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Petroleum Devolopments
* World Scale is a method for calculating freight prices. One point for the WS means 1% of
the standard price of freight in the direction in the WS book, which is published annually
by the World Scale Association. The book contains a list of prices in the form of US dollar
per ton, called “World Scale 100,” for all the major routes in the world.
Figure - 4
Monthly Spot Crude Oil Tanker Freight Rates, 2015 -2016
(World Scale)*
1-3 Spot Tanker Crude Freight Rates
In July 2016, Freight rates for crude oil for tanker size (230-280
thousand deadweight tons (dwt)), leaving Middle Eastern ports to the East,
decreased by 11 points or 20.4% comparing with previous month to reach
43 points on the World Scale (WS*), freight rates for crude oil for tanker
size (270-285 thousand deadweight tons (dwt)), leaving Middle Eastern
ports to the West, decreased by 5 points or 16.1% comparing with previous
month to reach 26 points on the World Scale (WS), and freight rates for
inter - Mediterranean for small to medium sized tankers (80-85 thousand
deadweight tons (dwt)), decreased by 29 points or 26.1% comparing with
previous month to reach 82 points on the World Scale (WS).
Figure (4)
shows the freight rates for crude oil to all three destinations from
July 2015 to July 2016.
1-4 Spot Tanker Product Freight Rates
In July 2016, monthly spot Tanker freight rates for petroleum products
[for tanker size 30-35 thousand deadweight tons (dwt)], leaving Middle
Eastern ports to the East, increased by 5 points, or 5.2% comparing with