Aims:
· To ensure that any schedule of nominal freight rates should be as useful for comparison purposes as is practicable
· To keep under review the Schedule of Nominal Freight Rates published by the Worldscale Association or any other standard of reference intended to be used for the comparison of rates and market levels
· To co-operate and develop a constructive dialogue with such interested parties in the tanker industry as may be useful to further the Committee's aim
· To generate ideas and make recommendations, where appropriate, both in terms of policy and in specific cases
Issues:
· Continuing dialogue with Worldscale Associations in London and New York on fundamental principles and port-related details
· To work for that the worldscale schedule will reflect the extra costs of consuming low sulphur bunkers in the Emission Control Areas (ECAs.
· To ensure that the Worldscale is up-to-date with changes in the market
· Assisting members in understanding the Worldscale system
Members of INTERTANKO’s Worldscale Committee:
|
Tim Horne (Chairman) |
Teekay Shipping (UK) Ltd. |
|
David Allen |
St. James Chartering |
|
Christian Østrup |
Laurin Maritime |
|
Justin Murphy |
AET UK Limited |
|
Mark Linham |
Eletson Maritime Limited |
|
Martin Baldock |
Scorpio Ship Management |
|
Michele Bottiglieri |
Giuseppe Bottiglieri Shipping Co Sp |
|
Tomoaki Ichida |
Mitsui O.S.K. Bulk Shipping (Europe) Ltd |
Secretary to the Committee: erik.ranheim@intertanko.com
Publication:
In 2001 INTERTANKO produced a publication on the Worldscale system called ‘Worldscale – A Chartering Tool’. This describes the function of the Worldscale Schedule and also lists several aspects that the Worldscale system does not solve. This publication was updated in 2010. The publication has become the standard work on the issue and can be ordered from INTERTANKO.
Bunker Clause:
INTERTANKO members have been advised that they may wish to consider using bunker price adjustment clauses in their charterparties, or hedging in the forward markets if they wish to reduce their exposure to the fluctuations of the bunker market. INTERTANKO’s Documentary Committee has produced a bunker adjustment clause which is available under the Legal & Documentary Section
For further information, please contact erik.ranheim@intertanko.com