuota derek lipat. Pintu samping kanan bisa dibuang karena penumpangnya luput. Ada akses menetas di atas kokpit, sebuah gagak pelarian di bawah kokpit, dan satu lagi menetas di balik kokpit. Kapasitas muatan adalah 32 tentara atau 26 pasukan payung atau 22 pekerja, empat korban yang duduk, dan empat petugas medis atau 3.965 kilogram (8.740 pon) kargo, dengan bayaran yang mampu menyimpan dua jip. Angkatan darat AS Caribous terbang di Vietnam dari tahun 1961, umumnya terbang dalam warna putih drab. Angkatan Darat menghargai kinerja STOL dari Caribou, Angkatan Udara, lebih menyukai Penyedia C-123 Fairchild, yang memiliki dua kali muatan, namun kemampuan STOL terbatas. Caribous dipandang sangat berguna untuk memasok basis jauh, yang seringkali berada di daerah terjal. Ketika mereka tidak bisa benar-benar mendarat, mereka menggunakan teknik spektakuler yang dikenal sebagai quotLow Level Extraction (LOLEX) quot dan kemudian quotLow Altitude Parachute Extraction System (LAPES) quot - di mana kargo yang terpasang pada palet yang menyerap goncangan ditarik keluar dari Pesawat terbang dengan parasut drogue saat pesawat terbang di atas area target pada ketinggian kepala. LAPES hanya bisa digunakan untuk muatan kasar, tapi jauh lebih akurat daripada tetesan parasut. Caribous juga kadang-kadang mendarat di pangkalan-pangkalan di bawah api, membuat mesin mereka berputar, sehingga mereka bisa segera meninggalkan barang yang dibongkar. Mereka kadang-kadang tidak membuat bahkan ada foto mengerikan yang menangkap kematian seekor Caribou, dipukul oleh tembakan artileri tanda petang yang tepat selama pendekatannya ke lapangan terbang. Sebagian besar tentara Honduras yang masih hidup dibawa ke Angkatan Udara AS pada awal 1967 sebagai kuota-7quot dan quotC-7Aquot, dengan Angkatan Darat mempertahankan 15 mesin untuk berbagai tugas. Angkatan Udara Caribous, yang umumnya dicat ulang dengan warna penyamaran yang mengganggu, terus digunakan dengan berat, beberapa dikonfigurasikan dengan peralatan relay radio untuk dioperasikan sebagai relay komunikasi medan perang. Ketika pasukan Amerika ditarik dari Vietnam dari tahun 1971, Angkatan Udara meneruskan sebagian besar armada tersebut ke Angkatan Udara Vietnam Selatan, meskipun 32 pesawat tersebut diterbangkan kembali ke Amerika Serikat untuk digunakan oleh Air Force Reserve dan Garda Udara Nasional AS. Werent Vietnam Selatan mampu mempertahankan Karir mereka yang sangat banyak digunakan, dan armada tersebut akhirnya semakin beralasan. Beberapa masih terbang saat Vietnam Selatan jatuh ke tangan Komunis pada tahun 1975, dan digunakan untuk sementara waktu oleh negara Vietnam yang baru bersatu. Kira-kira 20 US Caribous hilang di Vietnam. Angkatan Darat AS terus beberapa terbang Caribous ke tahun 1980-an salah satu mesin evaluasi asli digunakan sebagai pesawat terbang dan pesawat dukungan untuk Angkatan Darat quotGolden markas markas markas markas, dengan Caribou dicat dengan warna-warna yang tajam. Operator lain yang mengoperasikan Caribou dalam jumlah termasuk: Royal Australian Air Force, yang memperoleh total 19 mesin pembangun baru, yang diberi tanda kuota-4quot, dari tahun 1964. Mereka digunakan di Vietnam oleh Skuadron Nomor 35, yang dikenal sebagai quotWallaby Airlinesquot, yang Tentu saja menggunakan radio callsign quotWallabyquot. Mereka tampaknya telah dicat secara keseluruhan secara keseluruhan, tapi terkadang dicat dengan warnaflase menyamar. Setelah perang, Aussie Caribous terus beroperasi, kadang-kadang digunakan dalam operasi penjaga perdamaian, terkadang dengan warna kulit putih Perserikatan Bangsa-Bangsa (PBB). Aussie Caribou yang terakhir sudah pensiun pada tahun 2009. Kanada, yang agak mengejutkan, bukanlah pengguna utama DHC-4, yang hanya mendapatkan sembilan mesin, terlepas dari kenyataan bahwa pemerintah Kanada telah menyediakan dana untuk prototip DHC-4. Akibatnya, DHC-4 dibangun oleh sebuah perusahaan Kanada untuk militer AS dengan subsidi pemerintah Kanada, subsidi tersebut secara jelas diberikan berdasarkan alasan untuk meningkatkan bisnis Kanada, dan tampaknya membuktikan investasi yang baik atas dasar itu - meskipun DHC Hampir bangkrut mencoba untuk mendapatkan hal untuk terbang di awal. Kanada memperoleh lima Caribous pada awalnya pada tahun 1960, termasuk dua prototip tersebut, dengan mesin-mesin ini yang diberi nilai quotCC-108-1quot. Empat lagi diperoleh pada tahun 1964, jelas mesin DHC-4A, yang ditunjuk sebagai quotCC-108-1Aquot. Lima yang pertama diberi upgrade untuk membawa mereka mendekati spesifikasi CC-108-1A. Orang-orang yang selamat dijual ke Tanzania pada tahun 1971. India sebenarnya adalah operator yang lebih besar daripada Kanada, mendapatkan dua tentara AS Caribous dengan status pinjaman untuk evaluasi pada awal 1963, untuk kemudian membeli total 20 mesin pembangun baru dari tahun 1964 sampai 1968. Mereka Umumnya digunakan di wilayah perbatasan barat laut pegunungan di India. Ada cerita bahwa mereka benar-benar melakukan sedikit pemboman selama Perang Indo-Pakistan 1971. Indias Caribous telah pensiun pada tahun 1983. Spanyol juga merupakan pengguna yang antusias, dengan Ejercito de Aire (Angkatan Udara Spanyol EdA) memperoleh 12 dari tahun 1967 sampai 1970, dan membeli lebih banyak kelebihan mesin militer AS nantinya. Mereka ditunjuk sebagai quotT.9quot dalam layanan EdA Spains Caribous yang sudah pensiun pada tahun 1991. Malaysia memperoleh 18 dari tahun 1966 sampai 1973. Armada tersebut telah pensiun pada tahun 2000, digantikan oleh transportasi kembar-turboprop CN 235. Pengguna lain termasuk: Cameroons Air Force (2). Angkatan Udara Ghana (8). Angkatan Udara Kenya (6). Angkatan Udara Kuwait (2). Flygvapnet (Angkatan Udara Swedia 1). Angkatan Udara Malaysia (2). Angkatan Udara Tanzania (4). Polisi Perbatasan Thailand (3). Angkatan Udara Uganda (1). Angkatan Udara Zambia (5). Ada cukup banyak perdagangan kuda mesin yang pensiun dari satu layanan yang bisa diperoleh orang lain - seperti yang disebutkan di atas, Spanyol mengakuisisi mantan Caribous, sementara Tanzania mewarisi apa yang tersisa dari armada Kanada - walaupun rinciannya membingungkan jalur. Caribous diperoleh baru oleh sejumlah organisasi komersial, meskipun tidak semua benar-benar seperti apa adanya. Dua dibeli oleh Air America, sebuah perusahaan front quotquivilianquot yang dioperasikan oleh Central Intelligence Agency (CIA), dan tiga lainnya diperoleh oleh quotAir Asiaquot - sebuah perusahaan penerbangan yang berbasis di Taiwan, yang sekarang merupakan organisasi komersial, namun pada tahun 1960 terkait dengan CIA . Beberapa pembeli quotcivilianquot lainnya dikaitkan dengan Air America, yang juga memperoleh cukup banyak uang tentara AS yang dipinjamkan. Sekitar setengah lusin DHC-4 dibeli oleh perusahaan komersial yang benar-benar, bagaimanapun, dan setelah karir layanan mereka, DHC-4s sering memiliki karir kedua di tangan sipil. Memang, mereka masih terbang dalam mode yang masih ada sekarang. Pen Turbo dari Cape May, New Jersey, melakukan konversi saham DHC-4s dengan turboprop Pratt amp Whitney Canada PT6A menggantikan radion Twin Tawon, harapannya adalah mungkin ada pasar untuk upgrade quotDHC-4Tquot. Setidaknya ada dua konversi, satu hilang dalam kecelakaan fatal pada tahun 1992, insiden mengerikan ditangkap di video, dan sebuah konversi kedua menyusul. Apa yang terjadi setelah itu tidak jelas, namun pada tahun 2013 video muncul secara online menunjukkan DHC-4T melakukan penumpukan pasokan ke pasukan AS di Afghanistan. Operator itu diberikan sebagai perusahaan FlightWorks, yang bekerja berdasarkan kontrak dengan militer. Apakah FlightWorks memiliki lebih dari satu dari mereka tidak jelas. Caribou keluar dari produksi karena digantikan oleh quotquot-5 Buffaloquot, turunan turunan dari Caribou yang diregangkan dan turboprop - sebenarnya, pada awalnya dikenal sebagai quotCaribou IIquot, dengan prototipe Caribou asli yang dilengkapi dengan turboprops sebagai Sebuah prototipe, melakukan penerbangan awalnya pada tanggal 22 September 1961. Pembangunan didanai oleh kolaborasi antara Angkatan Darat Amerika Serikat dan pemerintah Kanada, dengan DHC juga memberikan kontribusi dana. Empat mesin evaluasi diperintahkan oleh Angkatan Darat Amerika Serikat, yang pertama kali mengudara pada tanggal 9 April 1964. Sementara Angkatan Darat pada awalnya ingin memberi Buffalo sebutan quotYAC-2quot, pada saat layanan tersebut mendapat tangannya di mesin, Upaya redesignation 1962 telah terjadi, dan karena itu mereka dikenal dengan sebutan quotCV-7Aquot. Kerbau tampak umumnya seperti Caribou, kecuali untuk pembangkit listrik turboprop yang memiliki ekor sayap reprofil dengan rentang sedikit lebih besar dan bentangan badan sekitar 10. DHC-5 didukung oleh turboprops General Electric (GE) T64-GE-10 yang menyediakan 2,135 ekW (2,850 EHP). Payload adalah 41 tentara 35 pasukan terjun payung 24 orang tawanan dan enam korban yang duduk atau pembantu atau 4.820 kilogram (10.630 pon) kargo. Angkatan Darat AS mengevaluasi Buffalo di Vietnam, namun tidak ada lagi perintah AS. The Buffalos disahkan di Angkatan Udara pada tahun 1967 bersama dengan Caribous, dengan Angkatan Udara menunjuk Caribous quotC-8Aquot. Mereka kebanyakan digunakan dalam tes dan uji coba oleh badan pemerintah AS lainnya - lihat di bawah. Rupanya tekanan politik untuk menilai Americanquot dan USAF tidak tertarik pada jenis peran yang dimainkan karena tidak menindaklanjuti pembelian evaluasi awal. Pasukan Kanada - RCAF menjadi komponen militer Kanada yang bersatu pada tahun 1968 - memperoleh 15 mesin DHC-5A, yang diberi penunjukan layanan quotCC-115quot yang mereka gunakan pada turboprop dengan CT64-810-1 dengan 2.280 ekW (3.055 EHP) Dan payload meningkat menjadi 6.280 kilogram (13.845 pound). Setidaknya sebagian armada Kanada telah dimodifikasi untuk konfigurasi pencarian dan penyelamatan kargo (SAR) - yang tidak terlalu jelas mengenai konversi SAR, mesin SAR hanya tampak berbeda karena memiliki jendela observasi yang menonjol di pintu kru belakang. Salah satu Kerbau Kanada, yang beroperasi dengan warna PBB, ditembak jatuh oleh rudal darat-ke-udara Suriah di atas Lebanon pada tahun 1974, menewaskan kesembilan orang di atas kapal. Pada laporan terakhir, CC-115 masih beroperasi, walaupun pemerintah Kanada memiliki persyaratan untuk penggantian mereka, dengan armada tersebut akan pensiun pada tahun 2015. 