TCE

TCE (time charter equivalent) is the daily earnings of a voyage expressed as a time-charter rate, the standard yardstick for comparing voyage and time fixtures. It equals voyage revenue minus voyage costs, divided by voyage days: revenue is freight net of address commission and brokerage; voyage costs are bunkers, port disbursements, and canal dues; voyage days span the ballast and laden legs to completion. TCE excludes the owner’s running cost and capital cost, so it measures contribution before OPEX, not profit. It is the number that drives every voyage-estimate and fixture decision, and the Baltic Exchange publishes TCE assessments for its benchmark routes.