Time Charter Equivalent (TCE)
Voyage's daily earnings on a time-charter basis: (gross freight − voyage costs) / round-voyage days. The standard cross-trade comparator.
TCE
13,333USD / day
Formula, assumptions, and limits
Voyage costs = bunkers + port DA + canal dues + tugs + other direct. TCE is compared against T/C rates to decide whether the spot voyage beats a charter. Capesize TCE targets often USD 15,000–30,000/day.
Symbol legend
| Symbol | Meaning | Unit | Source |
|---|---|---|---|
| Hire / freight gross of commissions | USD | Fixture note | |
| Direct voyage spend | USD | DA / bunker bill |