Worldscale definition

Worldscale means the New Worldwide Tanker Nominal Freight Scale as current on the day of commencement of loading of the Vessel in question.
Worldscale means the applicable standard freight rate stated in the most recent edition of the New Worldwide Tanker Nominal Freight Scale jointly published by Worldscale Association (London) Limited and Worldscale Association (NYC) Inc., or if Worldscale Association (London) Limited and Worldscale Association (NYC) Inc. shall no longer publish the New Worldwide Tanker Nominal Freight Scale, the equivalent replacement scale used in the shipping industry, expressed in USD per metric ton for the route specified.
Worldscale means Worldwide Tanker Nominal Freight Scale.

Examples of Worldscale in a sentence

A base Worldscale rate of 30 (Thirty).The freight adjustment shall take into consideration the following: The Second Party is to be compensated if the assessment in (A) is more than the base rate. If the assessment in (A) is less than the base rate then the First Party is to be compensated.Kirkuk crude of 36 API, i.e., a conversion factor metric ton/Barrel of 7.42.No freight compensation will be calculated for shipments destined to South African Market.

The average Worldscale quotations published in Platts Dirty Tankerwire for the voyage Ceyhan terminal-US Gulf (260 kt North and South America bound ships) for the average of (the Month prior to the Month of loading) (I, E.M-1) and accepted nomination (M).

The pricing of the transaction is expressed as percentage of the Worldscale flat rate (officially known as the “New Worldwide Tanker Nominal Freight Scale”), assessed and published by the Worldscale Association.

If the vessel size is larger than the size of the cargo, then demurrage rate shall be prorated accordingly, provided that in both above cases demurrage rate shall not exceed Worldscale 100.

Worldscale 100 rate means the rate provided by the edition of Worldscale prevailing at the date of loading for vessels of the same type and category.


More Definitions of Worldscale

Worldscale means New Worldwide Tanker Nominal Freight Scale.
Worldscale means, at any time under the Agreement, the most recent edition of the New Worldwide Tanker Nominal Freight Scale.
Worldscale means, at any relevant time under this Agreement, the applicable standard freight rate stated in the most recent edition of the New Worldwide Tanker Nominal Freight Scale jointly published by Worldscale Association (London) Limited and Worldscale Association (NYC) Inc., expressed in U.S. dollars per metric ton for the route specified;
Worldscale means the international freight index applying to the carriage of oil and oil products in bulk by tanker as promulgated by Worldscale Association (London) Limited and Worldscale Association (NYC) Inc. or any successor thereto, in effect as of the date of the Agreement.
Worldscale means the most recent published edition of the Worldwide Tanker Nominal Freight Scale.
Worldscale means the tanker nominal freight scale applying to the carriage of oil in bulk as promulgated by Worldscale Association (London) Limited or Worldscale Association (NYC) Inc. (as applicable) or any successor thereto, in effect as of the date of the Agreement.