WORLDSCALE Clause Samples
The WORLDSCALE clause establishes the use of the Worldscale system as the basis for calculating freight rates in tanker shipping contracts. Under this clause, freight payments are determined according to standardized rates published annually by the Worldscale Association, which reflect the cost of transporting oil between specific ports. This approach ensures a transparent, industry-accepted method for setting freight charges, thereby reducing disputes and simplifying negotiations between shipowners and charterers.
WORLDSCALE. Unless otherwise stipulated herein, all rates, hours, terms and conditions in the Worldwide Tanker Nominal Freight Scale current on the date of this Charter (hereinafter called “WORLDSCALE”) shall apply to this Charter regardless of when Vessel loads.