Worldscale: what does it actually measure?

Worldscale is the dominant system for setting freight rates in ocean-tanker shipping. Its structure is hampered by administrative rigidity which easily disguises the effects of rate changes and complicates the comparison of rates between vessel size segments. The angle is the charterer's, and the shipowner is left to his/her own devices. The sparseness of spot rates between ports (not regions) and the individuality of flat rates due to varying port charges, make functional generalizations between Worldscale (WS) and time charter equivalents (TCE) hazardous. The publishing of rate parameters for all ship segments and possibly port charges for each port would substantially upgrade the value of the system.