Not So Flat!

It’s that time of year again! The Worldscale Association has published the new schedule of nominal freight rates for oil tanker trades that will take effect in January 2011. The nominal freight rates, or flat rates, are intended to provide a standard of reference across various voyages for charterers and shipowners trading in the spot tanker market. The Worldscale market rate is merely a percentage of the published flat rate. Its level and volatility reflect the strength and weakness of the market on a daily basis. Download here