24 DHC-5 lainnya dibangun untuk Brasil, sampai pensiun pada tahun 2008, Dan kemudian 16 untuk Peru, dengan produksi dihentikan pada tahun 1972. Namun, masih ada permintaan untuk Buffalo, dan DHC memulai produksi pada tahun 1974, meluncurkan quotDHC-5Dquot, dengan turboprop CT64-820-4 yang menghasilkan 2.335 ekW (3.130 EHP ) Dan muatan kargo naik menjadi 8.165 kilogram (18.000 pon). QuotDHC-4Bquot dan quotDHC-4Cquot, kebetulan, adalah varian dengan pilihan powerplant yang berbeda - mesin T64-P4C dan Rolls-Royce Dart RDa.12 - yang tidak pernah dibangun. Yang terakhir dari 126 kerbau dikirim pada tahun 1986. Seiring dengan Kanada, Brasil, dan Peru, pengguna mesin produksi baru lainnya termasuk: UAE Abu Dhabi (5). Ada beberapa pengguna sipil. Seperti halnya dengan Caribou, ada beberapa transaksi pasar bekas dengan Buffalo, misalnya Abu Dhabi menyerahkan armada mereka ke Indonesia pada tahun 1995. Secara keseluruhan, penjualan Kerbau tidak sesuai dengan keberhasilan Caribou. DHC menerbangkan demonstrator quotDHC-4Equot yang serupa dengan DH4-4D, namun memiliki interior kuotometri-changequot agar bisa diubah dengan cepat dari sebuah cargolifter ke konfigurasi pesawat terbang atau VIP, atau konfigurasi penumpang penumpang-kuotcomquote. Tidak ada pembeli. Ada sejumlah konversi eksperimen DHC-5. Satu DHC-5, yang awalnya diperoleh oleh Pasukan Kanada sebagai CC-115, digunakan sebagai platform peradilan oleh organisasi di Kanada dan AS, yang awalnya diserahkan ke Bell Aerospace di Buffalo, New York, pada tahun 1971. Pesawat itu dipasang Dengan hovercraft seperti quotAir Cushion Landing System (ACLS) di bawah kontrak gabungan AS-Kanada. Kerbau ACLS tidak hanya bisa mendarat di medan tingkat manapun, tapi bisa turun di atas air, dilengkapi dengan lapisan sayap mengapung seperti pada kapal terbang agar ujung tombak tidak mencair. Ia mempertahankan roda pendaratan aslinya untuk melengkapi bantalan udara. sistem. Mesin ini melakukan penerbangan pertamanya sebagai testbed ACLS pada musim semi tahun 1975, melanjutkan uji coba dengan USAF di Pangkalan Angkatan Udara Wright-Patterson di Ohio sampai tahun 1979, saat diserahkan kembali ke Kanada. Itu diubah kembali ke konfigurasi CC-115 normal dan, pada pemberitahuan terakhir, masih digunakan dalam peran SAR. Sistem pendaratan bantalan udara pesawat telah dipertimbangkan untuk waktu yang lama, namun terlepas dari keuntungan jelas mereka, Nobody pernah mengadopsi sebuah pesawat yang dilengkapi dengan skema layanan semacam itu, mungkin karena kompleksitasnya. Pusat Amessasi Angkasa Luar Angkasa Nasional AS (NASA) Ames Center melakukan dua konversi C-8As sebagai mesin percobaan quotXC-8Aquot - beberapa sumber mengisyaratkan bahwa mereka adalah mesin yang sama dengan samaran yang berbeda, namun ada satu foto keduanya yang terbang bersamaan. Jelas mereka berbeda. Yang pertama adalah modifikasi STOL, pesawat ekspres Jet Flap STOL (AWJSRA) dengan turbofan Rolls-Royce Spey kembar yang mengganti mesin piston kembar, serta sayap terpotong dan banyak dimodifikasi yang menampilkan perangkat tambahan seperti bilah tepi terdepan dan flapquote quotaugmentor, Menggunakan engine bleed air dari turbofans untuk quotsurface blowingquot, sehingga kecepatan kiosnya sangat rendah. Knalpot turbofan juga bisa quotvectoredquot dari 6 sampai 104 derajat di bawah horizontal. Tampaknya landing gear tidak bisa ditarik kembali. Penerbangan awal AWJSRA dilakukan dari tahun 1972, dengan pesawat yang menunjukkan kemampuan STOL yang ekstrim. Konversi NASA Ames yang kedua adalah modifikasi oleh NASA dan Boeing, the Quotes Short-Haul Research Aircraft (QSRA) quot, dengan empat mesin turbofan Lycoming F102 dan sayap lain di atas permukaan sayap kanan. Penerbangan awal terjadi pada tahun 1978. QSRA benar-benar melakukan pendaratan dan lepas landas pada kapal induk USS KITTYHAWK, yang tidak memerlukan peletakan gigi atau peluncuran pelontar. QRSA jauh lebih tenang daripada jetliner konvensional - sebuah pertimbangan penting untuk mengoperasikan kendaraan STOL dari bandara kecil di dekat daerah perkotaan. Baik para demonstran STOL digunakan untuk eksperimen lebih lanjut dengan berbagai teknologi sistem kontrol penerbangan yang canggih tampaknya keduanya dibatalkan pada tahun 1980an. Pelajaran yang dipelajari diterapkan pada program pengangkutan udara McDonnell Douglas Boeing C-17. Viking Air Victoria, British Columbia, telah memperoleh hak atas sebagian besar lini produk DHC, dan menempatkan DHC-6 Twin Otter klasik kembali ke produksi, yang menampilkan kokpitquot quotglass dan perbaikan lainnya. Viking Air juga mempertimbangkan untuk memulai kembali produksi Buffalo. Pejabat Viking mengatakan bahwa banyak negara setelah mesin kembar-cargolifters menderita shockintot quotsticker saat mereka melihat pricetag untuk mesin desain baru dan percaya bahwa Buffalo yang diperbarui adalah kesepakatan yang jauh lebih baik. Perusahaan yang mengajukan penawaran quotDHC-5NGquot ini akan menampilkan transplantasi quotfirewall-forwardquot mesin turboprop PW150, prop komposit enam-berbilah, dan nacelle dari pesawat regional Dash-7 Q400, ditambah avionik Primus Apex dengan kokpit kaca, beberapa rakitan komposit, dan Berbagai update lainnya Viking juga mempertimbangkan penambahan pressurization kokpit agar DHC-5NG lebih kompetitif dengan cargolifter modern. Perusahaan telah mendorong DHC-5NG sebagai pengganti Canadas yang ada CC-115s. Saya akan melakukan Caribou dan Buffalo bersama dengan semut DHC STOL lainnya - Beaver, Otter, Twin Otter - tapi dokumennya mulai terlalu rumit, dan kedua perangkat terbang itu tidak sesuai untuk disatukan dengan rapi. Saya berpikir dokumen ini akan terlalu singkat, tapi saya cukup yakin untuk memberikannya sedikit daging. Seperti menyangkut hak cipta dan izin untuk dokumen ini, semua ilustrasi dan gambar yang dikreditkan kepada saya adalah domain publik. Saya menyimpan semua hak atas tulisan saya. Namun, jika ada yang mau memanfaatkan tulisan saya, cukup hubungi saya, dan kita bisa ngobrol tentang hal itu. Saya merasa terhormat dalam memberikan izin, biasanya atas dasar dikreditkan dengan benar. C-7 CARIBOU ACTION oleh Wayne Mutza, SQUADRON-SIGNAL PUBLICATIONS, 1993. quotBuffalo Revivalquot oleh Graham Warwick, AVIATION WEEK, 23 Maret 2009, 54. Ada sejumlah situs web Caribou-Buffalo secara online. Saya bisa mendapatkan daftar pesawat terbang yang sangat terperinci dan disposisi mereka, dan untuk sekali ini saya sedikit ragu bahwa saya mendapatkan jumlah produksi yang benar. Minggu ini di Skype Tribe Pilihan, salah satu anggota kami melakukan panggilan yang sangat aneh di SPX , Memproyeksikan lari ke 2340 satu hari. Sangat mengesankan melihat rally pasar ke tingkat yang tepat tidak lama setelah itu. Banyak diskusi minggu ini tentang volatilitas. Salah satu memebers lama kami mengemukakan bahwa VIX meningkat meski ada demonstrasi. Cukup sedikit sampai hari ini Sedikit kegugupan bercampur dengan pembelian. . Todd Gordon dari TradingAnalysis dan sering menjadi kontributor CNBC, melakukan penampilan debutnya di Options Tribe. Dalam presentasi ini, Todd menghilangkan apa yang dia yakini sebagai mitos: bahwa analisis Fibonacci terlalu subjektif untuk digunakan untuk trading. Todd meletakkan metodologinya untuk memilih apa yang dia yakini sebagai pemogokan dan pemogokan opsi optimal untuk pergerakan terarah di pasar. . Minggu ini, pilihan pendidik dan strategi Paul Forchione kembali ke Options Tribe untuk menunjukkan bagaimana dia menggunakan perangkat lunak OptionVue untuk menyusun dan menganalisa posisi penyebaran theta positif ini di berbagai pasar berjangka. Dia akan menunjukkan bagaimana posisi ini berperilaku dalam kaitannya dengan pergerakan pasar dan perubahan volatilitas tersirat dengan menghasilkan kurva kinerja dan mendiskusikan orang-orang Yunani. . Jika Anda seorang pedagang opsi, nikah ingin mengenal Anda. The Options Tribe adalah komunitas pedagang dari seluruh dunia. Kami bertukar gagasan dan komentar pasar. Kami saling mendukung dan belajar dari pengalaman trading kehidupan nyata. Anda berada di sini karena Anda memiliki minat pada perdagangan pilihan dan kami berdedikasi untuk membantu Anda mencapai tujuan finansial dan