Voyage’s daily earnings on a time-charter basis: (gross freight − voyage costs) / round-voyage days. The standard cross-trade comparator.
Formula
$$ \text{TCE} = \frac{\text{Gross freight} - \text{Voyage costs}}{\text{Round-voyage days}} $$
Symbol legend
| Symbol | Meaning | Unit | Source |
|---|---|---|---|
| $Gross freight$ | Hire / freight gross of commissions | USD | Fixture note |
| $Voyage costs$ | Direct voyage spend | USD | DA / bunker bill |
Sources
- Stopford - Maritime Economics.