Shipping contracts: Worldscale

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Worldscale's definitive guide to tanker freight rates is now available on the Internet. As well as being faster and more convenient to access than the printed volume, this offers additional benefits, including:

• Access to 320,000 flat rates
• More Options and routes
• More information
• 24 hours a day, 7 days a week, 365 days a year availability

For further information and details of how to become a subscriber, contact Worldscale in London or New York.

Shipping contracts: Worldscale

A published schedule of scale rates for particular voyages of tankers, available to subscribers. Worldscale is jointly produced by two non-profit making companies in New York and London, and established by panels of brokers. It is based on an assessment of a voyage on a particular route by a tanker of a certain capacity, at a particular speed, using so much fuel, on a fixed hire per day, etc.

The actual rate negotiated between shipowner and shipper will be expressed as a percentage of the Worldscale rate, depending on market conditions. So Worldscale 100 means the exact rate, whereas Worldscale 120 expresses a rate equal to 120% of Worldscale for that particular route, and Worldscale 60 means a rate of 60% Worldscale.

Worldscale

the codename for Worldwide Tanker Nomimal Freight Scale; this system brings out annually revised scales of freights based on the cost of operating a standard tanker to and from some known ports