perdagangan Anda. Apakah Anda memerlukan bantuan dan saran untuk memulai sebagai pedagang opsi atau Anda ingin melakukan perdagangan opsi ke tingkat berikutnya, Anda akan menemukan sumber daya dan dukungan di komunitas Opsi Suku ini. . Transparansi bisnis dan praktik perilaku etis Vilma didirikan di Madrid pada tahun 1996 oleh sekelompok profesional berpengalaman di Sektor Perdagangan Minyak Internasional. Perusahaan telah berkembang terus sejak awal, menjadi pemain yang mapan dan sangat dihormati di Industri Minyak. Akibatnya, keberhasilan ini memberi Vilma kesempatan untuk membuka kantor cabang tambahan di Zug (Swiss) dan Baku (Azerbaijan). Perusahaan juga mendapat dukungan dari kantor perwakilan di Izmir (Turki), Ashgabat (Turkmenistan) dan Kairo (Mesir). Untuk mendiversifikasi lini bisnisnya, pada tahun 2006 Vilma memulai persediaan bunker fisik yang kompetitif di Selat Gibraltar. Baru-baru ini Vilma juga terlibat dalam Bisnis Terminal di Selat Gibraltar dengan Vopak sebagai mitra di fasilitas pelabuhan Algeciras. Minyak Vilma berkomitmen untuk melakukan layanan premium dan hemat biaya, memberikan keunggulan kompetitif di semua pasar di seluruh dunia. Kami sangat percaya pada transparansi bisnis dan praktik perilaku etis, membangun hubungan berbasis kepercayaan jangka panjang dengan klien, mitra dan pemasok kami. Ukuran organisasi yang relatif kecil memungkinkan kelincahan dan fleksibilitas dalam memenuhi kebutuhan klien untuk mencapai layanan yang disesuaikan dengan kebutuhan khusus untuk area pasokan tertentu. Vilma beroperasi dengan perspektif yang lebih luas daripada keuntungan langsungnya sendiri. Vilma sangat bertanggung jawab dengan lingkungan ketika sampai pada penanganan produk minyak yang aman dengan mematuhi standar keamanan internasional yang ketat. Kami mendorong dan mendukung karyawan kami untuk melakukan program pelatihan berkelanjutan guna membangun jalur karir terbaik yang mungkin untuk memenuhi prospek dan motivasi mereka. Vilma berkomitmen untuk mendistribusikan sebagian dari keuntungannya untuk membantu populasi yang kurang mampu untuk bekerja menuju pembangunan berkelanjutan. Sebagai perpanjangan alami dari aktivitas perdagangan yang telah mapan, Vilma memulai operasi pasokan bunker fisik pada tahun 2006 di pelabuhan Ceuta. Berlokasi strategis di Selat Gibraltar, salah satu keliling dunia tersibuk dengan lebih dari 100.000 kapal yang transit setiap tahunnya. Kami telah mengembangkan layanan bunkering kelas satu berdasarkan kualitas dan efisiensi waktu. Dengan kapal bunker carteran kami, kami juga menyediakan kapal-kapal di area pelabuhan Ceuta. SYARAT DAN KETENTUAN UMUM PENJUALAN DAN PENGIRIMAN BAHAN BAKAR LAUT YANG VALID SEBAGAI DARI 16 DESEMBER 2015 2015 EDISI (Edisi ini meninggalkan segala kekosongan edisi sebelumnya) Syarat-Syarat Penjualan Umum ini tidak tunduk pada Konvensi Perserikatan Bangsa-Bangsa tentang Kontrak untuk penjualan Barang Internasional 1980, dan Konvensi tersebut tidak berlaku untuk Ketentuan Penjualan ini. Pengecualian ini sesuai dengan pasal 6 Konvensi tersebut. Syarat Penjualan Umum ini mengatur Kontrak Penjualan Bunker Kelautan yang ditandatangani antara VILMA OIL, S. L. Sebuah Perusahaan Spanyol yang berlokasi di Edificio Madrid 92, C Chile 10, 28290 Las Matas (Madrid) (selanjutnya THE SELLER) dan THE BUYER sehubungan dengan segala hal yang berkaitan dengan nominasi, pengiriman, harga, kualitas dan pembayaran Bahan Bakar Laut yang dijual. Jika terjadi perbedaan antara Ketentuan Umum dan Persyaratan Khusus yang disepakati oleh para pihak, dalam setiap kasus, yang terakhir akan berlaku. Kondisi ini berlaku untuk semua penawaran, kutipan, perintah, kesepakatan, layanan dan semua kontrak berikutnya dari sifat apa pun, kecuali jika dinyatakan secara tegas disetujui secara tertulis oleh Vilma Oil. Kondisi perdagangan umum pihak lain tidak akan berlaku, kecuali secara tertulis diterima secara tertulis oleh Vilma Oil. Sepanjang Ketentuan Umum Penjualan, definisi berikut harus berlaku: (A) PENJUAL berarti VILMA OIL, S. L. Serta para pelayan, agen, penugasan, subkontraktornya dan setiap dan semua orang yang bertindak berdasarkan instruksi PENJUAL dalam pemenuhan, kepatuhan atau kepatuhan terhadap kontrak yang harus dipenuhi oleh konteks lain. (B) PEMBELI berarti pihak yang mengontrak untuk membeli, menerima pengiriman dan membayar Bahan Bakar Laut bersama dengan agen, kepala sekolah, rekan kerja, manajer, mitra, pelayan, orang tua, anak perusahaan, pemilik, penerima akhir atau pemegang sahamnya (C) PEMILIK berarti Pemilik, Manajer, atau Penjual Kapal Bareboat yang terdaftar dari kapal tersebut, dan perusahaan induknya, cabang dan anak perusahaannya (D) Marine Fuels berarti produk yang berasal dari minyak mentah, dikirim atau dikirim oleh PENJUAL ke dalam Kapal untuk konsumsi sendiri. (E) Kapal berarti kapal, kapal laut atau pesawat terbang yang secara fisik diserahkan baik sebagai pengguna akhir atau sebagai unit transfer ke hari pihak ketiga (F) berarti hari kalender, kecuali jika dinyatakan lain. (G) Kontrak berarti secara kolektif perjanjian Penjualan dan Ketentuan Penjualan. (H) ETA berarti Perkiraan Waktu (tanggal) kedatangan kapal pembeli yang memerlukan pengiriman bahan bakar laut yang dinyatakan sebagai tanggal tunggal. (I) Order atau Konfirmasi Pemesanan Akhir berarti dokumen konfirmasi untuk menerima tawaran penawaran Vilma dan persyaratan dan ketentuan umum. (J) Pemasok berarti pemasok pihak ketiga, ditunjuk dan dikontrak oleh Vilma Oil untuk memenuhi pesanan atas namanya. (K) GTC berarti Syarat dan Ketentuan Umum ini yang selalu mengatur peraturan kontrak antara Penjual dan Pembeli 2. REQUEST OLEH PEMBELI DAN PENAWARAN UNTUK MENJUAL OLEH PENJUAL (A) PERMINTAAN UNTUK PENYEDIAAN: PEMBELI akan memberikan PENJUAL ditulis Atau pemberitahuan lisan dari Request for Supply, yang setidaknya memuat deskripsi mendetail tentang jenis Bahan Bakar Laut yang akan dipasok oleh THE SELLER ke kapal yang ditugaskan oleh THE BUYER, serta indikasi perkiraan volume Bahan Bakar Laut Untuk dipasok dan dari lokasi dan tanggal dimana pasokan akan diterima. (B) (B) PENAWARAN UNTUK MENJUAL: PENJUAL akan menyusun Penawaran Penawaran, yang menetapkan persyaratan lokasi dan tanggal kapan mereka bersedia memberikan penawaran yang diminta. Dalam Penawaran Pasokan tersebut, PENJUAL juga akan menyatakan harga (atau formula untuk menentukan hal ini) dan persyaratan pembayaran persediaan, dan juga bila diperlukan, minimum dan jumlah maksimum Bahan Bakar Laut yang bersedia disediakan, dan Sarana yang tersedia untuk menyediakan pasokan di pelabuhan atau lokasi yang diminta. Penawaran Penawaran ini berlaku untuk batas waktu yang ditentukan dalam penawaran tersebut. Jika tidak ada batas waktu yang terbukti ditulis dengan alasan apapun, standar pengiriman 1 jam dari pengiriman email atau yang setara berlaku. (C) PENYELESAIAN PENJUALAN: Dalam Penawaran Penawaran, PENJUAL meminta PEMBELI untuk mengirim secara tertulis Perintah Pemesanan Terakhirnya. Dalam Order Pasokan Akhir, PEMBELI, selain mengkonfirmasikan keputusannya untuk memperoleh Bahan Bakar Laut dengan harga dan dalam kondisi yang ditawarkan oleh PENJUAL dalam Penawaran Penawaran, maka akan memberikan informasi tertulis sebagai berikut: - Khusus, Penerimaan tanpa syarat atas harga (atau cara menentukannya), dan persyaratan pembayaran yang ditetapkan dalam Penawaran Jual, serta sarana penawaran dan penerimaan spesifik atas biaya masing-masing - Pengetahuan dan penerimaan tanpa syarat atas Ketentuan Umum ini dan Yang spesifik yang mungkin telah disetujui untuk penawaran yang relevan - Rincian lengkap dan nomor identifikasi pajak berdasarkan undang-undang THE BUYER. - Nama dan bendera dan nomor IMO dari kapal yang akan dipasok. Jika IMO N tidak disediakan oleh PEMBELI, PEMBELI bertanggung jawab penuh dan menanggung biaya jika terjadi ketidaksesuaian, sehubungan dengan spesifikasi kapal. - Lokasi atau pelabuhan pasokan Bahan Bakar Laut - Tanggal dan perkiraan atau perkiraan waktu kedatangan (ETA) kapal di lokasi atau pelabuhan tersebut - Deskripsi dan jumlah Bahan Bakar Laut yang akan diberikan - Nama dan alamat Orang atau perusahaan yang secara tegas ditunjuk sebagai agen kapal untuk dipasok di lokasi atau pelabuhan pasokan - Semua informasi yang mungkin diperlukan atau digunakan untuk kinerja operasi pasokan yang memadai. (D) PESANAN PENYIMPANAN DEFINITIF (PENYEDIAAN PENYEDIAAN FINAL): PEMBELI akan mengisi informasi yang diminta oleh THE SELLER dalam Penawaran Penawaran dan akan mengirimkan Order Pasokan Terakhir secara tertulis kepada THE SELLER. (E) Order Pasokan Akhir hanya berlaku, dapat diterima dan mengikat pada PENJUAL jika, selain memberikan informasi yang diminta, hal itu diterima oleh PEN PENJUAL dalam jangka waktu berlakunya Penawaran Penawaran dan paling sedikit dua (2 ) Hari kerja di Spanyol sebelum tanggal kedatangan kapal di tempat atau pelabuhan pasokan. (F) Jika PEMBELI ingin memodifikasi persyaratan Penawaran Penawaran untuk jumlah terakhir Bahan Bakar Laut yang akan dipasok, tempat dan atau batas waktu persediaan dan atau harga (atau formula untuk menentukan hal ini) dan syarat pembayarannya Pasokan, ia harus secara tegas menginformasikan PEN PENJUAL secara tertulis dalam jangka waktu berlakunya Penawaran