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A freight rate (historically and in ship chartering simply freight [1]) is a price at which a certain cargo is delivered from one point to another. The price depends on the form of the cargo, the mode of transport (truck, ship, train, aircraft), the weight of the cargo, and the distance to the delivery destination.
Freight carriers utilize the greater of the actual weight or dimensional weight to calculate shipping charges. Dimensional weight is calculated as (length × width × height) / (dimensional factor). Measurements can be made all in inches or all in centimeters, but the appropriate shipping factor must also be used.
Worldscale is a unified system of establishing payment of freight rate for a given oil tanker's cargo. Worldscale was established in November 1952 by London Tanker Brokers' Panel on the request of British Petroleum and Shell as an average total cost of shipping oil from one port to another by ship.
The gross tonnage calculation is defined in Regulation 3 of Annex 1 of The International Convention on Tonnage Measurement of Ships, 1969. [3] It is based on two variables, and is ultimately an increasing one-to-one function of ship volume:
Tonnage is a measure of the capacity of a ship, and is commonly used to assess fees on commercial shipping.The term derives from the taxation paid on tuns or casks of wine. In modern maritime usage, "tonnage" specifically refers to a calculation of the volume or cargo volume of a ship.
Net tonnage is used to calculate the port duties and should not be taken as less than 30 per cent of the ship's gross tonnage. [2] Net tonnage is not a measure of the weight of the ship or its cargo, and should not be confused with terms such as deadweight tonnage or displacement. Also, unlike the net register tonnage, the net tonnage is ...
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