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The freight rate of a tanker charter party is specified in one of four ways: by a lump sum rate, by rate per ton, by a time charter equivalent rate, or by Worldscale rate. [50] In a lump sum rate arrangement, a fixed price is negotiated for the delivery of a specified cargo, and the ship's owner/operator is responsible to pay for all port costs ...
Freight rates may be on a per-ton basis over a certain route (e.g. for iron ore between Brazil and China), in Worldscale points (in case of oil tankers). Alternatively may be expressed in terms of a total sum, normally in US dollars, per day for the agreed duration of the charter.
Tanker brokers similarly negotiate maritime contracts, known as charter parties. The main terms of negotiation are freight/hire and demurrage. Oil being a fast moving trade, freight rates for crude oil tanker charters are most commonly based on the Worldscale Index; the Worldscale Association publishes flat rates annually. [3]
U.S. sanctions on subsidiaries of vast Chinese shipping fleet Cosco in September sparked a surge in global oil shipping rates as traders scrambled to find non-blacklisted vessels to get their oil ...
TEN Ltd (NYSE: TNP), one of the largest publicly traded owners of tanker tonnage, posted increased quarterly profits as its time-charter strategy allowed it to outearn the spot market and its ...
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. A large table was created as result. The same scale is used today, although it was merged with the American Tanker Rate Schedule (ATRS) in 1969.
Saudi Arabia was not bluffing when it said it would focus on crude-oil market share. New tanker charter contracts at extremely high rates confirm that a large wave of Saudi oil is definitely en ...
MV Transpacific (2006 - 2012), also known as Bonito (2002 - 2006), also known as Turcas II (2001 - 2002), also known as Nikolay Shalavin (2001) [1] is an oil tanker under long-term charter to the United States Military Sealift Command (MSC). [3] As part of MSC's Sealift Program, the Transpacific transports fuel for the U.S. Department of ...