Penawaran. (G) PENJUAL tidak terikat oleh persyaratan dan ketentuan penawaran baru yang diajukan oleh THE BUYER sampai diterima secara jelas (harus dianggap diterima jika pembeli membeli minyak bahan bakar laut tersebut di atas). (H) Jika penerimaan khusus tersebut tidak diberikan oleh PENJUAL, atau jika PENJUALnya menolak secara khusus persyaratan baru yang diajukan oleh THE BUYER, Penawaran Penawaran harus dianggap benar-benar kosong dan PENJUAL tidak berkewajiban untuk memberikan persediaan apapun. Bahan Bakar Laut ke PEMBELI. (I) Perumusan oleh PEMBELI Pesanan Pasir Akhir, atau perumusan oleh PENJUAL dari Penawaran Pasokan baru yang menerima persyaratan pasokan baru yang diajukan oleh PEMBELI harus selesai, sesuai dengan kasus yang bersangkutan, kontrak pembelian antara kedua belah pihak. PENJUAL harus memberitahukan kepada PEMBELI tentang perkiraan tanggal pasokan Bahan Bakar Laut. (J) PEMBELI harus memberitahukan PENJUAL Perkiraan Waktu Kedatangan (ETA) kapal yang akan dipasok sebagai tanggal tunggal yang PENJUAL akan dikonfirmasi secara tertulis pada akhir kontrak. PEMBELI akan mulai menerima pengiriman dalam waktu 4 hari (empat hari) terhitung sejak ETA diberikan dan berakhir pada periode 3 hari (tiga hari) setelah ETA yang disepakati. (K) PEMBELI menjamin bahwa ia diberi wewenang sebagai agen atau perantara untuk memesan Bangket untuk Kapal, dan menerima bahwa PENJUAL memiliki hak gadai di dalam Kapal untuk setiap Bunker yang dipasok berdasarkan Perjanjian ini. If the party requesting Bunkers is not the Owner of the Vessel, Buyer assumes the sole responsibility for communicating the terms and conditions of this Agreement to the Owner of the Vessel prior to the date of delivery. It is understood that by signing the BDR, the final receiver acknowledges and understands that this General Terms apply to all the deliveries made by THE SELLER. (L) If after the contract is concluded, THE BUYER begins to take delivery, or requires delivery to begin, outside the 4-day range, THE SELLER shall be entitled to amend its quoted price to take account of prevailing market prices. This right is without prejudice to any claim THE SELLER may have against THE BUYER for damages for failing to take delivery within the 4-day period. (M) Should THE BUYER request cancellation of the supply, this must be requested at least forty eight (48) working hours prior to the ETA of the ship if not, THE SELLER reserves the right to invoice a cancellation fee fixed at USD 3,000.00 (USD Three thousand) (N) In case the BUYER reduces the agreed quantity, the BUYER shall pay to SELLER for such reduced quantity the difference between the agreed selling Price and Platts CIF MED Closing Quotation on the date the reduction is notified. (O) The means of valid notification accepted by THE SELLER are E-mail and fax with acknowledgement of receipt. 3. QUANTITIES AND MEASUREMENTS (A) In its Final Supply Order, THE BUYER shall state the quantity of Marine Fuel to be supplied and that amount must be stated in metric tons (MT), or in cubic meters (CBM). (B) The amount of Marine Fuel to be supplied will be measured, determined and calculated according to the generally accepted methods, using the supply equipment and measurement appliances of THE SELLER to that end. (C) The measurements taken on board the ship supplied shall not be binding on THE SELLER, so any claim concerning the amount of Marine Fuel supplied based on measurements taken unilaterally on board the ship shall be completely inadmissible and irrelevant. (D) Should THE BUYER require any kind of control or supervision with regard to measurement of the bunker supply, it must request this previously in writing to the THE SELLER at which time it must propose the independent expert to be charged with that supervision. Such control or supervision will be subject to the specific approval stated in writing by THE SELLER with regard to the independent expert commissioned to conduct it. The result of that control will only be taken into consideration by THE SELLER if it has been performed in the presence of a representative of THE SELLER and by an organization of recognized international prestige, specialized in matters of control and supervision and previously approved in writing by THE SELLER. The expenses arising from supervision of measurement of the bunker supply will, in all cases, be exclusively borne by and at the expense of THE BUYER. (E) In respect of the quantity agreed upon THE SELLER shall be at liberty to provide, and THE BUYER shall accept a variation of 5 from the agreed quantity, with no other consequence than a similar variation to the corresponding invoice from THE SELLER. (F) THE BUYER andor Ships Master supplied shall be entitled to personally present at the measurements, or through a representative specifically appointed for that purpose. The total or partial absence of THE BUYER andor the Ships Master, or their respective representatives during the measurement taking operation is irrelevant, and the measurement taken by THE SELLER shall be conclusive and binding evidence for the parties of the amount of Marine Fuel supplied, and any claim to THE SELLER concerning the quantity supplied will not be considered. (G) The provisions of sections (C, D and E) above are understood to be notwithstanding the rights and obligations that might be established in the laws in force in Spain as to measurement of bunker supplies. (A) THE BUYER has the absolute, exclusive responsibility for the choice and description of the Marine Fuel to be supplied, which must be suitable for the ship concerned. THE BUYER shall also be solely, absolutely and exclusively liable as to the compatibility between the Marine Fuel stated and the fuels that are on board the ship prior to the supply. Being the signature of the Bunker Delivery Notice the final and binding confirmation of the aforesaid quantity, quality and compatibility. (B) The quality of the Marine Fuel supplied by THE SELLER shall comply with the quality guaranteed at the moment and location or port of supply for such Marine Fuel. (C) THE SELLER will give detail of the main specifications of the Fuels to be supplied to the officer in charge, before starting the delivery. The Marine Fuels supplied hereunder shall be the Sellers commercial grades as determined in accordance with ISO 8217. THE BUYER shall be solely responsible for nominating to the seller the grade of marine Fuels for each delivery form the range of Marine Fuels for each delivery from the range of Marine Fuels supplied by the Seller at the location in question. The quality of the Marine Fuels shall be determined in accordance with Clause (D) below. (D) THERE ARE NO CONDITIONS GUARANTEES OR WARRANTIES, EXPRESS OR IMPLIED, BY COMMON LAW, STATUE OR OTHERWISE AS TO THE SATISFACTORY QUALITY, MERCHANTABILITTY, FITNESS, DURABILITY OR SUITABILITY OF THE MARINE FUEL FOR ANY PARTICULAR PURPOSE OR OTHERWISE WICH EXTEND BEYOND THE DESCRIPTION IN CLAUSE 3 (C) (A) THE SELLER shall take four (4) commercial samples of each grade of Marine Fuel supplied during the bunker operation, in the presence of THE BUYER or the Ships Master, or their respective representatives. Such commercial samples shall be the only authentic, conclusive and binding proof for the parties to determine the quality of the Marine Fuel supplied to the ship. (B) The absence of THE BUYER or the Ships Master or their respective representatives during the commercial sample taking process shall be considered irrelevant to those ends. (C) THE SELLER shall deliver two (2) of the commercial samples to the Master of the ship supplied or his representative, (one of which being dedicated as the MARPOL sample), who shall acknowledge receipt of such commercial sample at the time of delivery thereof. The other two (2) commercial samples shall be retained by THE SELLER for thirty (30) days from delivery. (D) When the aforementioned thirty (30) days have elapsed, and if no written claim has been lodged (just as established in Clause 10 (C) below) by THE BUYER, THE SELLER is empowered to proceed to destroy the commercial samples held by it. (E) The commercial samples taken will be duly sealed and bear labels showing: - Location at which, and the method by which, the sample was drawn - Date of commencement of delivery - Name of bunker tankerbunker installation - Name and IMO number of the receiving ship - Signatures and names of THE SELLER representative and the Ships Master or his representative - Details of seal identification - Bunker grade (F) The commercial samples will be taken, according to the supply method used, at the following points: - At the manifold of the supply barge - At the manifold of the land terminal from which the supply is made (1 and 2 are alternatives according to the supply method used). - The quality shall be determined by the test results of drip sample from the Sellers manifold drawn continuously throughout all the bunker delivery period. (G) For all supplies in tanker truck, THE SELLER will not take commercial samples, except when expressly asked to do so by THE BUYER, in writing and at least forty eight (48) hours before the supply, and THE BUYER shall accept the cost of same. (H) The commercial samples will be taken using the methods, as well as the appliances and devices to take samples provided by THE SELLER. (I) The quality shall be final and binding for all parties save for fraud or manifest error. 