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A freight rate (historically and in ship chartering simply freight [1]) is a price at which a certain cargo is delivered from one point to another. The price depends on the form of the cargo, the mode of transport (truck, ship, train, aircraft), the weight of the cargo, and the distance to the delivery destination.
Worldscale is a unified system of establishing payment of freight rate for a given oil tanker's cargo. Worldscale was established in November 1952 by London Tanker Brokers' Panel on the request of British Petroleum and Shell as an average total cost of shipping oil from one port to another by ship. A large table was created as result.
In some cases, a charterer may own cargo and employ a shipbroker to find a ship to deliver the cargo for a certain price, the freight rate. Freight rates may be on a per-ton basis over a certain route (e.g. for iron ore between Brazil and China), in Worldscale points (in case of oil tankers). Alternatively may be expressed in terms of a total ...
A bulk carrier or bulker is a merchant ship specially designed to transport unpackaged bulk cargo—such as grain, coal, ore, steel coils, and cement—in its cargo holds. Since the first specialized bulk carrier was built in 1852, economic forces have led to increased size and sophistication of these ships.
The supply of cargo ships is generally both tight and inelastic; it takes two years to build a new ship, and the cost of laying up a ship is too high to take out of trade for short intervals, [4] the way you might park a car safely over the winter. So, marginal increases in demand can push the index higher quickly, and marginal demand decreases ...
Futures contracts and cost basis. Calculating the cost basis for futures contracts involves assessing the difference between a commodity’s local spot price and its associated futures price. For ...
The charterer then can direct where the ship will go but the owner of the ship retains possession of the ship by its employment of the master and crew. In a bare-boat or demise charter, on the other hand, the owner gives possession of the ship to the charterer, and the charterer hires its own master and crew.
A semi truck traveling from Los Angeles to Chicago (approximate distance 2,015 miles) carrying 14 short tons of cargo delivers a service of 14 * 2,015 = 28,210 ton-miles of freight (equal to about 41,187 tkm).