Worldscale & Markets Committee
Aims and Objectives
· The Committee will keep under review the Schedule of Nominal Freight Rates published by the Worldscale Associations and liaise with the Worldscale Associations to communicate and make recommendations to ensure that Worldscale remains a useful, practicable chartering tool under changing preconditions in the freight market.
· To study and review market-distorting factors relating to transparency and free flow of information in the market, and factors affecting the sustainability of the tanker industry.
· To keep Members informed about potential market distortions that may affect the sustainability of the tanker industry.
· To ensure that trade processes and tools are balanced, practicable and effective in order to secure the interests of all stakeholders in the market.
· To co-operate and develop a constructive dialogue with all such interested parties in the tanker industry that may further these aims.
· To generate ideas and make recommendations where appropriate, both in terms of policy and specific cases.
· To this end the Committee will:
o pay due regard to relevant work being done by other INTERTANKO Committees and in other bodies outside of INTERTANKO.
o work in accordance with INTERTANKO’s anti-trust guidelines.
Members of INTERTANKO’s Worldscale & Markets Committee:
Tim Horne (Chairman), Teekay Shipping (UK) Ltd
Martin Baldock, Scorpio Ship Management
Theodore Belexis, Product Shipping & Trading
Michele Bottiglieri, Giuseppe Bottiglieri Shipping
Carlo Cameli, Fratelli d'Amico Armatori SpA
Flemming Carlsen, d'Amico International Shipping
Leonidas Gripari, Andriaki Shipping Co Ltd
Tomoaki Ichida, Mitsui O.S.K. Bulk Shipping (Europe) Ltd
Peter Liew, AET UK Ltd/MISC Berhad
Mark Linham, Eletson Maritime Limited
Christian Østrup, Laurin Maritime
Alekos Pappas, Product Shipping & Trading
Leon Patitsas, Atlas Maritime
Secretary to the Committee:
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.
For further information, please contact Bill Box email@example.com