6. PRIOR NOTICE OF SUPPLY (A) THE BUYER and the agent of the ship to be supplied in port or at the supply location shall notify the estimated time of arrival (ETA) of the ship to THE SELLER and to its local representative at the port or supply location (agents andor terminal) 48, 24 and 12 working hours prior to arrival of the ship and shall also notify THE SELLER its local representative any change in the arrival of the ship exceeding three (3) hours (one (1) hour in the case of supplies by tanker truck), and will report the exact position of the ship and time at which the supply is required. Any change exceeding those margins will immediately be reported in writing to THE SELLER (B) The prior notice will include the following information: - The estimated position, place of mooring anchoring of the ship to be supplied. - Written notification to THE SELLER - at least forty eight (48) hours prior to the date of supply - of all the special conditions, difficulties, peculiarities, deficiencies or defects concerning the ship, or that are specific to the ship and might adversely affect the supply of the Marine Fuel. - All information that might be necessary or useful for the smooth running of the supply operation. (C) All additional costs and expenses that could arise from a change in the supply conditions shall be borne by THE BUYER. (A) Confirmation of supply and invitation to witness measurements: Prior to the delivery, the Master of the ship to be supplied will confirm the quantity and description of the Marine Fuel, signing and stamping with the Ship Owners seal (or seal of the ship) the document called Bunker Supply Agreement, that will be delivered to him by THE SELLER The Ships Master shall also declare in writing in that document whether or not he intends to be present or represented at the moment of measuring the quantity supplied and the sample taking. The supply will only commence if the said document (Bunker Supply Agreement) is delivered to THE SELLER signed and sealed just as aforementioned. (B) Supply: The supply of Marine Fuel will take place according to the Final Supply Order previously made by THE BUYER. The Marine Fuel shall be supplied to the ship at the location or port of supply. The supply shall be performed according to the laws in force and applicable at the moment and in the location or port of supply and, especially, according to the by-laws of the port or location of supply. (C) The supply shall be delivered: - At THE SELLERs terminal - By tank trucks - By bunkering barge (D) THE SELLER shall deliver the supplies to the ships strictly in their order of arrival, and it will not be liable for delays caused by congestion at the port, land terminal or, if appropriate, due to commitments previously contracted by the available barges or tanker trucks. Ships that do not meet their estimated or approximate time of arrival (ETA) will not be bunkered until other ships that have met their ETA have been supplied, and THE SELLER will not accept any complaints for delays lodged by THE BUYER due to that reason. THE SELLER will not accept any claim from THE BUYER for delays in supply if the vessel arrives at the agreed location or port of supply before the estimated date of supply. In any case, passenger ships have absolute priority to be supplied. (E) When the supply is by bunkering barge, THE BUYER andor the Master of the ship to be supplied shall previously check and ensure that the barge has free access to the side of the ship and that the ship has all the necessary means available to secure the barge alongside. (F) If THE BUYER for whatsoever reason is unable or refuses to receive the full quantity ordered, THE SELLER shall have the right to invoice THE BUYER for the loss incurred by having to transport the undelivered Bunkers back to the storage or by having to sell the Bunkers in a degraded form at a lower price than applicable to the grade originally nominated by THE BUYER. The Seller may use this right without prejudice to THE SELLERS other rights for damages or otherwise pursuant to these terms. (G) With supplies by bunkering barge, THE BUYER is obliged to perform all the connections and disconnections of the supply hoses to the intake points on the ship, and to ensure and guarantee that the hose is duly connected fastened to the manifold on the ship before the bunkering operation commences. THE BUYER shall also provide all the necessary services for adequate performance of the supply operation and guarantees that the ship to be supplied has sufficient tank capacity and bears equipment allowing the supply to be carried out with the required speed. Barge supplies will not be carried out at a speed under 200 m3 h, except if previously accepted by THE SELLER (H) THE BUYER also guarantees that the ship holds all the necessary certificates to comply with the regulations applicable to supplies of marine fuel at the moment, location or port of supply and shall instruct the Ships Master so that: (1) He fulfills the applicable legislation, that is, most especially, the regulations of the port or place of supply. (2) He reports to THE SELLER in writing and prior to the supply on the maximum pumping capacity and pressure admitted by the ship. (3) He must also report on the communication procedures and emergency measures to be followed in the event of a situation of risk or hazard arising during the bunker operation. (4) He provides a free side to receive the supply and provide all the necessary assistance that may be required to fasten andor cast off the supply barge from alongside. (5) He provides and guarantees that the ship has sufficient tank space and equipment available to receive the Marine Fuel swiftly and safely. (6) If possible, for the ship to have segregated tanks to receive the quantity of Marine Fuel ordered. If vessel doesnt have the possibility to segregate the fuels, THE SELLER will not accept any quality claim from the buyer. (I) THE BUYER shall compensate THE SELLER and maintain its indemnity before third parties of all damages and losses resulting from or related to any act or omission by THE BUYER, its employees, representatives, ships Master, officers or crew, in relation to the supply of Marine Fuel. THE SELLER shall not be held responsible, in any case, for damages or losses of any nature suffered by THE BUYER as a result of: (1) Exceeding, for reasons due to the ship, the time foreseen to commence or conclude the Marine Fuel bunkering operation. (2) Any port fees related to barge supplies or delays arising from congestion in the port facilities, or difficulties in providing services for barge supplies. (3) Lack of capacity of the tanks of the ship to be supplied to receive the supply just as it is agreed by the parties. (4) Inadequacy andor insufficiency of the receiving equipment or fuel storage tanks, or incorrect identification of the tanks on board the ship to be supplied. (5) Noncompliance by the ships Master, officers or crew, andor any other person on board the ship andor representatives or agents of the ship, of the regulations for safety and protection of the environment applicable at the moment the operation takes place to supply Marine Fuel to the ship. THE SELLER shall not be liable for inability to deliver on public or dock holidays or on customary non-business days of the week. (J) Each supply constitutes a separate Marine Fuel Sale Contract. (K) THE BUYER shall be liable for all the expenses, damages and losses caused to THE SELLER due to a delay exceeding six (6) hours in the arrival of the ship to be supplied at the location or port of supply, compared with the estimated time of arrival (ETA) notified according to Clauses 2 and 6 above. (L) A delay exceeding four (4) days in the arrival of the ship to be supplied at the location or port of supply, compared with the estimated date and time of arrival (ETA) notified according to Clause 2 above, shall lead to this being considered a breach by THE BUYER, which may automatically cause cancellation of this Marine Fuel sale contract due to breach by THE BUYER. That cancellation will entitle THE SELLER to refuse to provide the contractual supply, notwithstanding its right to be compensated by THE BUYER for all the expenses (including judicial and lawyers fees), damages and losses incurred directly or indirectly due to, or arising from the delay prior to that cancellation. (M) Bunker receipt: Once the supply is completed and the measurement of the quantity supplied performed and samples taken, THE SELLER shall present the ship a receipt that must be signed by the Ships Master supplied, or the agent and it will bear the ships seal, confirming satisfactory receipt of the Marine Fuel on board the ship. (N) A copy of the receipt will be delivered by THE SELLER to the Ships Master (or to his representative or consignment agent) and the original, after being signed and sealed in the manner aforementioned, will be kept by THE SELLER. (O) That receipt will remain clean in all cases and thus it shall not include any kind of protest or