Voyage time-charter equivalent: (freight − voyage costs) / total voyage days - the comparable benchmark for fixing decisions.
Formula
$$ \text{TCE} = \frac{F \cdot (1 - c) - C_{voy}}{D} $$
Symbol legend
| Symbol | Meaning | Unit | Source |
|---|---|---|---|
| $F$ | Gross freight | USD | voyage fixture |
| $c$ | Commission | - | broker agreement |
| $C_{voy}$ | Voyage-related costs | USD | voy DA |
| $D$ | Total days (laden + ballast + port) | days | voyage plan |
Sources
- Clarksons Research - Shipping Intelligence.