WORLDSCALE

      WORLDWIDE TANKER NOMINAL FREIGHT SCALE APPLYING TO TANKERS CARRYING OIL IN BULK

      1. GENERAL PURPOSE
      WORLDSCALE is a schedule of nominal freight rates intended to be used as a standard of reference to compare rates for all voyages and market levels. The oil maritime transportation industry uses the WORLDSCALE rates to express the market level in terms of percentage of the WORLDSCALE nominal freight rate. As an example WORLDSCALE 100 (or WORLDSCALE FLAT as some times is referred) means the rate as calculated and published by the WORLDSCALE Associations. WORLDSCALE 175, or WS 175 as most often is used, means 175 per cent of the published rate, and WS 75 means 75 percent of that rate.
      The WORLDSCALE schedule was issued for the first time on the 15th of September 1969 as a replacement for the International Tanker Nominal Freight Scale which was issued in London and the American Tanker Rate Schedule issued in New York.
      2. AREAS OF RESPONSIBILITY The areas of responsibility for calculating and servicing rates, based in each case on the discharging port(s), are as follows: NEW YORK
    1. North, Central and South America
    2. Caribbean Islands, Greenland and Hawaii LONDON
    3. Eastern areas covering the remainder of the World.

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