Rules of participation

How it works

1. Browse. The public board lists lot specs, best bid, countdown and status. No login is required to view.
2. Authorize. Registered participants request a one-time code (OTP) to the email on file, then enter the board as a masked bidder ID.
3. Bid. On an open lot, enter an amount at or above the stated minimum next bid and confirm that the bid is binding.
4. Close & fund. When the clock stops, the highest valid bid is awarded. The winner funds the initial 1% contractual stage within 24 hours after award. The remaining 99% follows the staged settlement schedule under the SPA — via Alghaf Marine’s controlled USDT/USDC rail.

Eligibility

• Bidding is limited to counterparties already registered for Cargo Auction (whitelist). Viewing is open.
• OTP access is personal to the registered email. Do not share codes or sessions.
• Alghaf Marine may suspend a bidder ID where activity is abusive, fraudulent or inconsistent with these rules.

Bids

• Each bid must meet or exceed the current minimum next bid (best bid or start price, plus the lot’s minimum step).
• Bids are in the currency and unit of measure shown on the lot (typically USD / MT).
• Placing a bid confirms you intend to take the cargo on the stated basis if you are highest at close.
• Bids cannot be withdrawn after acceptance by the system, except where Alghaf Marine cancels a lot or corrects a clear system error.
• On the public board you appear only as a masked ID (for example 1****8). Full identity is held by Alghaf Marine.

Timing and anti-snipe

• Each lot has a published close time (UTC). Countdown on the lot page is authoritative for display; server time governs acceptance.
• If a valid bid is accepted inside the lot’s extension window (anti-snipe), the close time may be extended by the configured number of minutes so others can respond.
• Late network submissions after close are rejected even if the browser still showed a few seconds remaining.

Close and award

• At close, the highest valid bid wins. The lot moves to closed / awarded status as recorded by Alghaf Marine.
• Award does not replace KYC, documentation or settlement review. See Compliance & settlement.
• Alghaf Marine may decline to proceed after award where counterparty, product, route or settlement conditions cannot be cleared.
• Commercial terms for a specific lot (laycan, inspection, staged payments) are those stated on the lot and in the follow-up SPA / contract pack.

Winner payment — 1% then 99%

Winning a lot creates a funding obligation. Cargo value is the awarded unit price × contractual quantity (as defined for that lot).

• 24-hour clock starts when Alghaf Marine confirms the award (and issues funding instructions). Failure to fund the 1% on time may forfeit the award; the lot may be reopened or offered to the next valid bidder.
• The 1% is calculated on the awarded cargo value and is applied toward the transaction under the contract — it is not a separate fee for documents or board access.
• The remaining 99% is never demanded as an informal lump sum outside the portal / contractual schedule.

Settlement rail — USDT / USDC, not speculation

Alghaf Marine does not treat digital assets as a speculative add-on. For auction winners, settlement uses the same controlled rail as our wider fuel trade: USDT settlement for fuel trade.

Conduct

• No shill bidding, collusion or manipulation of the board.
• No scraping or automated bidding without prior written consent.
• Lot notes and board data are indicative commercial information, not a public prospectus.

Next step

Review open lots on the board. If you are already registered, authorize with OTP and bid. To request bidder access, use the qualification form.

Get auction qualification Open lot board