remarks of whatever kind. (P) If the delivery is required outside normal business hours or on local weekends, Saturday, Sunday, national religious or public holidays any extra expenses incurred by THE SELLER may be reimbursed by THE BUYER as additional costs. (Q) THE SELLER reserves the right to have the delivery made by a third party supplier if for any reason delivery cannot be made from its own supply, however, THE SELLER shall remain responsible for the performance of the contract. (R) THE SELLER reserves the right to increase the price charged for any Marine Fuel if there is any increase in the costs incurred or to be incurred by THE SELLER in making the relevant supply due to factors which are beyond the control of THE SELLER. These factors include without limitation any increased taxes, duties, the making of any law, order, bye-law or other regulation, the occurrence of any currency fluctuation affecting the cost of imported items. (A) The price shall be that stipulated by THE SELLER in the Sale Offer. (B) Unless otherwise specified, the quoted price term shall be ex-wharf and shall represent only the purchase price of the Marine Fuel. If the price term is quoted as delivered, then in addition to the purchase price of the Marine Fuel, the price shall include only the cost of transportation. (C) Any of all taxes, duties or charges of all kind imposed upon THE SELLER by any Authority, related to or due to the production, storage and supply, transport, distribution, sale or commercialization of the Marine Fuel, will be paid by THE BUYER to THE SELLER 9. INVOICING AND PAYMENT (A) All the invoices shall be issued in Euros or U. S. Dollars (or the currency adopted by mutual agreement by the parties). The payment will always be made in the currency agreed by the parties. (B) The price of the Marine Fuel supplied will be paid in full, without any discount, compensation or withholding whatsoever, without deductions due to difference in the currency exchange indexes, free from bank charges from THE BUYER to THE SELLER against electronic invoice and electronic copy of the delivery documents sent by e-mail to THE BUYER. Delivery document may be provided to THE BUYER if requested but payment in any event shall not be conditional upon buyers receipt of such documents. (C) The sale price is payable in all cases, notwithstanding any claim that may be presented by THE BUYER against THE SELLER (D) Overdue payments shall be subject at THE SELLERs sole discretion, to a charge at the rate of two percent (2) per thirty (30) - day period, or the maximum rate permitted by applicable law. All amounts more than 15 days past due shall incur an additional 5 administrative fee. All payments received from THE BUYER after an invoice is overdue shall first be applied to interest, legal collection costs and administrative fees incurred before they will applied to the principal amounts on a subsequent delivery. THE BUYER may not designate application of funds to a newer invoice so long as there are any unpaid charges, interests, collection costs or administrative fees on a previous one. This shall not be constructed, however, as preventing THE SELLERs option to choose application of funds in instances where subsection (E) shall apply. Any waiver by Seller of interest charges or administrative fees on a particular invoice shall not be construed as a waiver by THE SELLER of its rights to impose such charges on subsequent deliveries. (E) In the event that more than one invoice is past due at the same time, Seller shall be entitled, at its sole discretion, to specify the particular invoice to which any subsequent payments shall be applied. (F) Any invoice being unpaid 14 (fourteen) days after its due date, THE SELLER may: (1) Refrain from providing new supplies pending delivery, annual accounts new sales to THE BUYER as well as to third parties on its behalf. (2) Reclaim upon THE BUYER all the expenses of recovery (including judicial expenses and lawyers fees) of any of the sums aforementioned that will be borne by THE BUYER. (G) Partial payment of an invoice is not equivalent, in any case, not even in the case of claims by THE BUYER pending resolution, to effective payment and THE SELLER shall effectively be entitled to full collection of the sums it is owed and the debit balance shall attract interest at the rate mentioned in section (D) above. (H) The bunkered vessel, THE BUYER, the Ship Owner Company, the Management Company, the Charterer and any Parent company or Majority shareholder, if any, shall be joint and severally liable for payment of the price of the Marine Fuel supplied. THE BUYER must inform THE SELLER about any change on bunkered ships ownership or management as soon as THE BUYER knows that any change could take place. THE SELLER may enforce his credit, in the manner and within the legal limits foreseen on the ship bunkered and on the chartered goods accrued thereon. (I) The sum owed by THE BUYER for payment of the price of the Marine Fuel supplied, plus the interest and expenses accrued, may be compensated with other debts that THE SELLER has to THE BUYER, arising from other commercial transactions with THE BUYER, prior express consent from THE SELLER to said compensation. (J) If payment falls due on a non-business day, the payment shall be made on or before the business day nearest to the due date. If the preceding and succeeding business days are equally near to the due date, then payment shall be made on or before the preceding business day. (K) All judicial and extrajudicial costs and expenses, including pre-action costs, fees, expenses and disbursements of the Sellers lawyersattorneys-at-law, incurred in connection with non-payment or delayed payment or by any other breach by the Buyer of these conditions, shall be for the Buyers account, immediately payable by the latter to the Seller. In case of litigation, the Buyers shall also pay all the relevant expenses to the Seller, including but without limitation all his reasonable attorneyslawyers fees, costs and disbursements. (L) It is mutually agreed that the Bunkers provided by the Seller to the Buyer under the terms of this Agreement have been ordered by the Buyer in the ordinary course of business between Seller and Buyer. All payments from Buyer to Seller for Bunkers supplied under this Agreement are deemed to have been made in the ordinary course of business between Seller and Buyer, according to these ordinary business terms agreed between them. (A) Letter of Protest: Should the Master of the ship supplied not agree with the quality, quantity or any other circumstance related to the Marine Fuel or its supply, he must state these circumstances in WRITING IN A FORMAL LETTER OF PROTEST that must be delivered to THE SELLER within twenty four (24) hours following the supply of Marine Fuel. (B) Term for claims documentation: Any claim of quantity or quality that has been notified within the term provided in said Clause 10 (A) must be completely documented within the twenty-one (21) days following the date of supply of the Marine Fuel. Claims over quantity that have not been made within the term and in the manner foreseen in Clause 10 (A), or documented within the term foreseen in this clause, shall be considered finally expired and shall be considered not to have been made if received after the term unless THE SELLER expressly grants an extension of said twenty-one (21) day period to present the documentation. (C) Specific rules for quality claims: (a) The term stated in section (B) above, in the case of claims over the quality of the Marine Fuel supplied will begin to elapse on the day when THE BUYER effectively knows, or might have known (whichever takes place first) the circumstance giving rise to that claim. When a documented claim is received within the term stated in this clause, both parties shall be obliged to extend the maximum term to keep the commercial sample provided in Clause 5 (B) above until the commercial sample or samples are analyzed. (b) The parties expressly agree that the commercial sample retained in custody by THE SELLER (as established in Clause 5 (B) above), shall be analyzed by a qualified independent laboratory of international prestige, specialized in performing analysis of marine fuels, appointed by mutual agreement between the parties. The result of such analysis shall be conclusive and binding for both parties. The expenses incurred in performing such analysis shall be borne by the party losing. The analysis shall be performed according to the criteria and instructions agreed by the parties, always with regard to the quality guaranteed by THE SELLER (c) The analysis of the commercial sample retained by THE SELLER shall be done within one (1) month as of the supplys date. THE SELLER undertakes to cooperate with THE BUYER to execute the said analysis before the deadline. In case the analysis of the commercial sample retained by THE SELLER is not executed for any reason attributable to THE BUYER before the referred deadline, THE BUYERs claim shall be rejected. (D) Should there be a delay due to failure by THE BUYER to duly provide notice, andor breach of the notifications according to Clause 10 (A) above, andor the ship, during