TTM15170 - Background material: 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, and other conditions.

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% of Worldscale.