Overview
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. This 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.
Content
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
Details
Title: INTERTANKO Worldscale - A Tanker Chartering Tool
Edition: Third
Number of Pages: 84
Product Code: WS1219K
Published Date: July 2001
Binding Format: Paperback
Book Height: 295 mm
Book Width: 210 mm
Book Spine: 10 mm
Weight: 0.37 kg
Author: Intertanko