the reception of the Marine Fuel, does not comply with the pumping capacity mentioned in Clause 7 (G), THE SELLER shall receive compensation from THE BUYER for that delay, according to the terms agreed by the parties. (E) Terms and information, just as stated here above in this Clause, are essential for THE SELLER to be able to consider a claim. Any other claim that is not related to the quality andor quantity of the Marine Fuel must be notified by THE BUYER to THE SELLER in writing, including all the documentation to prove and justify such a claim, within the term of 15 days from the supply. Should such notice not be provided, any claim will be considered to have expired and will be considered not to have been lodged, unless THE SELLER expressly grants an extension of the term. 11. RISK AND TITLE (A) Risk in the Marine Fuel supplied shall pass to THE BUYER once the Marine Fuels have passed the flange connecting THE SELLER bunkerbarge manifold with the vessel being supplied with Marine Fuels. At that moment, THE SELLER shall cease to be responsible for the damage suffered or caused by the Marine Fuel supplied. More precisely, THE SELLER shall not be held liable for the losses or damages caused by leakage, fire, spills, escapes, shrinkage andor overflowing of the Marine Fuel or for the risk or damage of shrinkage, contamination or loss suffered by the latter. (B) Title to the Marine Fuels shall pass to THE BUYER upon payment for the value of the Marine Fuels delivered, pursuant to the terms of Clause 9 hereof. Until such payment has been made, THE SELLER shall have a right of lien over the Marine Fuels delivered. In the event that the Marine Fuels have been commingled with other bunkers on board the vessel supplied, THE SELLER shall have the right of lien to such part of the commingled bunkers as corresponds to the quantity of the Marine Fuels delivered. The provisions in this section are without prejudice to such other rights as the Seller may have under the Spanish law against the Buyer or the Vessel in the event of nonpayment. (C) No-Lien stamps or the use of any wording similar in nature andor meaning on any document including but not limited to bunker delivery receipt(s) whether used by THE BUYER or any third party shall be invalid and have no legal effect, and shall in no way prejudice any right of lien THE SELLER may have against THE BUYER over the Marine Fuels. 12. SELLERS AND BUYERS LIABILITIES AND CONSEQUENTIAL LOSS The liability for breach of any condition or conditions whatsoever shall be limited to the payment of damages. (A) THE BUYER shall indemnify THE SELLER and save it harmless in respect of any losses inclusive of interests and costs arising from any delay resulting from BUYERs failure to give proper notices andor to comply with Clause 5 andor THE BUYER vessel failing to receive Marine Fuels at less than 200 m3h. (B) THE BUYER shall not assign the contract or any of its rights and obligations under it without the express consent in writing of THE SELLER (C) Any addition to or deletion from the Bunker Receipt made by THE BUYER or its representative andor any documents presented by THE BUYER or its representative at the time and place of delivery which purport to alter the terms of the contract shall have no validity. (D) THE SELLER shall not have any liability, howsoever arising and whether as a result of a breach of the contract, negligence or otherwise, for any loss of profit, or anticipated profit, loss of time or hire, cost of overheads thrown away, demurrage or loss of schedule, cost of substitute vessel(s), loss related to loss of operational use of vessel, physical loss or damage to cargo, or loss of contract(s), in each instance whether such losses are direct, consequential or otherwise nor, without prejudice to the foregoing, shall the Seller be liable for any consequential, indirect or special losses or special damages suffered by THE BUYER. (E) The exclusions of liability set out in the contract shall only apply to the extent permitted by law and shall not apply in respect of fraud by the party seeking to rely on the exclusion. 13. FORCE MAJEURE (A) None of the parties will be responsible in the event of breach or defective fulfillment of any of the terms of same when this is due to causes of Force Majeure. (B) For the purposes of these General Terms of Sale and Delivery, Force Majeure is to be understood as all foreseeable or unforeseeable events that, being beyond the control of the parties, could not be avoided by these by use of reasonable means, that have a direct effect on its execution, preventing or hindering, beyond what is reasonable, the fulfillment of the obligations arising from these General Terms of Sale and Delivery. (C) This item expressly excludes the payment obligations of THE BUYER with regard to the Marine Fuel supplied. (D) The party that, due to this reason, is prevented from performing this Agreement shall inform the other party without delay and will take all measures reasonably available to it to eliminate the cause of hindrance, or to palliate its effects on the Agreement, it being duly understood that it will re-establish fulfillment of the Agreement as soon as possible after elimination of that cause. If the situation persists for more than one (1) month, the party not affected by the Force Majeure may decide to terminate this Agreement. (E) Under no circumstance will Force Majeure cause obligations to pay money to be waived. Moreover, in the event of Force Majeure preventing or suspending the supply for a term exceeding fifteen (15) days, THE SELLER may terminate this Agreement. (F) To these ends, Force Majeure is to be understood (without this being limiting) as all cause of such like: - War, hostilities, blockades, riots, civil uprising, strike, lockout, governmental intervention, labor or employment litigation, epidemics, fire, flooding, ice, hazards of the sea, earthquake, ice or other eventualities caused by nature, stoppages, - Prohibition to import, export or on transit, or other executive or legislative action by any government in the country of origin, or within the territory to which it or its raw materials are to be supplied. - Total or partial failure of the means of supply, problems in transport that affect the fuel that is to be supplied, or its raw materials, outage in the supply of energy or other causes or circumstances that aggravate any existing difficulty at the time of the contract and that affect the possibility of supplying the Marine Fuel ordered. (G) In the event that THE SELLER, as a result of force majeure, can only deliver a superior grade of bunkers, THE SELLER is entitled to offer the said grade, and THE BUYER must accept delivery thereof and pay the applicable price. 14. SANCTIONS COMPLIANCE CLAUSE (A) In this Contract the following provisions shall apply where any sanction, prohibition or restriction is imposed on any specified persons, entities or bodies including the designation of any specified vessels or fleets under United Nations Resolutions or trade or economic sanctions, laws or regulations of the European Union or the United States of America. (B) The Buyers and the Sellers each warrant that at the date of entering into this Contract and continuing until delivery of the Marine Fuels and Payment by the Buyers to the Sellers in full: i. neither Party is subject to any of the sanctions, prohibitions, restrictions or designation referred to in sub - clause (a) which prohibit or render unlawful any performance under this Contract ii. The Sellers are selling and the Buyers are purchasing the Marine Fuels as principals and not as agent, trustee or nominee of any person with whom transactions are prohibited or restricted under sub-clause (a) iii. the Buyers further warrant that the Vessel is not a designated vessel and is not and will not be chartered to any entity or transport any cargo contrary to the restrictions or prohibitions in sub-clause (a) above. Iv. the Sellers further warrant that the Marine Fuels are not of an origin or have been exported as a product from a place that is subject to any of the sanctions, prohibitions, restrictions or designation referred to in sub-clause (a) above. (C) If at any time during the performance of this Contract either Party becomes aware that the other Party is in breach of warranty as aforesaid, the Party not in breach shall comply with the laws and regulations of any Government to which that Party or the Vessel is subject and follow any orders or directions which may be given by any regulatory or administrative body, acting with powers to compel compliance. In the absence of any such orders, directions, laws or regulations, the Party not in breach may terminate this Contract forthwith. (D) Notwithstanding anything to the contrary in this Clause, Buyers and Sellers shall not be required to do anything which constitutes a violation of the laws and regulations of any State to which either of them is subject. (E) The Buyers and the Sellers shall be liable to indemnify the other Party against any and all claims, including return of any Payment, losses, damage, costs and fines whatsoever suffered by the other Party resulting from any breach of warranty as aforesaid and in accordance with this Contract. 