Byco Single Point Mooring (SPM), the first and so far the only SPM in Pakistan, has been included as a new port in the amendment circular issued globally by Worldscale. Worldscale is the name given to the data produced by Worldscale Association (NYC) Inc for the Americas and by Worldscale Association (London) Ltd, for the rest of the world. Worldscale is a unified system of establishing payment of freight rate for a given oil tanker's cargo.
The freight for a given ship and voyage is normally expressed in a percentage of the published rate and is supposed to reflect the freight market demand at the time of fixing.-PR
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