Crude Oil: TTT or TTO
These terms describe forms of delivery arrangements between buyers and sellers of petroleum products. There are still many other terms used in the trade, which you will have to learn before proceeding into real business:
TTO (Tanker-Take-Over): This is a situation where a buyer takes over the hiring of a loaded tanker along with the product it contains.
TTT (Tanker-to-Tanker Transfer): This refers to a situation where the buyer hires his own vessel and uses the same to purchase products from the seller.