Worldscale
Worldscale
Shipping terms glossary
Definition of Worldscale
In the tanker segment of shipping, nearly all trip-chartering is done on the basis of the freight-rate system Worldscale (W), which is a method of calculation of payment for the transport of oil by ships, for a single or several consecutive voyages. Worldscale is a table giving the amount of dollars per ton oil for each of a number of standard routes. The rates listed in the table - the socalled flat rates - are termed Worldscale 100 (W100). Large tankers need a lower W than smaller vessels to make a profit. The flat rate is the rate per ton which gives a standard vessel (at present a 75,000 dwt. tanker) earnings of USD 12,000 per day on a T/C-basis for the stipulated voyage. If the flat rate is USD 10.- per metric ton, the rate level at W50 will be 50 per cent of the base rate at W100, i.e. USD 5.00 per ton. The flat rate W100 should make a profit for the "standard vessel", regardless of the voyage for which the ship is chartered. Worldscale is revised annually, and the calculations include both fixed and variable expenses. The purpose of the Worldscale is to enable both owner and charterer to compare easily the returns on alternative voyages.
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Definition and meaning of Worldscale
Meaning of Worldscale
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