A freight fixing system for tankers. In the tanker market, the 'freight fixing system' differs a lot. The use of an 'International Scale' now called the ''New World-wide Tanker Nominal Freight Scale' or simply the '(new) Worldscale' (NWS), is the main characteristic of the tankers' chartering. Normally the Worldscale is being used for tanker cargoes over 10,000 tons. By using such an international scale (the new Worldscale), the parties can compare and evaluate the freight rates for different voyages and different market levels in an easier way. The Worldscale is a table containing freight rates for several tanker trades, taking into account all 'cost related' items involved in each one of them. Such items are: The distances between practically all conceivable tankers trades which are comparatively few and which distances for owners' information are printed in the NWS table. The port costs (disbursement accounts D/A etc.). The port time (four days). Bunker costs. Other costs. And an additional fictional cost element of USDollars 12,000 per day. The basis of the Worldscale is a standard tanker of 75,000 tons dwt , on which round voyage calculations are made taking into account the above mentioned 'cost' items. In this way the freight per metric ton required by the standard ship in each trade has been calculated. The result is found in the Worldscale tables given as a certain amount of dollars (freight) per ton for each trade. These results (values) are called WS 100 or WS Flat. It is obvious that the daily cost of USDollars 12,000 is an imaginary amount, used only as a basis for calculations. Therefore WS 100 is not the actual figure which would cover the daily and voyage costs of the standard ship but an indicator used as a convenient basis level. The Worldscale tables are being updated / revised yearly, in an effort to keep the basis for the calculations in line with actual conditions and actual costs such as port costs, bunker prices etc. Nevertheless the 'fixed hire element' of USDollars 12,000 is maintained. Usually, the tanker owners / managers, produce a series of voyage calculations for the most frequent trades applying to the type and size of their own ships according to the WS. In this way they have available a number of different WS rates which they can compare at a glance with the offered alternative employments. A fixture concluded at WS 80, actually means that the owners will be paid a freight equal to 80% of the freight which appears on the Worldscale table for the specific trade. A direct comparison between a fixture concluded, for instance, at WS 80 and another fixture in an other trade which was concluded at a higher or lower rate, is not correct, since the various cost elements (bunkers, port costs, daily costs) have a different impact on different voyages.

Related Terms

PLI

A unit of line density (mass per unit length) equal to 1 pound per inch, or approximately 17.8580 kilograms per meter.

PITCH ATTITUDE

The attitude of an aircraft, rocket, or other flying vehicle, referred to the relationship between the longitudinal body axis and a chosen reference line or plane as seen from the side.

PIPELINE

A line of pipe connected to valves and other control devices, for conducting fluids, gases, or finely divided solids.

PIERHEAD LINE

The line in navigable waters beyond which construction is prohibited; open-pier construction may extend outward from the bulkhead line to the pierhead line.

PICTURE ELEMENT

1. That portion, in facsimile, of the subject copy which is seen by the scanner at any instant; it can be considered a square area having dimensions equal to the width of the scanning line. 2. In television, any segment of a scanning line, the dimension of which along the line is exactly equal to the nominal line width; the area which is being explored at any instant in the scanning process. Also known as critical area; elemental area; pixel; recording spot; scanning spot.

PHOTOELECTRICLOOPCONTROL

[CONTSYS] Aphotoelectric control system used as a position regulator for a loop of material passing from one stripprocessing line to another that may travel at a different speed. Also known as loop control.

PENDULUM LEVEL

A leveling instrument in which the line of sight is automatically kept horizontal by a built-in pendulum device (such as a horizontal arm and a plumb line at right angles to the arm).

PANCAKE AUGER

An auger having one spiral web, 12 to 15 inches (30 to 38 centimeters) in diameter, attached to the bottom end of a slender central shaft; used as removable deadman to which a drill rig or guy line is anchored.

OFFSET LINE

A secondary line established close to and roughly parallel with the primary survey line to which it is referenced by measured offsets.

OFF-LINE

1. A condition existing when the drive rod of the drill swivel head is not centered and parallel with the borehole being drilled. 2. A borehole that has deviated from its intended course. 3. A condition existing wherein any linear excavation (shaft, drift, borehole) deviates from a previously determined or intended survey line or course. 4. State in which an equipment or subsystem is in standby, maintenance, or mode of operation other than online.

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