VLCC Tanker Rates: Freight Measures and Reporting

Compare the route and the rate basis

There is no verified current VLCC day-rate quote on this page. Use this guide to distinguish freight measures before comparing a reported rate with a charter offer.

Worldscale (WS)

Worldscale expresses tanker voyage freight as a percentage of a published nominal rate for that voyage. WS100 means 100% of that rate. It is not a dollar-per-day earnings figure; the applicable schedule and voyage matter.

Time charter equivalent (TCE)

TCE expresses voyage earnings on a daily basis after voyage costs. Baltic calculations use specified vessels and routes; fuel, port and canal costs and voyage assumptions affect the result. A TCE assessment is not an offer to hire a particular ship.

Time-charter hire

Tanker time-charter hire is generally agreed in US dollars per day. Identify whether a quoted daily figure is contractual hire or calculated TCE before comparing it with another report.

What to watch

For the next reported rate, record the observation date, loading and discharge areas, cargo size, vessel assumptions and unit. Compare like-for-like observations; keep war-risk costs separate unless the quoted basis explicitly includes them.

Sources and methodology

• Baltic Exchange: tanker chartering and Worldscale
• Baltic Exchange: Guide to Market Benchmarks (TCE methodology)