Worldscale & Markets Committee
Aims and objectives
• To address commercial challenges faced by Members
• To address the issue of late freight and demurrage payments, discuss the data in INTERTANKO’s Payments |Performance System (PPS) and assist in preparing a priority list for Secretariat action/visits to charterers.
• To identify commercial/chartering implications in tanker issues (such as ballast water management, piracy, bills of lading) and work with the Documentary Committee to suggest how best to handle them.
• To assist Members in their understanding of the Worldscale system.
• To keep under review the Schedule of Nominal Freight Rates published by the Worldscale Association (WA) and cooperate with WA to ensure that the Worldscale schedule enables an accurate comparison of voyages and rates
• To develop a constructive commercial and chartering dialogue with other stakeholders in the tanker industry
Tim Horne (Chairman) – Teekay Shipping
Martin Baldock – Scorpio Ship Management
Theodore Belexis – Product Shipping & Trading
Michele Bottiglieri – Giuseppe Bottiglieri Shipping
Carlo Cameli – Fratelli d’Amico Armatori
Flemming Carlsen – d’Amico International Shipping
Leonidas Gripari – Andriaki Shipping
Tomoaki Ichida – Mitsui OSK Bulk Shipping (Europe)
Peter Liew – AET UK Limited/MISC Berhad
Mark Linham – Eletson Maritime
Christian Østrup – Laurin Maritime
Leon Patitsas – Atlas Maritime
Secretary: Bill Box, INTERTANKO Senior Manager Commercial
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. Updated in 2010, this publication has become the standard work on the issue and can be ordered from the INTERTANKO bookshop.
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.