How to verify a tank storage receipt (TSR)
By the Vanguard Verify desk · Published 2026-10-26 · Updated 2026-10-26
Short answer: a tank storage receipt (TSR) is only as good as the terminal that issued it. Verify it by contacting the named terminal yourself — using contact details from its official website, not the document — and asking it to confirm the tank number, product, quantity, owner and date. If the terminal will not confirm, or the seller will not let you contact it, treat the TSR as unverified.
Where TSRs appear
Fuel offers for EN590 diesel, Jet A1 and D6 at Rotterdam, Amsterdam, Antwerp, Houston or Fujairah often promise "TSR + dip test" or "tank-to-tank (TTT)" procedures. In a real deal, storage is held at a commercial terminal operated by a known company, product title moves by a terminal transfer or a document such as a tank storage agreement or an assignment, and quantity and quality are checked by an independent inspector. Start with is an EN590 offer real? for the overall pattern.
Step by step
- Identify the terminal. The TSR must name the terminal company and location. Check it against public sources such as the port authority's pages on liquid bulk and terminal lists.
- Verify the terminal company in the official company registry (for example the Dutch KvK for Rotterdam) and its LEI on GLEIF.
- Contact the terminal independently. Use the switchboard or email on its official website. Ask it to confirm whether the TSR reference exists, the tank number, product, quantity and the name of the storage client.
- Match the seller. The storage client on the TSR should be the seller, or the seller must show a clear, verifiable chain of title from the storage client.
- Insist on independent inspection. Quantity and quality should be checked by a recognised inspection company appointed by or acceptable to the buyer — see how to verify an SGS report.
- Pay only through a secure structure, such as a documentary LC or payment after title transfer confirmed by the terminal.
Genuine vs suspicious
| Check | Genuine pattern | Suspicious pattern |
|---|---|---|
| Terminal contact | Terminal confirms directly to the buyer | Only a "terminal agent" on Gmail or WhatsApp answers |
| Dip test | Arranged under terminal safety rules with an independent inspector | Buyer must pay seller-nominated people for "dip test" access |
| Storage fees | Agreed in a tank storage agreement with the terminal | Buyer asked to pay "tank rental" or "injection" fees to a third party |
| Documents | Consistent names, tank numbers and dates | Logos copied, mismatched tank IDs, spelling errors |
Red flags
- Seller refuses to name the terminal until you pay or sign.
- Request for the buyer to sign a tank storage agreement and pay storage or injection fees before any product is verified.
- Huge monthly quantities ("200,000 MT x 12 months") at prices well below published market benchmarks.
- A TSR plus an unverifiable SGS or "ATV/ATSC" document offered as complete proof of product.
- Terminal email domains that differ from the terminal's real website.
- Pressure to move fast because "the tank is about to be sold to another buyer".
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FAQ
What is a TSR in oil trading?
A tank storage receipt — a document said to show product held in a named terminal tank. It must be confirmed directly with the terminal.
Can a buyer do a dip test before paying?
Product checks are possible in real deals, but they are arranged under the terminal's rules with an independent inspector, not by paying seller-nominated agents.
Who should confirm a TSR?
The terminal operator itself, contacted through its official website or switchboard.
Vanguard Verify is run by Vanguard Trade Capital Goods Wholesalers DWC-LLC, Dubai South, Licence 14282. This answer is general information, not legal or financial advice.