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Worldscale - A Tanker Chartering Tool

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Worldscale - A Tanker Chartering Tool

This publication describes the Worldscale system, its origins and its background. It is a perfect introduction to Worldscale for those who are unfamiliar with the system.

For the more experienced, this 3rd edition covers a multitude of points from commissions to crude oil washing, from delays to deviation, departure from standard terms, and a comprehensive treatment of the issues, with invaluable comments for day-to-day chartering practice.

Worldscale is an essential tool in the tanker market, but it needs to be thoroughly understood in order for the user to fully benefit from it. INTERTANKO provided a useful and practical background to this freight scale system when it published "New Worldscale - A New Tanker Chartering Tool" in 1988. This quickly became the standard work on Worldscale and, since Worldscale is constantly evolving, this third edition has now been written to reflect the latest changes to the Worldscale system.

For those who are unfamiliar with Worldscale this edition describes the system, its origins and its background. For readers more familiar with the basics, we cover a multitude of points from commissions to crude oil washings, from delays to deviation, departure from standard terms, and many other details. The intention is also to point out several aspects of tanker chartering that Worldscale does not solve.
Thus we hope that this booklet will be a useful reminder for many aspects of voyage chartering. While it will provide newcomers to the tanker industry with useful introduction to the subject, we hope that colleagues who have been in the business for many years will also benefit from the comprehensive treatment of the issues, finding points that they did not know about and comments that will be valuable in their day-to-day chartering practice.

 

 

1. WORLDSCALE IN BRIEF

 

2. WHAT IS A FREIGHT SCALE?

 

2.1 Worldscale - a Facilitator of Competition

 

2.2 Worldscale - the Basic Function

 

2.3 Worldscale - Flat Rate Calculation

 

2.4 Worldscale - Distortions

 

2.5 Worldscale - Voyage and Market Comparisons

 

2.6 Worldscale - the Dilemma

 

3 WORLDSCALE PARAMETERS

 

3.1 Standard Vessel

 

3.2 Fixed Daily Hire Element

 

3.3 Laytime

 

3.4 Port Time

 

3.5 Speed

 

3.6 Bunker Price

 

3.6.1 Bunker Clause

 

3.6.2 Non-propulsion Bunkers

 

3.7 Port Costs

 

3.8 Voyage Distances

 

3.9 Exchange Rates

 

3.10 Trans-Shipment Areas

 

3.11 Revision Policy

 

3.12 Segregated Ballast Tanks (SBT)

 

4 VARIOUS OTHER ASPECTS

 

4.1 Roueting

 

4.2 Definition of Port Costs

 

4.3 Port Charges for Charterers' Account

 

4.4 Differentials

 

4.4.1 Variable Differentials

 

4.4.2 Fixed Differentials

 

5 COSTS

 

5.1 Retroactive Port Charges

 

5.2 Port Charges not yet reflected in Worldscale Rates

 

5.3 Time-Based Port Charges

 

5.4 Straits and Canals

 

5.5 Certificates of Financial Responsibility (USA)

 

5.6 Security Charges in Ports - ISPS Costs

 

5.7 Seasonally Incurred Costs

 

5.8 Heating of Cargo

 

5.9 Shifting Costs

 

5.10 Slop Disposal, Ballast reception and Ballast Exchange Costs

 

6 TAXES

 

7 BROKERS' COMMISSION

 

8 CARGO QUANTITY

 

8.1 Definition 33

 

8.2 Part Cargo in Rotterdam

 

8.3 Load Line 33

 

9 INERT GAS AND CRUDE OIL WASHING

 

10 SHORT VOYAGES

 

11 MULTIPLE VOYAGES

 

12 ROTATION OF PORTS

 

13 DELAYS FOLLOWING COMPLETION OF LOADING

 

14 RELOADING, BACKLOADING, CO-MINGLING OR BLENDING

 

15 DEVIATION

 

16 PORT ARRIVAL AND DEPARTURE TIME

 

17 SAME PORT LOADING OR DISCHARGING

 

18 WAITING TIME

 

19 CURRENCY

 

20 INSURANCE

 

21 DEMURRAGE

 

22 LUMP SUM

 

23 MINIMUM RATES

 

24 R.O.B, O.B.Q AND OVERAGE

 

25 INTERPRETATION

 

26 DEPARTURE FROM STANDARD TERMS

 

27 SUPPLEMENTARY MESSAGES

 

28 EFFECTIVE DATE

 

29 PORT RANGES

 

30 WORLDSCALE IN ELECTRONIC FORM

 

31 ARABIAN GULF, BLACK SEA AND LAKE MARACAIBO ADDITIONS

 

32 THE CONSTITUTION OF THE WORLDSCALE ASSOCIATIONS

 

33 INTERTANKO'S WORLDSCALE COMMITTEE

 

34 THE FUTURE

 

APPENDIX I - PREVIOUS SCALES

 

APPENDIX II - EXTRACTS FROM INTERTANKO'S 1988 PUBLICATION

 

APPENDIX III - PREAMBLE (EXTRACTS) - 2010 WORLDSCALE SCHEDULE

 

INDEX