Transferable L/C Could not be Negotiated.

One day we got some orders from a buying agent from Japan.  As usual both they and us agreed to use L/C at sight. I gave them sales contract for orders that were placed to us, then they submitted an L/C to cover those orders.

I received the L/C from our bank automatically by system. After I checked the L/C, I found some differences from other L/C we usually receive. Underneath I mention some:
-The applicant was not sown.
-There were two beneficiaries, First beneficiary and Second beneficiary.
-There was Transferring Bank’s reference.

Yes, it’s a transferable L/C.

After the goods were shipped out and I got shipping document, my manager instructed me to arrange negotiation to the bank, which meant bank give a fund based on the presented document.

At the time I sent the document to bank by negotiation, bank refused the negotiation because of the L/C that was covered the shipping document is transferable.

I have checked with other bank, and got the same treatment to such L/C, just wait payment from overseas bank.

As conclusion a Transferable L/C could not be negotiated.