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.

Chartering

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This calculator requires JavaScript to compute its result. The formula, symbols, and regulatory sources are shown in the Formula section below.

Formula, assumptions, and limits

\text{TCE} = \frac{\text{Gross freight} - \text{Voyage costs}}{\text{Round-voyage days}}

Symbol	Meaning	Unit
$Gross freight$	Hire / freight gross of commissions	USD
$Voyage costs$	Direct voyage spend	USD

Source: Stopford - Maritime Economics

Voyage's daily earnings on a time-charter basis: (gross freight \u2212 voyage costs) / round-voyage days.