15. HEALTH, SAFETY AND PROTECTION OF THE ENVIRONMENT (A) THE SELLER shall not be responsible in any respect whatsoever for any loss, damage or injury resulting from any hazards inherent in the nature of any Marine Fuels. (B) In the event of leakagespillageescapeoverflow of the Marine Fuel during the operation of supply to the ship, THE BUYER shall take all reasonable measures to guarantee that the officers, crew and staff on the ship andor representatives of THE BUYER assist THE SELLER and immediately co-operate with THE SELLER in performing any action to remove, remedy or mitigate the damaging or hazardous consequences of same. (C) In the event of leakagespillageescapeoverflow during the Marine Fuel supply operation, THE SELLER is authorized to take or authorize third parties to take measures and to make the expenditure it considers reasonable to remove, remedy or mitigate the effects of the leakagespillageescapeoverflow. (D) All the expenses, damages, losses and penalties arising from the leakagespillageescapeoverflow caused by the ship supplied shall immediately be paid by THE BUYER andor the Ship Owner Company according to the terms provided in the applicable legislation on the matter. Thus, THE BUYER and the Ship Owner Company (if different companies) shall be joint and severally in such case. (E) All the expenses, damages, losses and penalties arising from the leakagespillageescapeoverflow caused by THE SELLER shall immediately be paid by THE SELLER according to the terms provided in the applicable legislation on the matter. (F) THE BUYER shall indemnify and keep indemnified THE SELLER against any liability, claim or proceedings whatsoever arising out of or in connection with any failure by THE BUYER to comply with its obligations under this Section. THE SELLER reserves the right not to supply without thereby incurring any liability where it reasonably believes that THE BUYER has failed to ensure the safe reception of Marine Fuels. (G) In the event of both parties causing the leakagespillageescapeoverflow, the expenses, damages, losses and penalties shall be borne by the parties in proportion to their respective degree of culpability, negligence or omission. A surveyor to determine said proportion would be appointed in case of parties disagreement. Without prejudice to accrued rights hereunder, THE SELLER shall be entitled to terminate this Agreement in the event of: (A) Any application being made or any proceedings being commenced, or any order or judgment being given by any court, for : i. The liquidation, winding up, bankruptcy, insolvency, dissolution, administration or re-organization, or similar, or ii. The appointment of a receiver, liquidator, trustee, administrator, administrative receiver or similar functionary of the other party or all or a substantial part of its assets otherwise than for the purpose of a reconstruction or amalgamation) (B) THE BUYER suspending payment, ceasing to carry on business or compounding or making any special arrangement with its creditors (C) Any act being done or event occurring which, under the applicable law hereof, has a substantially similar effect to any of the said acts or events described above. (D) When before the date of delivery, it is apparent in the opinion of THE SELLER that the financial position of THE BUYER entails a risk to THE SELLER. THE SELLER reserves the right to be substituted by a third party in fulfillment of all or part of the obligations established under these General Terms of Sale of Marine Fuel. In the aforementioned event without prejudice or limitation to the generality of the foregoing, in case that the third party terms include: (a) A shorter time limit for the doing of any act, or the making of any claim, then such shorter time limit shall be incorporated into these terms and conditions. (b) Any additional exclusion of liability clause, then same shall be incorporated mutatis mutandis into these. (c) A different law andor forum selection for disputes to be determined, then such a law selection andor forum shall be incorporated into these terms and conditions. It is acknowledged and agreed that the buyer shall not have any rights against THE SELLER which are greater or more extensive than the rights of the supplier against the aforesaid Third Party 18. DATA PROTECTION Pursuant to the Spanish Personal Data Protection Act (Basic law 151999 of 13 December) and Royal Decree 17202007 of 21 December, by which the enabling Regulations for the Personal Data Protection Act were approved, THE SELLER undertakes strictly to comply with the provision of prevailing data protection legislation. 19. LAW AND JURISDICTION This Agreement shall be governed and construed in accordance with Spanish law. All clauses shall be interpreted and complemented, where appropriate, by the precepts and principles of Spanish law that are of relevant application to the case. Any disputes arising inor regard to this agreement, including any matter regarding its existence, validity or termination shall be referred to the Official Chamber of Commerce and Industry of Madrid or to the Mercantile Courts of Madrid, at sellers discretion. Arbitration agreement: Any dispute arising out of or relating to this contract, including any matter regarding its existence, validity or termination, shall be definitively settled by arbitration in law, administered by the Court of Arbitration of the Official Chamber of Commerce and Industry of Madrid, in accordance with its Arbitration Rules in force at the time the request for arbitration is filed. The arbitral tribunal appointed for such purpose will be formed by one arbitrator. The language to be used in the arbitration will be Spanish. The place of arbitration will be Madrid, Spain. The arbitration finding handed down will be final and binding upon both parties. In all matters requiring judicial formalization of the arbitration, execution of the arbitration finding or injunctive measures that are not the direct competence of the Arbitration Court, the parties agree the jurisdiction and competence of the Courts of Madrid. Thanks to agreements and good relationships with local service companies like customs agents, inspectors or shipping agencies, we provide an outstanding logistic service through the expertise of our operations team, working 247 to have every detail under control. The complexities of cross border cargoes by road, railway and ship, along with the associated customs formalities, quantity and quality control are supervised by our experienced team. Our risk management team has a high degree of expertise in the use of financial derivatives (futures, options, swaps, etc) in order to minimize the risks associated to currencies, logistics and product prices. The particular characteristics of each commercial transaction, along with the different requirements of our suppliers and customers, are analyzed by our risk management team and as a result customized hedging solutions are successfully implemented. Since 2006 Vilma has exclusive use of 83,500 m3 storage terminal at the Port of Ceuta and is developing as well its own terminal project nearby. Consistent with its strategic growth plan in the Strait of Gibraltar Vilma obteined a participation of 20 in the Vopak Terminal Algeciras (VTA). This terminal is being built in an area of approximately 60,000 m2 with the aim of supplying bunker at the Port of Algeciras, as well serving as a hub. The First Phase of construction, with a 403,000 m3 capacity, is already on stream since March 2013. Located in the Strait of Gibraltar Ceuta has become a major bunkering site in south west Europe, supplying bunkers to more than 3.800 vessels in 2013 (approx. 675,000 Mts). Additionally the weather conditions and highly skilled labour force make the port one of the most reliable and free of interruptions. Since Vilma has started operating in the port growth has been steady up by 300 and recognized for the premium quality supply service and efficient delivery. At the moment Vilma Oil has 11 tanks of storage (83.500m3) from where it supplies from the Levante berth and at the anchorage by the bunker vessel, the Sea Dweller. Plans for the development of a new terminal are underway. Vilma Oil, S. L. has been granted the ISO 9001:2008 Management System Standard and the ISO 14001:2004 Environmental Management Standard certification attesting the companys standard operating procedures and successful performance in Quality and Environment endeavors throughout its activity in the Commercial service for the supply of marine fuels at berth and by bunker vessel. The Port of Algeciras Bay is Spains number leading port in terms of volume and port activity with 4.1 m TEUS and 2.9 m Mts for marine fuel supplies in 2013, and holds a top position in the Mediterranean. The ports in the Straits - Algeciras, Ceuta and Gibraltar - are second only to the so-called Amsterdam-Rotterdam-Antwerp (ARA). The new built Vopak Terminal at Algeciras in which Vilma Oil has been active promoter and holds a stock of 20, has a total of 403.000 m3 in 22 tanks. Its the first semi-automatic terminal in the Mediterranean area and with further capacity expansion already planned in a second phase.