Measurement and transfer of cargo from seller to buyer in a contractually-binding way, conducted by a third-party surveyor.
Regulatory detail & full definition
On LNG, custody-transfer measurement uses tank-gauging (radar or float), trim/list correction, density (P,T-corrected), and shore vapour return for true mass. The CT certificate signed by the surveyor is the basis for invoicing — typical cargo USD 30-80M, so the integrity of the measurement matters. ISO 10976 governs LNG CTM; API MPMS Ch. 17 governs oil CTM.
Source: ISO 10976:2015 (LNG); API MPMS Ch. 17 (petroleum)
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