The international ocean freight cost of oil tankers is expressed in 

terms of value of Worldscale with main components being at 

rates, dierentials, demurrage rates, and terms and conditions.

(1) Nominal freight rates

Worldscale is used to calculate freight rates for oil tankers and 

product carriers. Rates are prepared based upon a round trip 

voyage from loading port or ports to discharging port or ports and 

return to the location of rst loading.

(2) Dierentials 

Dierentials are used to cover costs that do not t in the 

Worldscale at rate or their application may be dependent on 

particular factors. Costs that are not covered, such as canal dues 

dierentials for Panama and Suez, dierent terminal costs that 

vary within the same port among other things, are enlisted in 

the Worldscale and will be added to the freight calculation when 

needed.

(3) Laytime and demurrage

In Worldscale, standard time allowed for loading and discharging 

is 72 hours. The demurrage rate is multiplied by the number of 

days (or part of day) in excess of agreed laytime and calculated 

in USD. The demurrage rates in Worldscale depend on the size of 

the vessel (SDW in tonnes). The demurrage rate table, like other 

schedule of Worldscale, is revised annually to reect the latest 

market rates.

(4) Other terms and conditions

In accordance with traditional practice for international chartering, 

ship taxes or other charges levied on the ship are usually borne by 

the ship owner, while other taxes or charges levied on the goods 

are borne by the charterer. At present, the Worldscale is used to 

calculate freight rates for oil shipping. Market levels of freight are 

expressed in terms of a percentage or Worldscale equivalent or the 

nominal freight rate.

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