Worldscale (WS)
A unified index of nominal tanker freight rates that lets the market quote any tanker voyage as a single percentage.
- Category
- Markets and Pricing
- Abbreviation
- WS
- Flat rate
- WS 100 = the published reference rate
- Example
- WS 75 = 75% of the flat rate for that route
- Last reviewed
How it works
Worldscale is a system of nominal flat rates published for thousands of tanker voyages, calculated annually to give a standard reference round-voyage cost. A fixture is then quoted as a percentage of that flat rate, the flat rate itself being Worldscale one hundred.
Quoting in Worldscale lets owners and charterers compare and negotiate across very different tanker voyages on one scale. The actual dollars earned depend on the WS points fixed and the flat rate for that specific route and year.
Where it shows up on The Maritime
Also known as: WS, worldscale points, flat rate.
Related terms
Time Charter Equivalent (TCE)
A voyage’s daily earnings net of voyage costs: the single number that makes a voyage charter comparable with a time charter rate.
Voyage Charter
A contract to carry a specific cargo between named ports for a freight rate, with the owner paying the voyage costs.
Very Large Crude Carrier (VLCC)
A crude oil tanker in the largest actively traded class: the backbone of long-haul Middle East to Asia oil transport.
Aframax
A crude and product tanker class named for the Average Freight Rate Assessment scale, sized for regional and medium-haul trades.
More markets and pricing terms
A plain-English reference definition: our own explanation of a standard shipping concept, not a licensed source or legal advice. See the full glossary or the broader maritime dictionary.
Last reviewed: .