WORLDSCALE

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WORLDSCALE:-

Purpose:- To establish a tanker to obtain the same net return per day at the same world scale percentage regardless of the voyage actually undertaken.
Structure:- Based upon normal trading voyages of a notional standard vessel. Calculation is based on the costs involved in the standard vessel performing a round voyage on the target voyage( 15000 miles)
     World scale schedule issued jointly ---
  1) World scale association (LONDON) ltd. -- Rest of the world
   2) World scale association ( NYC) INC -- Responsible for north, central and south America, Carribean islands, Bermuda, Greenland and Hawaii.

WORLD SCALE-- BASICS 1:-
       Constitute an index of reference rates with common calculation factor. it is expressed in USD/tonne of cargo carried. World scale schedule is issued in January, amended for changes in bunker prices, port charges and exchange rates.
WORLD SCALE --- BASIC 2:-
                Amendments published when significant changes occur to port charges and are effective from a specified date. Actual market rates are expressed as a percentage of the published rate. e.g.
     W100= The flat rate as calculated and published.
      W40= 40% of published rate               
      W250= 250% of published rate
          Market rates are determined by negotiation between the owner and charterer.
Basis of calculation:-
1) Standard vessel
  • Total capacity -- 75000
  • Speed           ---- 14.5 knots
  • Bunker consumption --- 55 ton/day at sea, plus 100 tons/voyage, 5 tons/day in port, 
  • Port time --- 48 hours /port for one to one voyage plus 12 hrs for additional ports.
  • Fixed hire element -- 12000 USD/day
2) Variable cost
  • Bunker prices-- Worldwide average for 380 cst during the 12 months ending 30 September prior to schedule effective date.
  • Port costs -- Information available up to end September using USD exchange rates average for during the 12 months ending 30 September prior to schedule effective date.
  • Canal transit -- a) 24 hrs for each Panama canal transit                                                                        
                                   b) 30 hrs. for each Suez canal transit.

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