How to Verify a Tank Storage Receipt (TSR) in 3 Steps
The seller just sent you a Tank Storage Receipt showing 10,000 metric tons of EN590 diesel stored at Vopak Rotterdam. The document looks professional – official letterhead, barcode numbers, GPS coordinates, signatures, seals. Everything seems legitimate. So you wire payment, only to discover later that the TSR was completely fabricated. The terminal has never heard of that reference number, and your $5 million is gone.
Fake Tank Storage Receipts are everywhere in petroleum trading. Some are obvious forgeries. Others are sophisticated documents that look perfect but don't stand up to verification. The good news? Verifying a TSR is surprisingly simple and takes about 30 minutes. The bad news? Most buyers skip this step and pay the price.
Here's a straightforward 3-step process to verify any Tank Storage Receipt before committing money.
What is a Tank Storage Receipt (TSR)?
A Tank Storage Receipt is a document issued by a tank storage terminal (like Vopak, Oiltanking, or regional terminals) confirming that specific petroleum product is physically stored in their facility. It works like a warehouse receipt – official documentation that something exists at a specific location.
The TSR serves as evidence that fuel exists in a particular tank at a particular terminal. It's not proof of ownership (that requires additional documentation), but it's proof of existence – which is the first thing you need to establish before buying petroleum you can't see.
What a Legitimate TSR Should Contain
Before verification, scan the document for essential information. A legitimate TSR must include the terminal name and full address specifying which storage facility holds the product, specific tank numbers showing exact tank locations (not vague "Tank 1-5"), detailed product description like "EN590 10PPM Diesel" rather than just "diesel," precise quantity in barrels, metric tons, or liters, a unique barcode or reference number for terminal tracking systems, GPS coordinates pinpointing the exact tank farm location, the date issued showing when the receipt was created, official terminal seal and authorized signature, and identification of the product owner or controller.
If any of these elements are missing, that's an immediate red flag before you even begin verification. Legitimate terminals issue complete documentation – incomplete TSRs suggest forgery or incompetence.
Step 1: Check the Document Thoroughly
Examine the TSR carefully before contacting anyone. Legitimate TSRs appear on official terminal letterhead with consistent branding and formatting – not generic Word templates with blanks filled in. The information should be specific: exact tank numbers (like "Tank 47B"), precise GPS coordinates, specific quantities down to the decimal point. Vague descriptions like "large quantity of EN590" signal fake documents.
Check the date – TSRs should be recent, ideally within 30 days. Old TSRs mean the product might have been sold or moved. Every major terminal uses barcodes or reference numbers for tracking, so the absence of these is suspicious. Contact information should be included, though you'll verify it independently.
Red flags that should stop you at this stage: generic templates that look like they came from Microsoft Word, missing terminal contact information, vague product descriptions, no barcode or reference number anywhere on the document, dates older than 60-90 days, obvious typos or formatting inconsistencies that professional terminals wouldn't produce.
Step 2: Contact the Terminal Directly
This is the crucial step most buyers skip – and it's where scams fall apart. Making one phone call exposes fake TSRs instantly.
Google the terminal name to find their official website. Look up their contact information from the website – phone numbers and email addresses for operations or customer service departments. Never use contact details printed on the TSR itself; scammers put fake phone numbers on fake documents that connect you to accomplices pretending to be terminal staff.
Call or email the terminal operations team. Provide the TSR reference number or barcode and ask them to verify five key points: Is this reference number a genuine TSR from your terminal? Is the product currently in storage? What quantity is actually stored? Who is listed as the product controller or owner? Does everything match what's shown on the TSR you received?
Professional terminals handle these verification requests daily and will confirm or deny within minutes. If they have no record of that reference number, you've just saved yourself from a scam.
Step 3: Verify the Seller's Authority
A real TSR for real product doesn't mean the seller has authority to sell it. This is a sophisticated scam: using genuine TSRs for product they don't control.
When talking to the terminal, ask specifically: Who is listed as the controller of this product? Does that name match the seller's company name? Can this person or company authorize release or sale of the product? Is there an Authorization to Sell (ATS) document on file?
If the terminal says the product is controlled by someone other than your seller, stop immediately. The product exists, the TSR is real, but the seller has no right to sell it. They're either scamming you or they're an unauthorized intermediary showing you someone else's product.
What Verified TSR Proves
A successfully verified TSR confirms the product physically exists at that terminal right now, the specific quantity in storage matches what the TSR claims, the product specifications are as described, the exact tank location and numbers, and current status as of your verification call.
That's valuable information – you've confirmed the product is real. But verification has limits.
What TSR Does NOT Prove
A verified TSR doesn't prove the seller owns the product, doesn't confirm they have legal right to sell it, doesn't guarantee the product quality meets exact specifications (that requires SGS testing), doesn't verify the seller is legitimate or trustworthy, and doesn't tell you whether the price or transaction terms are fair.
The TSR verifies the product exists. It doesn't verify the seller's authority to sell it or anything else about the transaction. You still need additional due diligence.
Common TSR Scams
Fake TSR is the most basic scam – a completely fabricated document created in Word or Photoshop. It looks professional with logos, barcodes, and signatures, but falls apart instantly when you contact the terminal. They have no record of that reference number.
Real TSR for product the seller doesn't control is more sophisticated. The scammer obtained a legitimate TSR (maybe from a previous deal, or they know someone at the terminal) for product that exists but that they have no authority to sell. When you verify, the terminal confirms the product exists – but when you ask who controls it, the name doesn't match your seller.
Outdated TSR involves using a real TSR from months ago when product was actually there but has since been sold and moved. The reference number might still be in the terminal's system, but the status shows the product left storage 90 days ago.
Altered TSR starts with a genuine document but the scammer changes quantities or specifications. The terminal recognizes the format and reference number but notices the quantity on your TSR shows 10,000 MT when their records show 1,000 MT.
Red Flags That Should Stop You
Any of these warning signs should end the transaction immediately: The seller refuses to let you contact the terminal directly or makes excuses why you can't verify. Contact information on the TSR doesn't match the terminal's official contact details from their website. The terminal doesn't recognize the TSR reference number in their system. The terminal confirms product exists but says it's not under the seller's control. The seller becomes defensive, angry, or aggressive when you insist on verification. The terminal says the TSR format doesn't match their standard documentation.
If you encounter any of these, STOP. Don't proceed with the transaction. Don't let the seller pressure you. Don't accept explanations or promises. Just walk away.
Quick Verification Checklist
Before paying any money:
- TSR contains all required information
- Found terminal's official website and contact info
- Called/emailed terminal directly (not using TSR contact info)
- Terminal confirmed TSR is genuine
- Terminal confirmed product currently in storage
- Terminal confirmed seller has authority to sell
- Quantities and details match between TSR and terminal verification
- TSR is recent (less than 30 days old)
All boxes checked? Good sign. Proceed with additional due diligence.
Any box unchecked? High risk. Consider walking away.
Bottom Line
Verifying a TSR takes 30 minutes and a phone call. For a $500,000 fuel purchase, it's the easiest insurance you can get.
The three steps:
- Check the TSR document for completeness and red flags
- Contact the terminal directly using official contact info
- Verify the seller's authority to sell the product
Never skip terminal verification. If a seller pressures you to skip this step or makes it difficult, that's your answer - walk away.
Take Action
Work with verified suppliers on CommoditiesHub who welcome your verification and provide genuine, verifiable tank storage documentation. Submit an RFQ today.